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What is clear is that most (if not all) business decisions need to be made on a strong basis. Usually, this is in the form of factual data but data can only really be reliable if it is able to be interpreted and applied correctly. Cue the arrival of data analytics. Read on for tips from YouHaveGotThePower on how this could be the best thing for your business.
Changing Your Marketing Game and Incentivizing Survey Participation
If you want your business to grow, you’ll need a solid marketing plan to rely on. One of the ways to achieve this is by using big data analytics to lead the way when it comes to discovering who your ideal target market is and then creating a marketing strategy around this crucial information so that you can attract and retain customers in the correct ways.
This includes gathering valuable customer insight and feedback by incentivizing them to respond to your efforts. You’ll find that by using survey tools and apps that gather this information by offering participant incentives, respondents can be recruited and response rates increased, all of which means more revenue to your bottom line in time.
Risk Management
If your goal is to obtain growth, then business owners should be attempting to minimize all risks that would thwart growth by all means possible. Clavax explains that data analytics can be valuable here to assess those areas that are vulnerable to threats, such as cyber attacks, so that businesses can continue on an upward growth trajectory uninhibited.
Enhancing Customer Relationships
Your customers are vital to your business’s success; hence, every effort should be made to ensure your customers are kept happy at all times. If you want to apply data analytics in the customer realm, look into Customer Relationship Management software that is designed to provide data on customer service levels and customer engagement.
Using Business Process Management
Business process management (BPM) is also a version of data analytics that is used to streamline business processes. TechTarget notes that BPM focuses on finding efficiencies so you can automate workflows so that processes become more streamlined. However, be sure to monitor the changes you implement so that they can be adjusted along the way if improvements need to be made.
Inventory Management
Inventory management is another area of your business that probably needs stringent control, especially if your business is inventory-intensive. Data analytics can assist in giving you the information you need to ensure that stock is adequately balanced to meet demand at all times.
Financial Management
The benefit of data analytics is that it can assist with financial management too. For example, you could use business intelligence to make more informed decisions regarding your business finances. Because you would be relying on more accurate data to make better financial assumptions, your current and future financial predictions would be far more accurate and reliable.
Growing Your Business Practices
Once you have applied these analytic tools and gotten reports, it’s important to show them with your employees and stakeholders. Often, information is only shared in specific departments or circles, which can create silos. You will be able to make better decisions that benefit the entire company if you share these reports with a larger audience of invested individuals through quarterly or annual reports.
As you put these documents together, get feedback from other leaders in your business regarding how to present the information. If your documents are hard copies, scan them as PDFs. Not only are PDFs easy to store digitally, they are stable, easy to password protect, and can be converted into many other file types using a converter tool.
Get Formally Trained on Data Analysis
If you want to gain expertise in data analysis to help your business, consider returning to school for an information technology degree. Instead of in-person learning, which requires a substantial time commitment, enroll in an online program. Online learning offers flexibility so you can continue to run your business while studying and learning at your own pace.
Grow with Data Analytics
If you want to grow your business, you need to have the most current tools by your side. By incorporating data analysis and business process management, and using survey participant incentives, your business can reach new heights. Remember to share your reports with key stakeholders to get their perspective and increase buy-in, as these data reports should reveal areas that can be improved. Consider these as opportunities to grow your business into the business you want it to be.
