Transform Your Company’s Data
Companies receive all different kinds of data every day. Also, they will hold large amounts of data on their servers. It is easy to feel like you are drowning in information. This is not directly helpful within your decision making. However, data is a powerful tool that can be used to improve customer experience. As well as increasing the acquisition and retention of customers. For instance, a report showed that data could positively impact customer understanding and segmentation by 50%. As it can increase sales by 40%. And help assess the potential demand for new products by 37%. Therefore, you need to utilise this data and realise its potential towards helping your decision-making processes. So, here are some tips to aid the process of transforming your company’s data into useful information.
Estimated reading time: 3 minutes
Collect only useful company data
Firstly, you need to collect relevant, useful information or knowledge that will help you make decisions. But avoid collecting data that isn’t beneficial to you. This is because data that isn’t relevant only clouds the useful data. Simply it is a hindrance when trying to improve your business processes. On the other hand, collecting too much unnecessary information will mean you end up spending more time and energy analysing it.
Ensure it’s all accurate
Accurate data will give you accurate results and estimations. Therefore use the correct tools while collecting data. This will ensure that you find precise and manageable information and only choose what you need. So the importance here is placed on ensuring the data you are collecting is up to date and error-free. Therefore don’t waste your time or resources.
Complete a Business Needs Analysis
Document all the important objectives of your business to determine exactly what data should be captured and analysed. Furthermore, you may want to utilise analytical tools such as excels pivot table to help convert data into useful information. Are there gaps in your current databases that would be required to help you make better business decisions? Then determine whether there are any issues with your current database that are impacting revenue. Or possibly reducing the efficiency of your business.
De-dupe and delete
Duplicate data results in a lack of accuracy. Which is a waste of time and resources. Therefore the double-entry of information could result from errors within the manual entry of data into the system. Alternatively, it could be or poor quality data sources. Meaning that companies should invest in a good data assessment service with quality software. To de-dupe your servers and delete information that is incorrect or irrelevant.
Have someone responsible for the company data
Appoint someone to help in the data-keeping process. Then they can identify and acquire new sources of information. As well as define rules on how the data will be collected, maintained and used. This will ensure that data retention requirements are followed. Therefore, by keeping a closer eye on your data, you can ensure that your current servers are fresh. Also that any new data you acquire meets your new higher standards.
Having corrected, managed and controlled your servers, your data can be used as genuinely useful information. Which can inform your decision-making processes and can contribute directly towards increasing your sales.
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