There’s no denying that data is everywhere in life. The rate at which information is being collected is growing exponentially, with approximately 2.5 quintillion bytes (that’s 2,5000, 000, 000, 000, 000, 000!) of data being produced every day.
As technology continues to advance data generation across the world, it’s safe to say that investing in data solutions will be crucial to seeing business growth and success in 2022 and beyond.
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How can data help my business?
There are many ways you can use data to your business’s advantage. Ultimately, data helps firms understand and improve their processes, reducing money and time spent on wasted resources. It has been very useful in countless industries, including financial trading.
IBM estimates that 90% of all data generated by the Internet of Things (IOT) is not analyzed, or utilized in business decision processes. Despite this, there are four key areaswhere data can help to shape better understanding of how your business is running – and plenty of tools to help you get there!
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Understanding performance
As a starting point, there are a number of tools that utilize data visualization for businesses. It’s important to regularly implement performance mapping, to ensure your company is continually making improvements to be the best it can.
Sometimes, it can be hard to spot aspects of a business that aren’t running as smoothly as they could be. For this reason, exploring data visualization can come in handy. From
Google Charts to Tableau, there are so many tools and analytics software options available for your business to thrive.
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Understanding employees
Business owners can leverage data to understand their workforce better. By gaining deeper insights into the needs of your employees, you can help to provide a better overall experience and workplace environment.
Surveys and email communications can be used to gain insight into employee satisfaction levels. By asking for feedback, employers will gain greater respect from their staff, who will feel as though their voices are being heard.
Often, smaller companies don’t have structured Human Resource (HR) processes in place, and cross-department communications are under strain. Cross-sharing of data can aid this, with platforms like ScreenCloud helping to ensure teams are being heard.
Understanding customers
Providing a good customer experience is becoming more and more important. Consumer expectations are rising, and without tracking behaviors at various points in the customer journey, you won’t be able to make improvements to the experience you’re providing. There are so many ways that online data can be leveraged through analytics and software to improve your offering.
Data is important in all aspects of online marketing and advertising, helping businesses find new potential customers, improve conversions and ensure loyal customers are being nurtured. The bottom line is, in a world that now values speed, ease and efficiency, if you don’t ensure you’re providing these factors, it’s likely you’ll find customer retention difficult.
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By better understanding your customers better, you will be able to leverage your data and boost company sales moving forward.
Understanding competitors
Competitor analysis is crucial to understanding your market share position. In order to gain a competitive advantage, you need to fully understand what you’re up against. Data can be used to show your competitors’ strengths and weaknesses, helping you to realize how your own business strategy can be enhanced for optimal performance.
Investing in data solutions
If investing in data solutions hasn’t been a top priority for your business so far, now is the time to make it one! In order to remain ahead of the game, data solutions should be integrated to your business processes to ensure optimum performance.
When thinking about your budget for the next quarter, it’s a good idea to leave some money aside for data. Alternatively, you could consider low cost unsecured funding as a short-term solution that will have long term results. Though data can be expensive, it offers one of the greatest return on investment (ROI) for businesses.