Data has a bad reputation. Simply saying “data” is enough to conjure scary images of all types of data nightmares from the past and present. Like painstakingly poring over a thick stack of printouts. Or watching row after row swim by your eyes in hundreds of tables while you search for that one number that’s throwing your accounts off. It’s boring. It’s endless. It’s for geeky people only.
The thing is, data doesn’t deserve its reputation. In fact, just the opposite. We should be celebrating data. Without it, we’re limited to making decisions based on instinct or gut feel. That might lead to one or two successes, but it’s like pin-the-tail-on-the-donkey. A whole lot of blindfolded stabbing goes on until someone manages to get the tail where it belongs. That might be okay at a children’s party, but it’s no way to get ahead in business.
Not only does data take the blindfold out of the game, but it changes it by adding tremendous value.
Change your game with these 10 types of data
Here is a list of the types of data that can change your game and how each adds value:
- Sales, demographic and weather data enables more precise decisions about who to market and sell.
- With website, transaction and buying pattern data, you can better understand the demands of your customers and position your products or services more strategically than competitors.
- With survey and online review data, you can better understand customers want from what you’re selling.
- Deciding where to take your business next is virtually impossible without demographic, regional, weather and income data. Data shows you what’s going on all over the world so you know where to go and places to avoid.
- Data about consumers and customers show you how to increase your number of wins and keep customers coming back.
- Data from operations processes makes it easier to diagnose weaknesses and errors because no one has to guess what is gong wrong when there’s a bottleneck.
- Employee data such as age, gender, address and education combined with performance review data can help you identify which candidates are the best fit, saving time and boosting the potential of your business.
- Financial data when combined with information about supply chain problems, HR trends, product quality issues and the weather can improve and enhance your planning, budgeting and forecasting processes.
- Social media data can also be used to protect your reputation, repair it or both.
- You can use performance, expenditure and procurement data to identify those policies, products, services and other offerings that are not delivering the best possible results so you can improve your KPIs.
As you can see, data is really your friend. Instead of dragging you down, it lifts you up.
And, the 10 types of data showstoppers in this blog enrich your business.
Want to find out how? Download our ebook, 10 Ways Data Enriches Your Business, for the details.
You’ll learn more about data and data analytics —and the great places they can take your business.