The Magic Of Effective Data

In today's world, data rules all. You need to be able to use big data in your business if you are going to compete. This is true with all of the evolution of digital technology regardless of what business you are in. So don't miss chances to grow your sales and organizational efficiency.

Here is the magic of effective data:

Confidence

Without the right information, you can't be as confident making decisions in your company. And you need to be able to make decisions fast if you are going to move at the right speed to keep up with today's business world, in which trends can reverse or change direction in an instant. With data at your fingertips, no decision will be too difficult to make quickly.

Product Planning

Being able to put the right product in front of the right audience is key to your success. If you don't, you could end up wasting money and chasing research and development on products that don't pan out. Use data with something like BI on Amazon Redshift gives you more tools to invest in products and market opportunities that are untapped by your competitors.

Marketing

Successful companies today are marketing companies. In otherwise, no matter what market they are in, they use marketing data to get more conversions and spend less on overhead advertising. Collect information on referral links, visitors, conversions, signups, sales, and engagement. Any and all of these data markers can let you tweak your campaigns so that more dollars are coming in and less are going out, which frees you up to invest in other areas in your business and have more profit left over at the end of the day.

Sales

Sales is the lifeblood of any company. With the right sales mindset and data to backup your process, there is nothing you can't do. Make sure you are using a CRM so your sales team can enter in information they are coming across in daily interactions with customers.

Competition

Doing research on your competition is key if you want to get ahead in your market. When you collect information you can run data analysis on your competitors to find their weakness. Perhaps they are not investing in ads in a certain niche, and this could be your next big opportunity.

Investment

Seeking outside investment is sometimes necessary in order to grow your company. There are many expenses that your business has. This goes from the employees, to the product costs, to customer service, to the office and all of the expenses associated with that. If you can't stay afloat while handling these, your business could go under.

One great option is to seek outside investment. However, this is often easier said than done. In order to secure outside investment, they are going to want to see a track record. If you effectively capture and organize your data, long gone will your worries be about attracting the right investors to your company.

Security

Cyber security is a real threat to every business. This doesn't matter if you are a small local company or a mega corporation. You need to be able to put up firewalls on your site and in your office to ensure that the right data stays put and no one from the outside can access it. However, this is not something you can simply guess at. You need the right network monitoring tools set up. These tools help you analyze the traffic from a meta viewpoint and see what is coming in and out. That way you can adjust your traffic to block hackers.

When it comes to getting the most out of your assets in business, nothing is more valuable today than data. Being able to collect data and run calculations for insights is key to your brand. So implement the data tips above and grow your profits and information stronghold on your industry now and going forward.

By Kevin Faber	Embed
Kevin Faber is the CEO of Silver Summit Capital. He graduated from UC Davis with a B.A. in Business/Managerial Economics. In his free time, Kevin is usually watching basketball or kicking back and reading a good book.

The Magic Of Effective Data

Saturday, June 23, 2018