Four ways to take advantage of your data

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Along with the customer, the buyer, your product and services, Data is one of the most significant assets of any business because you get the most out of a data strategy when in place.

Create an achievable plan for the future

Most small or mid-sized businesses struggle to keep pace with this data revolution, trying to find an opportunity to invest in edge-tech and Analytics; however, most of the time, these are not the technologies suitable for their business. It leads to misunderstanding or ignoring the possibilities Data brings, or not recognising the need for updating enterprise processes on time.

Encompass your data strategy into your business strategy

The objectives of a strategic business incorporate the things your enterprise is undertaking to achieve organisational goals, and how data will help you get there. So, before you start on your data strategy, go over your business strategy first and then develop your data strategy.

Different ways to take advantage of your data:

1. To Identify business trends and be aware of customers, as the more you understand your customers, the better you can serve them. These two approaches are the key-powering influence for most business activities.

Nowadays, companies are gradually turning out to forecasting what customers’ preferences could be in the future. Bernard Marrs mentioned: “One classic example of this is Netflix recommending what you should watch next, based on your viewing preferences.”

2. To take and communicate the best decisions-making for your business from data generated. When department or teams make decisions, the result is better (from developing new products to increase revenue to hiring the right talent.)

For instance, when Human Resources use a data-driven decision-making approach, the data can check the possibility of personnel quitting the company, to employ more talented-people, diminish employee staff, or hiring and firing rate.

Thanks to Data, many businesses can make the best decisions to improve processes, facilities, and much more.

3. To upgrade internal operations and generate added income. Thanks to Data, it is now easier to make advancements and enhance competences. The ability to improve business processes, update procedures and manage the business in a more well-organised, cost-effective approach, an attractive outlook for any business.

4. To make available smarter products and services. When you know more about your customers and markets, you will offer them exactly what they need, in particular, those products and services that respond to each user’s exclusive-demands and way of life.

It is possible because of the Internet of Things (IoT) advanced-computing potential and to the connectivity submitted by modern devices and gadgets. We expect that this trend would go on due to how these smart tools have become so indispensable.

Making “smart” connection among several devices, as when supported by the IoT approach, all businesses manufacturing processes can regularly be reporting to each other about their condition.

Therefore, every insight of the manufacturing process can be monitored and adjust for the best possible operation. It also helps to cut down expensive machine interruption, to get ahead of break downs and recognise on time when parts require restoring or replacing (known as predictive maintenance.)

In other areas, organisations are using data to improve stock control like automatically reloading stock when it reaches a given level, foresee and avoid service cutbacks, improve delivery routes, automate cyclical and ordinary processes, and much more.

Summing up: No matter the size of your business, a Data strategy implementation is vital!

About Author

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David Food is a Supply Chain Analyst, Purposeful Innovator, Market Strategist, Passionate Educator and Leadership Catalyst. He is a prolific blogger in the areas of supply chain, technology, logistics, optimisation, and inventory. Visit David's website: https://www.prophetic-technology.com/

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