How competitive intelligence grows your business

Every niche has competitors. You likely won’t be the sole provider of a service or product in any industry. Competitor analysis and competitive research are an integral part of growing your business. Learning what other brands are up to and what strategies they’re using helps you plan and strategize better. It also gives you a good idea of what works and what doesn’t for your own customers.

The advent of the internet and social media has made competitor analysis more straightforward and comprehensive. Business owners can now conveniently identify their competitors and learn more about their engagement, strategies, and tactics. If you properly conduct competitive analysis, you’ll end up with plenty of quantitative and qualitative data to get a sense of the competitive landscape. Incorporating these insights into your strategies will help you get the best results.

There’s a lot of hype surrounding the benefits of a competitive analysis, but is it really all that? We think so. And after learning more about how it can help your brand in this article, we hope that you will, too.

What is a competitive analysis?

Competitive analysis is the process of identifying your major business competitors and conducting research to evaluate their strengths and weaknesses. This analysis usually involves researching their products, services, sales, and marketing strategies. You can use this information to build better business strategies for your own business—and outperform your competitors.

Why is it important to research competitors?

Conducting a competitive analysis will give you a better understanding of how your competitors are strategizing. When you understand how their businesses work, you can identify opportunities to outperform them. A competitive analysis also helps you gather valuable insights about your industry, so you can ensure your business is meeting industry standards.

Let’s take a look at some of the benefits of conducting a competitive analysis.

Increase market share

Competitor analysis helps you keep up with industry trends, which is vital for staying ahead of the curve. It also gives insight into the saturation of competitors in different segments of your target market.

This analysis can help you uncover market segments where your competitors are falling short and where you can step in to serve the target audience better. You can also use this analysis to identify the target audience’s pain points, so you can plan and improve your products accordingly.

Ultimately, a competitive analysis allows you to identify opportunities to increase your market share.

Convert more customers

Competitive analysis can help you identify new customers you can attract by providing better services or incentives. You can learn what the audience in your niche expects from businesses like yours and look for opportunities to convert them to your brand. Using a competitor analysis, you can find out where your competitor’s products haven’t performed well and avoid making the same mistakes yourself.

With this information in mind, you can work on developing improved products and services that will attract and convert customers. Knowing your competitors’ weaknesses will give you a competitive advantage that you can use to expand your customer base. – Read more

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How to automate workflows so you can focus on your business

If you’re wondering how to automate workflows, chances are good that you’re exhausted with your current approach to running your business.

Maybe your typical morning looks a little something like this: You have your sights set on tackling one of your biggest business priorities. Let’s say you’ll be ironing out the details of the new service you plan to offer.

But first, you get sucked into your inbox and respond to dozens of emails. Then you get saddled with some data entry. Next, you need to resolve a customer support issue that keeps coming up. Before you know it, it’s three in the afternoon and you haven’t even touched the strategy you wanted to hash out today.

Sound familiar? We thought so—and it’s proof of the value of workflow automation.

What is workflow automation?

Workflow automation is when you identify a repeatable pattern of tasks and then use technology so that business process can happen without you.

Automation sounds complex and intimidating, and a whopping 73% of U.S. adults fear that artificial intelligence will eliminate more jobs than it creates. However, automation doesn’t need to be complicated. Many automated workflows can be accomplished in two simple steps.

For example, imagine that someone fills out the contact form on your business website. An automated workflow could take that response and automatically create a task in your project management software.

See? That’s a simple business workflow, but it removed a manual step from your own plate.

The benefits of workflow automation (hint: you’ll save time)

Process automation is all about reducing the amount of repetitive, manual processes that you and your team are responsible for. In and of itself, that removes bottlenecks, streamlines your systems, and keeps work moving forward.

But that’s only the tip of the iceberg. Let’s look at some of the other big benefits of workflow automation.

1. Workflow automation saves time

You spend more time than you think on repetitive tasks that could be automated. In fact, the typical office worker spends one-third of the working year on these types of administrative responsibilities.

As a business owner, these types of time-consuming tasks cut into the hours you could invest in working on your business—rather than in it. Research from The Alternative Board found that business owners spend only about 32% of their time working on important business development activities.

Process automation will save time and eliminate inefficiencies, so you can spend less time on mundane tasks and more time growing your small business.

2. Workflow automation reduces human error

Automated workflows happen without you. You’ll set up templates and other business workflows so that manual tasks occur reliably without your input.

