As respondents to the Deloitte survey made clear, even small startups generate data. Any business that has a website, a social media presence and accepts any kind of electronic payment is collecting data about customers, user habits, web traffic, demographics and more. All this data is full of possibilities if you can learn to mine it.
While there are many influences when making decisions – what’s happening at the company, global news, your conscience – there’s nothing more motivating than having solid data backing you up. It’s a profit-boosting power you can’t afford to miss.
Data helps you improve processes
Business process mapping person: Data helps you understand and improve business processes so you can reduce the money and time you waste. Every company feels the effects of waste. It drains resources, wastes time, and ultimately affects the end result.
For example, bad advertising decisions can be one of the biggest wastes of resources in a company. However, with data showing how different marketing channels are performing, you can see which channels offer the highest ROI and focus on them. Or you can figure out why other channels aren’t performing so well and work to improve their performance. This will help you budget to generate more leads without increasing ad spend.
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