TECHNOLOGY
How to effectively use data to boost your business
Nowadays, companies hold an incredible amount of data, but could your company be more effective at using it? Peter Storer, Managing Director of Green Giant Consulting, looks at the versatility of data and how to best utilise it.
Businesses have always relied on data, but since the introduction of digital data it has become apparent that using it 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 it is inaccurate. In this case, it is best to start
over before spending large amounts on analysing worthless data which lead to inaccurate results.
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 Big data can influence decisions throughout 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. 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. On the customer acquisition side,
big data can help 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, it can benefit enormously.
Helping your business grow
e:
steve.ohare@scloconsulting.co.uk t: 07879 442629 SCLO Consulting
business network November 2018 71
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52 |
Page 53 |
Page 54 |
Page 55 |
Page 56 |
Page 57 |
Page 58 |
Page 59 |
Page 60 |
Page 61 |
Page 62 |
Page 63 |
Page 64 |
Page 65 |
Page 66 |
Page 67 |
Page 68 |
Page 69 |
Page 70 |
Page 71 |
Page 72 |
Page 73 |
Page 74 |
Page 75 |
Page 76
