Updated: Mar 27
Stack Strategies focuses on assisting business owners create a brand, get online, and understand the tools used in marketing. Connect with us today to find out more! (330) 962-3373
Today’s technology makes it possible to gather unimaginable amounts of data. While some of the information may not be useful for your business, much of it can benefit your company significantly.
By learning the basics of big data and developing a strategy for harnessing it, you can position your business for smoother, more efficient operations. You can also expect to make smarter decisions, engage your customers on a deeper level, reduce your risks, and more. Stack Strategies has provided some practical insights into how your organization can use data for growth:
Image via Pexels
1. Refine Your Operations With Automation and BPM
One of the biggest advantages of data analytics is that it can help you optimize your everyday business operations and processes. By collecting and analyzing the right data, you can gain valuable insights into virtually any process and adjust your strategy accordingly. Appinventiv notes that you can use data to improve supply chain management, inventory control, warehouse processes, IT systems, recruitment, sales, marketing campaigns, and much more.
By embracing business process management (BPM) and deep digital process automation (DPA-deep), you can automate many of your processes and streamline workflows to make your operations more efficient and better engage your workers. When you use DPA + BPM for maximum efficiency, you’re able to analyze interactions among people, data, and systems. Make sure you develop a solid BPM framework and track its impact so you know how to gradually improve each process.
2. Better Money Management
One of the most significant advantages of using data analytics is that it can help you manage company finances more efficiently and effectively. For example, top-notch accounting software will keep you up to date on your balance sheet reports, profit and loss statements, and cash flow statements.
With real-time insights and data, you'll have the information you need to keep your business on solid financial ground and strategize for healthy growth. And you’ll even be able to access data on the go from your smartphone.
3. New Revenue Opportunities
Data is beginning to be considered a business asset, especially when it is robust and compelling. Many companies are bought and sold because of the data they've gathered. For example, IBM acquired The Weather Company in 2015 solely for the valuable weather-related data resources available.
However, you don't have to be aiming to sell your business to get value out of your data. Attest points out that you can aggregate and sell data to strategic partners, opening up new revenue streams at no cost to you. After all, you would already be collecting much of the data you sold because of how it helps you strategize in so many business areas.
4. Intelligent Decision-Making
If you were to sum up, the value of data collection and analytics in a phrase, it would be better decision-making. Every aspect of your business requires you and your team to make decisions that will determine the ultimate trajectory of your company.
For example, you can use data analytics tools to develop stronger marketing campaigns. Check your website analytics to learn where traffic is coming from. Then determine where you should promote your website more. Check your social media analytics to learn which posts get the most interaction and engagement. Post more of that in addition to your products and services! Check your email marketing data to see what subscribers opened or clicked on. There are so many ways to work with data to create a stronger marketing plan.
You can also use big data to improve decision-making in areas like:
● Risk assessment
● Product development
● Consumer interactions
● Employee engagement
If you learn to use data effectively, it can transform your company inside and out for the better. You'll learn to adjust your business processes, refine your operations, manage your finances more effectively, open up new revenue streams, and make intelligent decisions. And you’ll also have a better grasp of the risks involved with each step.
Don’t wait. Start learning data analytics basics to move your team and organization forward! You can never learn too much about these tools!
Have a great work week, business owners!