It’s no secret the world is going digital. From our work lives to how we communicate and shop, the web and computers have transformed modern life – so much so, it’s almost impossible to imagine how companies operated without the internet.
No matter the size or sector in which a company operates, these days almost all companies rely on data. Moreover, industry experts now suggest data could be the world’s most valuable commodity – worth more even than traditional heavyweights like oil and gold.
In our data-driven commercial landscape, it’s now more important than ever that your firm extrapolates, produces, stores and acts upon quality information for everything from inventory and ordering to client communications. Below are just a few ways data is driving the world of business today – plus ways you can improve the quality of the information you hold.
The move toward better business intelligence
The term IT (Information Technology) wasn’t just dreamed up by accident. All firms generate information in their everyday processes in everything from their profit and loss spreadsheets to website visitor data and client contact details. By studying this data effectively, firms can make predictions on future productivity or demand – just the kind of decisions that will normally give them an upper hand against their competitors and drive better in-house efficiency and decision-making.
To use a very basic example, if your company operates in the Fast-Moving Consumer Goods (FMCG) sector, this kind of information can mean the difference between your product being sold on time or perishing in the warehouse.
Leveraging control with systems like Microsoft BI and its Power Query, Power Pivot and Power BI tools will give you a better handle on the here and now of your firm and allow you to get a better, impartial overview of how you operate.
Better targeted marketing
In the not-so-distant past, advertising to clients was very much a case of guesswork. Marketing professionals would guesstimate which promotions channels would likely resonate best with their target market e.g. television, newspapers, billboards, etc. However, in the digital age, it’s now easier than ever to monitor and gauge the effectiveness of campaigns, simply by studying data showing interactivity. Everything we do on the web is trackable – meaning advertising execs can now accurately judge just how effective their promotions proved to be.
Improvements in customer care
Using digital technologies, it’s now possible to track every stage of the customer journey – from first web visit right through to initial contact, sales and beyond into customer care. Customer Relationship Management (CRM) software has largely automated the entire consumer process, freeing up company resources and improving the overall customer experience.
It’s the goal of pretty much every company to produce the best quality goods or services with the least possible outlay (both in terms of time and financial costs). By studying your firm’s overall efficiency, you’ll be able to isolate problem areas (both potential and existing) to better streamline how and where you spend money with the aim of improving your overall efficiency and, of course, profit margin.