In today’s data-driven world, businesses that are able to make decisions based on data are more likely to be successful than those that don’t. They do things like collect data, grow their data, and use data as a base for decisions.
Companies such as Facebook, Amazon and Google have been extremely successful in using data in a commercial way. But also smaller SME companies can leverage data into smarter decisions and beter business, with the right tools.
There are a few key steps that businesses need to take in order to become data driven and make better decisions with data.
How to make the most out of your data
1. Collect data from all sources – internal data, external data, customer data, etc.
2. Clean and organize the data so it can be easily analyzed.
3. Analyze the data to identify patterns and trends.
4. Use the insights from the data analysis to make better business decisions.
5. Repeat the process on an ongoing basis to continuously improve decision making.
By following these steps, businesses can tap into the power of data to drive growth and success.
- In order to get data from different places, you need several different systems. Systems that can get data from inside the company and also from outside the company. Systems that can get data from customers and your online domains. The fundamental systems needed are: a CRM system, web analytics system, preferably a connection to your transactional system(s).
- In order to make data useful you need to structure and organize your data, and of course there are systems for that as well: a data management platform (DMP) to segment your users into segments you can market to and if your are a bit digitally mature a consumer data platform (CDP).
- In order to identify patterns or trends in your data you need to analyze and enrich the data you have in order to make it actionable. Marketing platforms sometimes provide analytical elements.
- In order to use the data to make better decisions you need data that can be leveraged into the different operations of your business. For example data on customer behavior in your stores, on your website or in your marketing.
- If you want to create ful use of your data it needs to be continuously updated, collected, refined and put to new use. Make sure the processing of the data does not bog you down in endless data processing. Make sure automated processes take care of the data and refines it into business use.
Good luck with your data strategy!