Big data is here to stay, and although that can present a few challenges to business (storing it, keeping it safe, etc.), for the most part, it is a boon, which if used correctly can easily boost business growth.
If you’re still skeptical about the use of data analytics, take a look at these very real ways it they can boost business. They’ll have you convinced in no time:
It Can Improve Ordering
If you collect and analyze past sales data, you can identify trends in your company’s sales so that you can order exactly the right amount of stock for your needs. This will help to ensure that you don’t run out of anything, thus helping to keep the customer happy, and it will ensure that you don’t end up ordering too much and spending money on something that will just go to waste.
It Makes for Better Product Management
Analyzing sales data is also a good way to find out which of the thousands of products that you could be selling are the most popular so that you can stock more of the things that are likely to sell in big numbers and fewer things that are unlikely to make you very much money at all.
It Can Improve Your Marketing Strategy
If you’ve ever spent a small fortune on advertising only for it to fail and not bring in as many customers as you would like, there is a good chance that you simply were not targeting the right people or you had the right audience in mind, but you weren’t targeting them effectively. If you were to do what the digital marketing agency MyOptimind do, or even hire them, and use data to improve your marketing efforts, you would be able to spend less money and get greater returns because you would know exactly what pushes your target audience’s buttons.
It Can Help You Train Your Staff
If you collect data on your staff and how they work, then you can use it to identify undesirable patterns in their work or areas in which they aren’t as productive as their peers. Why is this important? Because once you know what your employees’ strengths and weaknesses are you can tailor future training packages to target them, thus saving you money while improving your business from the inside out.
It Can Help You Cut Costs Everywhere
Of course, if you collect data, with Zoho, for example, on every aspect of your business from ordering to time spent fielding calls, you could work out where your time is being well spent and where it is being wasted, as well as identifying where you’re spending too much money and by analysing this data, you would be able to make changes to save money and boost productivity.
You Can Find Upselling Opportunities
If you can use data to identify when certain products are bought in conjunction with others, you can start offering cross-promotions that are likely to appeal and which could be pretty lucrative over the years.
You see, data really is important – time to start collecting it!