More and more companies are leveraging business intelligence to spur growth and strengthen their brands. New data analytics tools are more powerful, easier to use, and more affordable than ever, leading businesses of all sizes and industries to embrace big data.
Further, professionals and organizations are publishing more blog articles, white papers, and case studies on data science. With revolutionary tools and a wealth of knowledge available to entrepreneurs and business owners, it’s easy to see why so many companies are turning to data analytics.
But how can data help your business? Are there specific operational areas and needs your company can address by gathering and analyzing large data sets? Here are five significant uses for data analytics.
1. Adopt BPM for Smoother Operations
Every company and organization wants to operate as smoothly as possible. There’s no way to prevent every possible hitch or disturbance, but the more streamlined your processes and workflows are, the better positioned your team will be to accomplish its goals and move the organization forward.
Implementing business process management (BPM) is one of the best steps you can take. This discipline automates and optimizes processes and workflows by examining interactions among people, data, and systems.
BPM automates previous laborious tasks and operations. Besides boosting operational efficiency, it leaves your team members with more time to spend on jobs directly related to their passions, in turn increasing employee satisfaction and engagement. Take time to learn what the future of BPM looks like and find software that fits your business’s specific needs and goals.
2. Discover New Business Opportunities
Your business probably already has access to a wealth of data that your team can analyze and review to spur growth. But you must be able and willing to sift through data sets and identify gaps or opportunities for propelling your business in the right direction.
Say, for instance, that you own an ecommerce business. Simply looking through historical data in Google Analytics will reveal the times of the year or seasons new customers are most likely to purchase from your business. You could also analyze your company’s monthly sales and inventory data from the past year to strategize for the most in-demand months for your product.
3. Focus on Data Transparency
Customers want transparency from their brands now more than ever. More and more startups are highlighting data transparency as a show of good faith to consumers. Consequently, doing so can do wonders for customer acquisition and retention.
Data transparency essentially means allowing customers access to company data. If you’re like many other business owners, that’s quite a scary thought. But there’s no denying that people want to know the brands they support align with their values, use their money wisely, and treat their employees well.
Take an open and honest approach to data. Give consumers the humanized and personal touch they crave when interacting with your business. And it will pay off big-time.
Buffer is one example of a popular company flourishing via data transparency. The social media management provider has spent more than five years developing customer trust and royalty by sharing data with customers. This includes information on employee salaries, fundraising initiatives, profit usage, monthly revenue, and many other factors. Openness and transparency have established the Buffer brand and spurred consistent growth.
4. Craft Visualizations for Brand Awareness
Never underestimate the power of visuals. You and your data analysts may understand how specific pieces of data are driving your business decisions. But keep in mind that all your employees may not know how to decipher countless spreadsheet rows of information and grasp how your company is using it.
Data visualization helps the average person understand and retain key insights from data analytics. Charts, graphs, and other graphics are powerful tools for persuading employees, investors, and consumers alike.
You can also use data visuals to drive brand awareness and increase conversions. You might be surprised how quickly you can transform a boring spreadsheet into a beautiful and compelling visual story when you have the right tools.
Consider how you market your products and services to customers. You can design an attention-grabbing banner for your website and social media accounts to draw interest in your business.
Instead of paying for professional services, you can design banners online with this free template. Customize your banners according to the platforms you’re using them for. For example, you might create a branded banner for your website and change the color, text, and font for your Facebook and YouTube banners. You can even add a video or animation.
5. Equip Your Team With the Right Tools
Finally, make sure your team has all the tools and information it needs to maximize your company's data analytics efforts. Perhaps you could implement an app that streamlines inventory management and tracks sales orders and product fulfillment. Maybe you could grant employees access to a CRM dashboard containing all your business's customer data in a single location.
Even something as simple as incorporating a file-sharing platform to distribute frequently-used documents among team members can significantly enhance your workflows. The key is to research the many digital tools on the market to determine which ones can help your team succeed.
Here are some of the most popular solutions to consider:
QuickBooks Commerce: inventory management and financial forecasting
Google Analytics: analyzing and sharing website, competitor, and prospective customer data
Pipedrive: sales data sharing, reporting, tracking, and forecasting
Yesware: email outreach and data sharing for open rates, click-through rates, and more.
Dropbox: data and file sharing for teams
Companies of all sizes in every industry are realizing the power of big data. Analytics tools are becoming easier to use, more cost-effective, and more helpful by the day. And business owners can now access more information on business intelligence than ever before.
Now is the time to take advantage of the transformative tools and knowledge available to your team. The reasons above for embracing data analytics are just a few of many. Keep researching how big data can spur business growth, and start implementing changes today!
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