10 types of data that can change your business
Here is a list of the types of data that can change your game and how each adds value:
- Sales, demographic and weather data enables more precise decisions about who to market and sell.
- With website, transaction and buying pattern data, you can better understand the demands of your customers and position your products or services more strategically than competitors.
- With survey and online review data, you can better understand customers want from what you’re selling.
- Deciding where to take your business next is virtually impossible without demographic, regional, weather and income data. Data shows you what’s going on all over the world so you know where to go and places to avoid.
- Data about consumers and customers show you how to increase your number of wins and keep customers coming back.
- Data from operations processes makes it easier to diagnose weaknesses and errors because no one has to guess what is gong wrong when there’s a bottleneck.
- Employee data such as age, gender, address and education combined with performance review data can help you identify which candidates are the best fit, saving time and boosting the potential of your business.
- Financial data when combined with information about supply chain problems, HR trends, product quality issues and the weather can improve and enhance your planning, budgeting and forecasting processes.
- Social media data can also be used to protect your reputation, repair it or both.
- You can use performance, expenditure and procurement data to identify those policies, products, services and other offerings that are not delivering the best possible results so you can improve your KPIs.