Why is data important to your business?  |  Avilared

Why is data important to your business? | Avilared

Today, it’s relatively easy to gather data to help you better understand your customers and your business. In fact, it has become so easy that there is a danger of having to deal with a lot of data.

In a recent article, the data and analytics guru Bernard Sear He said: “While the average small business has less self-generated data than the big players. . .this does not mean that big data is out of bounds. In fact, in many ways, big data is better suited for small businesses because they are often more agile and can act on data-driven insights more quickly.”

A Forbes article on a Deloitte survey states that “49% of respondents say analytics helps them make better decisions, 16% provide better key strategic initiatives, and 10% say it helps them improve operations.” . But to get the most out of data and analytics, you need to know how to get the most value out of your data.

Data helps you make better decisions

Like it makes net tendas Shiny Data SpainEven small startups generate data, any business with a website, social media presence and customers who accept all kinds of electronic payments collect data about user habits, web traffic, demographics and more. All this data is full of potential if you can learn how to get it.

While there are many influences when making a decision (what’s going on at the company, global news, your intuition), there’s nothing more convincing than having solid data to back it up. This is profit-enhancing power you can’t afford to miss.

SMBs can reap the same benefits as larger organizations when they use data correctly. Businesses can leverage data to make decisions about:

  • find new customers
  • Increase customer retention
  • Improving customer service
  • Better management of marketing efforts
  • Social Media Engagement Tracking
  • Predict sales trends

In short, data helps leaders make smarter decisions about where to take their companies.

Data helps you solve problems

After experiencing a month of slow sales or seeing a poorly performing marketing campaign, how do you know what went wrong? Monitoring and reviewing business process data helps you uncover performance failures so you can better understand each part of the process and know which steps need to be fixed and which are working well.

“The best-managed companies are driven by data, and this capability sets them apart from their competitors.” – Thomasz Tungus

Big data has come into fashion, but there is little real guidance for companies looking for business data solutions every day. This book takes an in-depth look at big data in business and shows you how to change your internal culture ahead of the curve.

  • Understand the changes a data culture brings to companies
  • Ensure your company gets the maximum benefit
  • Use data to optimize all aspects of your business
  • Improve decision making and transform business strategy

Understand what motivates your customers

Thanks to big data, small businesses can get a more complete picture of their customers: what motivates them, why they buy, how they choose to buy, why they switch, what they will buy next, and what factors lead them to recommend a company? to customers. the rest. Businesses can also better engage and engage with customers by analyzing customer feedback to improve a product or service. Useful data sources include traditional internal data (such as sales data and customer service records), social media, browser logs, text analytics, and large general datasets (such as census data).

identify trends

Detecting and monitoring behaviors and patterns allows us to try to predict where things are going, how demand for our products or services will change over time, and what will cause that change. Until recently, trend analysis and forecasting often came down to “gut feelings.” Now, big data takes most of the guesswork out of this process.

Trending topics appear on Facebook and Twitter every day, making it easier than ever to find what people want. Services like Trendera and Trend Hunter collect trend data and use it to answer specific questions from businesses. In retail, online and offline customer behavior can be measured in microscopic details, down to how someone moves in the physical and online store. This data can be compared with external data such as time of year, economic conditions or even the weather to create a detailed picture of when and what people are likely to buy.

Checking out the competition

In the past, understanding your competition was limited to looking at industry gossip or competing websites or stores. Some may even pretend to be customers to learn more about a competitor’s service or product. But these days, you don’t have to leave your desk to find out what the competition is up to; Google Trends can give insight into the popularity of a brand or product, and social media analytics can show popularity (i.e. how often a company is mentioned) and show what users are saying. Again, Twitter is a particularly transparent place to start. All the information you collect is comparable to your own brand; For example, is your competitor getting more mention on Twitter? How do Twitter conversations with customers compare to yours?

Remember, it’s also easy for your competitors to learn more about your business than ever before. There’s no way around this, but you can stay one step ahead by staying up to date on the latest technologies and big data uses.

Operation improvement

Big data is also increasingly used to streamline business processes and daily operations. With any business process that generates data (for example, machines on a production line, sensors on delivery vehicles, customer order systems), you can use this data to make improvements and increase efficiency.

For industrial or manufacturing companies, machines, tools and tools can become “intelligent”, that is, they can be connected, data-enabled and constantly communicate their status to each other. By analyzing this data, organizations can gain real-time visibility into their operations and look for ways to improve efficiency.

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