Embrace Your Data, Enrich Your Business

2/16/2021

GettyImages-1205428317.jpgLeaders of virtually every size business wrestle with data strategy, including how best to utilize the mountain of information their companies collect. Many have yet to prioritize data mining and analytics, perhaps uncertain of the value or wary of committing resources. But studies suggest that those who are willing to wade into analytics will be rewarded. Forbes, for example, says that “data driven organizations are 23 times more likely to acquire customers, six times as likely to retain those customers, and 19 times as likely to be profitable as a result.” Once you know how and where data can improve your business, you may be more likely to embrace it as a strategic resource.
 
In a white paper on the subject, IBM showcases ways data can enrich your business, including: Sales–Knowing which customers bought what and when, can help inform forecasts of future sales activity, and reveal potential upsell and cross-sell opportunities. Acquisition and retention–Whether you’re running a sales promotion, ad campaign or loyalty program, knowing which tactics are working is impossible without performance data. Results can indicate the most or least effective offers or messaging, which helps guide fine tuning of subsequent efforts. Operational improvements–Areas for improvement exist in virtually every business unit and department. Data, including key performance indicators, helps leaders target and eliminate wasteful or inefficient policies and processes. Of course, this list only begins to scratch the surface. Concerned about the security of your data? Contact TeamLogic IT.