The world is becoming more and more data-driven…
With endless amounts of data being acquired every second of every day by businesses, it’s no secret that large organisations like Google and Microsoft have been using data to make decisions for many years. However, nowadays they are not the only ones. Data analysis is being utilised by small business across all industries, whether this is a Florist looking to capture the ideal buyer profile in each season or retail companies being able to make more accurate decisions on required stock at any given time. It’s a universal language and more important than ever before.
But what is data? It is simply another word for information, a collection of facts (numbers, words, measurements, observations, etc) that has been translated into a form that computers can process.
In today’s world, data is crucial for business growth. Data analysis enables organisations to explore data in meaningful ways and understand the problems and challenges they are facing. Data analysis organises, interprets, structures and presents the data into useful information that provides context which can then be used by decision-makers to take action with the aim of enhancing productivity and business gains.
Data Empowers You To Make Informed Decisions
Data equals knowledge, and the more knowledge you have at your disposal, the better position you’ll be in to make informed decisions, identify new opportunities and take advantage of them. Solid data will also give you the evidence you need to back up these decisions so that, going forward, you can explain your reasoning with confidence.
Data Helps You Identify Problems
Every business faces challenges and inefficiencies at one point or another. Due to the ever-changing nature of the business climate and society as a whole, companies are always striving to optimise how they operate. Access to good data will ensure you are able to identify significant problems as well as opportunities for efficiency and take the right action at the time.
Data Tells You What You Do Well
In addition to identifying problems and inefficiencies, data also gives you the power to see your strengths capitalise on them. Being able to identify your high-performers and understand what they are doing differently will give you the tools you need to develop and implement plans and support initiatives in areas that aren’t performing as well.
Data Helps You Understand Performance
Monitoring your data also gives you the tools necessary to develop more accurate long-term theories and forecasts. It provides you with the building blocks to create a coherent model to visualise what is happening in each different part of your organisation. Having a complete understanding of how your company functions is the only way to develop and implement meaningful business strategies.
Data Informs A Strategic Approach
Another benefit of data collection and analysis is that it increases productivity while removing doubts by enabling you to place your resources where they are most needed. It is essential to understand what areas need to be prioritised to help your business evolve and move forward.
Data Increases Your Return On Assets
More and more studies are proving the crucial role that data plays in making the most of the assets your business already has. You’re likely already sitting on potential extra revenue and simply need to interrogate your data in order to tap into it.
Why Do You Need Smart Data Collection & Interrogation Tools?
Having a smart data collection and interrogation system in place will save you valuable time down the road. So many resources are wasted searching for and retrieving the same information multiple times. A smart system like Veco™ Insights & Veco™ Auditmate will gather and display data in a way that is easy to access and navigate so that you and everyone who’s part of your agency can save time and make the most of the knowledge at your disposal.
