Entrepreneurs, smaller organizations, sole proprietors need to understand the importance of how the use of data is dramatically impacting growth. This article is intended to give you a big picture understanding how organizations are using this data for fueling growth whether it is for analytical analysis or actual usage of data for communications.
Big firms and industries are not only in the need of data to make analytic decisions about their businesses, small scale enterprises also do. Having to use data is not about your ingenuity in mathematics or familiar with terms like data, quantitative analysis, or pivot table. No, data is simply defined as useful information gathered to make decisions, strategies and analysis.
Data are very useful in any organization with a plethora of importance attached to it. Some of the importance of data are:
Improve the quality of life: data is a part of the essential ingredients to improve the quality of product and service of any organization. Because data will help to take actions by gathering data and analyzing it to enhance the quality of services.\
Make realistic decisions: data is a source of concrete evidence and knowledge needed to take any decisions. Taking decisions based on assumptions, anecdotal evidence, emotions and abstract observation are often costly and detrimental
Quality monitoring: data is useful in monitoring the viability of any decisions in any sector of your business. With monitoring of any decisions going on, it gives you the ample time to stop any ill decisions before it results in chaos. This will ensure proactive business decisions.
Allow quality result: collection of data after making a strategic decisions will help you to test run the prospect of your result and able to change your approach if the foresee result is not good enough.
Solutions to problem: by collecting data from different sources, you will able to determine the relationships between different variables. Also, data will make you key into how different locations, departments gets different results. For example, data will help you to determine the relationship among variables like number of drug addicts, unemployment rate and percentage of drop outs. By these, you will effectively form accurate theories to know the results needed.
Back up your argument: data allows you to argue your point with clarity for. For example, showing a theory after analyzing data will make you argue better on whether to continue with school feeding program, use chloroquine for covid19 treatment and other major decisions.
Stop emotional or guessing in the business: apart from helping to form good arguments, data also helps to demonstrate any decisions – whether good or bad to the stakeholders. That is not all, data helps to present your work analytically for everyone to see that your decision is not based on assumption.
Strategizing: a well collected and analyzed data will help you to manage scarce resources effectively. For instance, if there is an increase in customer at a particular branch, a well data analysis will guide to know if more staff, training and other resources should be deployed to increase the quality of service delivery in the area
Monitor performance: data collection and interpretation will help you to know the high performing program, staff, and areas where the results are fine and bad. This will also help you to know how to deploy resources in different sectors.
Track the organization goals and performance: through a well detailed data analysis, you will be able to establish a benchmark, limit, and progression of any activities or program.
How data can scale individual business
Enhance productivity: data will increase your output, increase efficiency, and boost company’s policy. Data will help you to know the area which needed improve productivity, and where resources should be directed
Increase opportunities: by analyzing different data, for instance, customer behavioral status, business will outperform competitors as they know which service should be provided, how to reform some products to the need of the customers and lot more
Eliminate setbacks: data will ensure you have a basic plan and awareness of how the market is fluctuating and ways to tackle them. Also helps to prevent scarcity of product or overstocking
Achieve customer-friendly environment: data analysis will help you to gather information on customer\s profiles and behaviors and will know the right way to address customer and personalize messaging.
The most important and saved for last. The Covid Virus has changed the way we do business. In December of 2019 we conducted a simple survey asking people where the grow their new business, by marketing or by referrals. Vast majority responded by referrals and much smaller percentage both marketing and referrals. Again in October 2020 we asked the same question. Responses came back overwhelmingly both. Few responded by referrals. The world has changed due to the Covid virus and meetings conducted by zoom. How are you changing your business??
The importance and uses of data is endless, data is the way for business owners to form an ideal solution to any issues
You are invited to our zoom meeting on using data to grow your business
You are invited to a Zoom meeting.
When: Oct 23, 2020 01:00 PM Pacific Time (US and Canada)
Register in advance for this meeting:
https://us02web.zoom.us/meeting/register/tZ0odemrrTooGdwqt0F19slhX1u0FyX7CvQu >
After registering, you will receive a confirmation email containing information about joining the meeting.
Always welcome feedback
Bob Friedenthal bob@mycity.com 310-736-5787M
