What to reap more profit from your data? From using business intelligence tools to building a better sales pipeline, discover 10 practices you can adopt to become a data-driven organization.
Data. It’s the one asset you just might take for granted, especially if you manage a small business. And no wonder! Every day, around the world, we generate reams and reams of data with everything from phones and credit cards, to cash machines and cars. Some of that data is structured (or organized and usable). Some is not.
Your data has value
That data has value—potentially, lots of value. So much so, that today’s criminals seem as likely to try to steal your customer database or your identity as they are to break into your office. Therefore, with the value of your data very much in mind, let’s look at 10 ways to reap more profit from your data.
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Tips for profiting from data
- Improve customer experience
- Manage your team better
- Measure your marketing
- Improve your emailing
- Reap more profit
- Understand your finances
- Track your expenses
- Supercharge your sales
- Build a better pipeline
- Identify new opportunities
1. Improve customer experience
Instead of viewing customer care as a cost centre, you can collect and analyze data relating to your customer care experience and improve it. For instance, companies apply call centre information to design better self-serve content for their websites.
2. Manage your team better
Do you have an effective system in place to measure performance? Drive better results keeping track of your human resources in real-time. Use your data to track everything from changes in the recruiting pipeline to employee turnover.
3. Measure your marketing
Modern BI platforms provide subscribers with the ability to view web, email, and social media analytics (like Twitter and LinkedIn) in one plae. You can track customer sentiment and monitor customer reaction to your advertising activities.
4. Improve your emailing
Even in the era of CASL compliance in Canada, too many small businesses do “email blasts” and hope for the best. Get strategic. Give your marketers out-of-the-box reports to measure, track, compare, and report on your email marketing campaigns.
5. Reap more profit
The days of waiting weeks for reports are over. You can get answers fast with on-demand and off-the-shelf dashboards that shed light on your business. With modern data analysis, you can mashup data to identify variances and run forecasts.
6. Understand your finances
Tired of sifting through endless reports or relying singularly on your accountant’s advice? You can use BI tools to get a full, up-to-the-second, reliable view of your financial performance—from summary statements to account-level details.
7. Track your expenses
Concerned about the rising cost of doing business? You can use data analysis to keep a close eye on the expenses incurred, in real-time. Detect expense outliers and anomalies early. Analyze trends and patterns to flag potential fraud and abuse.
8. Supercharge your sales
Want to give your sales people a better shot at success? Start by creating greater transparency into your performance across segments, resources, campaigns, and time periods. Use a platform that gives you a single, holistic sales view in real time.
9. Build a better pipeline
Had enough of unrealistic pipelines and poor predictions? Modern data tools can help you make informed decisions more quickly by reporting on your sales pipeline in real-time and allowing you to drill down to individual locations for all the details.
10. Identify new opportunities
Modern cloud-based business intelligence (BI) tools, like Microsoft Power BI, allows managers to keep their team up to speed with interactive visuals tracking growth and sharing insights. Your team can use this information to adjust your plans.
Ready to hear more about data in the rapidly digitizing economy? Have questions about business intelligence? Want to hear some success stories? Sign up for the “It’s a Data Driven World” webinar from Microsoft.
Watch the webinar!