What You Need to Know About Getting Value from Data
Obtaining data of high quality is one thing all kinds of businesses consider important – be it small, medium, or a retail-based business. Its use is becoming increasingly essential in keeping up with the competition in the business world as data not only helps businesses to enhance their customer experience but also reduce cost, evaluate performance, find new relevant customers, acquire leads, and much more.
With the increase of data value comes the need to make optimal use of the data opportunity, and of course, advanced analytics gets to be more crucial for businesses. The big question remains: how do I get value out of data, having assessed and acquired it? Here are some easy steps!
1. Know Your Available Data Sources: Here, you have to take stock of every information and data you have and know how they all relate. Also, consider how the data could be used and source for other relevant info you would want to collect to make it more marketable.
2. Organize Your Acquired Data & Conduct Research and Analytics: Here, you have to make your data organized into what is easy to use and understand. That’s where data science comes in – as it helps screen, filter, and further interpret the data acquired. Unifying, connecting, structuring, and validating your data is very important, as that is where the value is. Then, understand that data management, DMP, and other related services are essential at this point; basically, investing in analytics is a great idea, so that the data will come back making so much sense to you!
3. Apply Your Data to Your Business Operations: This can help your business increase sales based on the actionable insights you've acquired. What's more, you get to spend less as you know the right and relevant data that will help your business with increased efficiency and reduction of waste – all of which can help increase your revenue! E.g. Your data can show that most of your marketing response comes from Facebook and Instagram, and less from YouTube. With this info, you can decide to spend less or even cut down your YouTube spending and invest more resources in the platform that fetches you more results.
4: Make Your Data Accessible: Ensure that all relevant persons involved in your business operations know all the informative information acquired. Knowing something your competitors in business don't is a valuable edge. However, it does not apply to persons within your business. Ensure it is shared for all who need it as it helps your business exponentially. Remember, information is only useful when the people who will make the most of it know about it.
5. Go Ahead and Automate: This doesn't mean a computer is taking the jobs of humans and will get them sacked as many feel it is what automation does. It will interest you to know that the most useful information you'll acquire doesn't come from someone doing a line-by-line critical analysis of data but from highly efficient and effective software and algorithms that sift through your data and derive what is useful to you. Automation further affords your business more human resource capacity for analytical engagements and innovative activities that are more fit for their abilities.
CONCLUSION
Data is always being generated daily, faster than any human can conveniently keep track of. There is no doubt, however, that there are amazing actionable insights that rest in the depths of data and it has to be mined and fished out. Only through strategic acquisition and analysis of the right data can it turn out to be valuable for the growth of any business.
More good news for your business is that you can reach out to Spoten, as we focus on helping our clients create meaningful interactions with their community, saving time, resources, and money for their business. For more information, please contact us.
