How can Data help my business to grow?
We definitely will not be able to cover every aspect about how data can help your business to grow in one article because every business is unique, and will require different types of data to help it to thrive. However, we can state some common examples here:
1. How can data help my business to boost sales and increase revenue? Well, with the right data, effective data analytics systems can translate the data into useful insights. For example:
What are your top-selling and least popular products?
What are your popular product combinations?
How are your sales performing over different channels?
Are there any seasonal/event-based patterns in your product sales?
You can then focus more of your time and resources into developing targeted marketing for your key products and services, for example, offering promotions on your poor-performing products or advertise them with your best-sellers for the most effective results.
2. How can data help my business to identify the best or worst performing customer segments? With the right data, effective data analytics software can translate the data into useful insights. For example:
Where are my customers concentrated?
What are their common characteristics?
Which are the popular channels to discover my products?
With the right insights, you can then focus more of your time and resources into marketing to new customer segments or to deliver more effective marketing strategies to existing customer segments.
3. How can data help my business to understand my customer preferences? With the right data, effective data analytics software can translate the data into useful insights. For example:
Which of my customer segments are spending more?
Which of my customers are spending most often?
Which of my customers have spent recently?
Can i understand more about who and where these customers are from?
What are my top selling products for these customers?
With the right insights, you can then develop effective loyalty programmes to retain your customers, and upsell or cross-sell products to other customer segments through targeted marketing campaigns.
4. How can data analytics help my business to analyse human resources data? With the right data, effective data analytics software can translate the data into useful insights. For example:
What are my employee demographics?
How is my manpower distributed?
How high is my employee morale and productivity?
With the right insights, you can then understand your workforce better and develop targeted hiring strategies to support business goals, create a more conducive working environment with the industry’s best practices and design better HR policies in order to retain good talent. You can also look into how automation and process redesign can help to increase the productivity and efficiency at the work place, and also to reduce costs. These technology adoption initiatives can also be subsidized by the Enterprise Development Grant.
5. How can data analytics help my business to improve demand and supply matching? With the right data, effective data analytics software can translate the data into useful insights. For example:
Which product category generates the highest profit?
How fast are my products being sold?
What is the inventory turnover pattern along the year?
With the right insights, you can review your products’ pricing models and look at improving your inventory forecast to plan how often you should replenish your stocks. This is especially useful for FMCG companies that have serious merchandising operations to manage.
Why not arrange a complimentary consultation for one of our friendly consultants to advise you on how data analytics and software can help your business?