Not only does this free up time, but it also reduces the possibility of human error. After all, you aren’t perfect, and you know that little mistakes can lead to a whole bunch of headaches.

For example, imagine that a customer submitted a question via email. You forgot to pass it along to the right team member, so that customer has been sitting without an answer for days—or even weeks.

With an automated workflow, that email could’ve been automatically directed to the right person, who would’ve been notified that a response was needed.

3. Workflow automation ensures consistency

Related to the above, automation also makes your business processes more consistent. When you’ve set up the automation, it happens reliably again and again—the exact same way.

No more worrying that one member of your sales team logs an entry in an Excel spreadsheet one way, while another employee does it completely differently. By cutting humans and real-time input out of the equation, you ensure greater cohesion of your repetitive tasks.

4. Workflow automation improves your culture

Some grunt work is unavoidable, but if it’s making up the bulk of your employees’ responsibilities, they’re bound to become frustrated. They want to do more than take care of mundane and mindless tasks.

Automation frees up more of your employees’ time so they can focus on job responsibilities that adequately use their skills, passions, and creativity.

Not only does this improve company culture, it also helps your business thrive, because you’re getting the most out of each member of your staff.

The building blocks: 3 basic components of a workflow

Your eyes have been opened to the perks of workflow automation. But how do you get started with streamlining and systemizing your own business processes?

Let’s start with the basics of a workflow. As digital workplace Kissflow explains, the basic components of a workflow are:

  • Predefined steps: This is a predetermined sequence of tasks that makes up the workflow.
  • Stakeholders: These are the people who carry out the various tasks in the workflow. Note that, in some workflows, steps are completely automated and don’t need an assigned stakeholder.
  • Conditions: These are the rules of the workflow that explain when a certain step should be taken.

Here’s a simple example of a workflow using these three components. Maybe you’ve turned your attention to your human resources processes, and you’ve noticed that you’re frequently answering the same questions from job applicants.

You decide to implement the following automated workflow: When an interested candidate submits the job application form on your website, they automatically receive an FAQ-style email that thanks them for applying and provides answers and links to helpful resources.

Within that workflow, your predefined steps are:

  • An applicant submits the application form on the website.
  • The FAQ email is sent to the applicant.

This process will happen without human intervention, so there isn’t a stakeholder. The rule is that the FAQ email will be triggered by the receipt of the application. – Read more

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What is ERP and how does it work?

Enterprise resource planning (ERP) software gathers all of an organization’s business tools in one virtual room to facilitate workflow and solidarity between departments. An ERP system helps to improve business performance through a number of different functional modules such as finance, sales, manufacturing, supply chain management, and human resources.

According to Gartner, the Enterprise Resource Planning market grew 8.8% to a value of $38.8 billion in 2019. As businesses grow and find the need to improve efficiency while maintaining a certain quality of service, ERP software becomes an attractive option. However, ERP systems can be costly and complex, and it is not uncommon for businesses to struggle with adoption and thus experience negative business impacts.

For these reasons it’s important to understand what an ERP is, the features these systems offer, and the tradeoffs your organization can expect from adopting one.

What is an ERP system?

An ERP system is a type of software used to plan and manage a range of business processes and tasks. Looking back at the history of ERP, these systems have evolved from paper-based scheduling models to today’s multi-modular computer-based systems.

Early history of ERP

The first recognized ERP was the Economic Order Quantity (EOQ) designed by Ford W. Harris in 1913. The EOQ was an inventory review protocol intended to help companies reorder at the right time to reduce inventory management costs. While brilliant at the time of development, this model assumed that demand, ordering, and holding costs all remained constant. Of course, no such assumptions are possible in today’s business environment.

ERP vs. MRP

MRP stands for Material Requirements Planning. This was the next major development in the history of ERP, when toolmaker Black and Decker computerized Joseph Orlicky’s MRP model in 1964. MRP was used to calculate the material and components needed to manufacture products.

In 1983, Manufacturing Resource Planning, or MRP II, came into use. As an extension of the original material resource planning model, MRP II software integrates other business functions such as general accounting, cost control, machine capacity, raw materials procurement, and demand forecasting.

Finally, in the 1990s, Gartner coined the term Enterprise Resource Planning to indicate the next evolution of enterprise planning software. Gartner defines ERP as a suite of business applications that share a common process and data model, covering a broad range of operational end-to-end processes. – Read more

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