Is your company using data effectively?
Posted on 7th September 2018 at 09:50
Are you making the most of your data? Nowadays, companies hold an awesome amount of data, but could your company be more effective at using it? on this text to edit it.
When you think of all the data you hold about your customers, you are holding a huge resource for your business. This “big data” can be analysed to reveal patterns and trends that can be used to grow your company. Big data, if used correctly, can be an enormous asset for any business, and very valuable too!
Businesses have always relied on data, but since the introduction of digital data it has become apparent that using data can give companies a sustainable competitive edge. As with any major business decision, it is imperative to get buy-in from top level executives to establish data driven strategies.
Is your data accurate?
It is, however, just as important to ensure that the data is collected accurately. The information needs to be updated regularly and stored safely. If the data has been collected randomly it may be useless, as chances are high that it is inaccurate. In this case, it is best to start over before spending large amounts on analysing worthless data leading to inaccurate results.
Employees at all levels need therefore be aware of the importance of collecting data at every stage of customer contact, whether these customers are current or prospective.
Presenting big data
Once you are convinced you are dealing with valuable data, you want to draw insights from it. Some people find dealing with numbers more difficult. For that reason, it is important that any results are also presented in a visual manner, using charts and graphs that make complex data easier to understand. Visual representation of numbers will make it easier to share your insights companywide.
The many uses of big data
Click on this text to edit it.Big data can influence decisions all around the company from HR and supply chain to marketing. It is therefore important that companies not only collect data but analyse it properly, draw relevant conclusions and in turn shape them into effective strategies.
As an example, let’s look at marketing. Companies can use data to make decisions about offering new products or services to existing customers, or even serve a whole new set of customers that are currently only served by competitors. Customer data can help to make personalised recommendations or supply customers with special customised offers that are relevant to them. This can improve up-sell and cross-sell opportunities. Physical retail outlets can benefit from traffic flow analysis to improve store layouts and merchandising displays.
On the customers acquisition side, big data can help to shine a light on the customer journey. Where in the buying cycle are we losing potential customers and where is improvement needed? What are appropriate marketing campaigns for our desired target customers? This kind of knowledge can reduce customer acquisition costs and increase conversion rates. It becomes apparent that if a company learns how to utilise this information correctly, their business can benefit enormously.
How Green Giant Consulting can help
With our Process Improvement expertise we can help to improve how your data is gathered as well as suggest effective analytical tools to get the best out of your company’s big data for your business.
To find out more please contact Green Giant Consulting today on 0844 259 6210 or visit our Contact page to book your free initial 2-hour consultation to talk through your challenges.
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