By Steve Phillips, CEO, Swyft Technology
Splunk Inc., a company that was relatively unheard of a few months ago, hit a market value of over $3 billion last month. What does this company do, and why does the market have such confidence in its growth prospects? Splunk is a technology company that creates appliances and software that helps businesses organize and analyze data that devices such as servers, network switches and smartphones collect, often referred to as “big data.” The wealth of data is nothing new, but the ability to makes sense of all sure is. Splunk’s revenue rose 83% to $121 million for the fiscal year. Although Splunk is yet to pull a profit (due to the funding of growth activities), investors still see something incredibly promising in this company.
Investors see an alliance with an emerging trend that is gaining serious entrepreneurial clout, solving the problems of big businesses. The devil is in the details, and while enterprises are busy looking at the bigger picture, they often lose sight of the details that can hold valuable tidbits of information. Take the sales process for example. Often details about the customer or the sale are lost in the shuffle, and not available for marketing executives to use when formulating sales strategies. This may be because the company’s database isn’t capable of housing that information, or team members have no way of inputting such information on a timely basis.
Imagine a different world where team member can log a sale on a smartphone or tablet upon execution. Suddenly there is a plethora of data of when exactly the sale was executed. Marketing executives can identify trends. For instance, let’s say the majority of sales are executed between 1-2pm, right after lunch, where customers feel rested and prepared to make decisions. Marketing executives can schedule customer meetings and staff accordingly. Companies that create tools which empower companies to input more data in a more timely fashion are truly in the entrepreneurial spirit, and not only poised for growth, but poised to provide true value to businesses.
A great example of such a company is Swyft Technology. Swyft Technology is a software company that has created a suite of products that allow users to input data when it matters most, and then routes that data to the right user - a user who can act on such data right away. Swyft Mobile, for example, is a software that allows sales team members to input sales data on the spot, while they are executing the sale. Suddenly, managers have a wealth of sales data points: time, location, customer profile, products offered, products denied, and products sold. Now that’s big data. Moreover, this data is routed to the right users - customer service agents who can close the sale and marketing executives who can leverage that data to fine tune their sales strategies. Big data might be readily available, but without the tools for the timely input of such data, and the proceeding calls to action, big data is simply big, and far from useful. Learn More about Swyft and their mobile applications.