Game-Changing Data Types for Your Business

FEA01x - edited feature imageData has a bad status across various business industries. It is always considered a boring, freaky, and time-consuming task. But who cares! Data doesn’t need any status as you don’t have the choice to overlook this aspect to maintain efficiency in your organization. Ronal Coase, winner of the Noble Prize in Economics quoted, “Torture the data and it will confess to anything.” So being a business owner and if you want to make better business decision, then gather the data and analyze everything to answer the question “what’s next?”

Businesses should learn to celebrate data as it can be an absolute game-changer in every industry. Without it, you may be restricted to making decisions based on your gut feeling rather than real facts and figures. According to experts, when a company optimizes its data effectively they can expect an annual increase in their revenue up to $5.2 million on an average.

In this article I’ve highlighted six types of data that can revolutionize every business seamlessly:

Consumer Data

It is the most vital data that businesses should always focus on or devise better strategies to obtain data. With the help of customer data, you can get answers to the following questions:

  • What is the taste of your target audience?
  • What are your customers looking for?
  • How much cost they are expecting for a particular product?
  • How many customers prefer quality over cost?

This will further help you to implement a robust strategy and deliver better products or services to your customers, beating your competition.

Location Data

With accurate data of the location where you are going to setup your business, it can prevent various challenges, some of which includes:

  • You don’t have to face employment issues
  • Customers will not only find you online, but offline as well with ease
  • Easy accessibility to target audience
  • How to market and sell your product?

When you are at a better geographical location you can achieve better results while selling your products, enabling you to focus on offline as well as online marketing strategy because today both should be used simultaneously.

Operational Data

To maintain a smooth workflow in your organization, it is essential to keep a track of your internal operations. When you have the right data of the entire departments in your business, you can take the following steps instantly:

  • Implement better strategies to boost the productivity
  • Fill in the loopholes faced by employees to maintain efficiency
  • Run employee motivational program
  • Set brainstorming sessions for the employees to collect innovative ideas from every individual
  • Set better policies for your firm

Operational data plays a crucial role in the growth of your business internally as your employees are the backbone of your business— never forget that. Motivating and keeping your employees happy will ultimately keep you happy.

Financial Data

Money is the blood of your business! However, no businessman ever said that managing finances is easy. Financial data needs to be processed and streamlined efficiently to know the actual financial status of your company. Managing numbers can be daunting as one missed number can create havoc in your business. However, when your financial data is at place you can achieve top positions of the following factors:

  • Investment planning
  • Risk management
  • Superannuation
  • Retirement
  • Tax

Social Media Data

In the present scenario, social media has become the primary tool for attracting substantial clients across business industry. To market your products or services, social media platforms have become an inevitable part. More so, you can collect customer data location-wise by visiting the profile of every individual in your locality.

However, maintaining thousands of unstructured data can be challenging. So it is advisable that you make use of the right tool and eliminate spreadsheets from your procedures. You can choose the following tools to streamline your social media:

  • ZohoCreater
  • MySQL
  • Oracle Database
  • SAP HANA

Website Data

In today’s digital world, it is obvious that you have might create a business website to earn more. However, what about the data you collect from your website that includes number of clicks, impressions, leads, traffic, etc.

Are you still maintaining spreadsheets for such data or using software? Well, if you are doing none of the above, then you can opt for outsourcing data management services— an ideal way to keep your data organized and secured without overspending. You can focus on key areas of your website, which are as follows:

  • Designing and layout of your website
  • Create landing pages as per the traffic report
  • Stay updated with the latest trends in the web development technologies
  • Chat with your clients, whomsoever visit your website and track their moves

Bottom line

As you can see, data can be your best friend. Rather than dragging you down, it will uplift you in the highly competitive market with no hassle. These six types of data can be a showstopper in your business, enhancing your overall efficiency and boosting your profitability!

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About Adriene Raynott

Adriene Raynott is a Sr. Business Analyst at Cogneesol. She loves to write and research on different business subjects like outsourcing, business technology, retail management, legal, and data entry services to share valuable information that leads to business growth.

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