We’re constantly being bombarded, in 2019, with the idea that data is the ‘new oil’ and that the rush to use data productively for business purposes is similar to the ‘gold rush’ two centuries ago. Data, we’re informed by specialists in the field, is the future of efficient and effective business. The problem for most companies, though, is that these abstract claims – even if completely true – feel difficult to act upon. And that’s where this article aims to intervene, showing you four concrete areas in which your business can use its data productively into 2020 and beyond.
Projecting Sales
As a business that’s concerned about capacity; whether to scale up, invest in more stock, or keep reticent about sales figures, you’ll be delighted by the ways in which data can cut through your uncertainty with forecasts and predictions that can help you plan for the near future. By using Plego Technologies business intelligence solutions for your company, you’ll be able to map your current sales onto a data visualization platform that’ll help you understand the shapes and lines that dictate your predicted figures. This use of data will banish back-stock, wastage and understaffing issues by predicting your peaks and troughs before they arrive at your company.
Informing Marketing
Digital marketing doesn’t just take place in the digital realm, it uses the data harvested from it to make intelligent decisions based on the data that’s at your company’s disposal. Your sales data, which concerns the digital profiles of your customers, is of pivotal importance if you’re to successfully market your business to online users. By helping consumers understand what your business is offering, showing them what they want to see, you’ll boost sales through the data you’re able to translate into KYC insights.
Financial Forecasting
Much has been made of the ‘fintech revolution’ in recent years; the financial technology that’s enabling businesses to trade across borders and exchange cash with consumers on a larger scale than what was possible in the pre-digital era. One of the greatest benefits of data in this regard is to help you map your company’s finances. You’ll be able to draw incredibly in-depth economic insights into all areas of your business if you employ a data analyst with financial experience to help you analyze sales figures and projected gross profits thus helping you invest in your company sensibly moving forwards.
Understanding Inefficiencies
One of the most beneficial results of the data revolution has been in driving efficiency. You can see this everywhere: from bus timetabling to the ways in which your bank invests its cash. Within your company you’ll be able to drive efficiencies in service delivery, customer service, and communications performance through simple data analysis apps and software programs to help you make smart decisions based on where you can detect a lack of efficiency in your current systems.
Boost your sales, profits and financial security with the above tips, helping you use data productively for your business.