Technology is rapidly changing the way we do business. From being able to provide new products and services to customers, to improving internal processes that let businesses work faster and more efficient than ever. While there are many different technologies that you can utilize for your business, one thing you should look at is data analytics.
It’s well known that large companies are using big data and business analytics to study how the company operates. By using quantitative methods, companies can derive meaning from gathered data to make informed business decisions. But these methods aren’t limited to large companies as there are many available solutions for data analytics for small business. While we won’t get into detail on the specific tools and software you can utilize, here are some of the major reasons why you should consider investing in data analytics for your small business.
Greater Revenue Through Improved Sales
One of the biggest concerns of small businesses is getting enough revenue to fund its growth and expansion. There are many different strategies to improve sales, but without proper data analytics these companies will simply be guessing or going through trial-and-error to figure out what works best.
If you’re serious about your company’s growth and performance, gathering and analyzing data becomes a key part of this process. Depending on the tools you use, you can gather data from numerous sources like your customers and your sales team.
On the customer side, you can use data to spot trends and see which products or services your market is interested in. Some tools will also give you insight into what your customers need, which can help you plan which products to push or where your sales team can enter to convert interest into a sale. When you study historic data on your sales and customers, you can spot patterns and use statistics to forecast future outcomes. All of these will help your team improve the way they work and can lead to more revenue and sales.
Data-Driven Decision Making
Data analytics is also a big help when it comes to making strategic decisions for your business. As with any decision, you need a basis for it and without proper facts or data, you could end up just guessing what could be done instead of determining what needs to be done.
With proper data gathering and analysis, spotting problems and areas that need attention become much easier. Instead of guessing or using anecdotal evidence from your team, you can identify problem areas factually and determine what exactly you need to improve on, whether that’s sales, margins, turnaround times, or whatever else.
Having data to back up your decisions and arguments will also make you more influential in the boardroom. If you’re going into a meeting and other people have opinions, but you have data to support your arguments, it will be much easier convincing a board of the right course of action.
Increased Operational Efficiency
Another good use of data analytics is being able to monitor your company’s performance, spot any problem areas, as well as identify possibilities for improvement. Chances are you’re already using some sort of tool to monitor your team’s manhours to see how long they work for. With the addition of some tools, you can monitor more detailed parts of the job like the time it takes to do certain tasks. You can also keep an eye on all the different business processes that happen in a day and observe any changes that happen through different seasons.
Armed with this data and knowledge, you get a clearer picture of what’s being done right and where things start to go wrong. This ties back to the previous point of more informed decision making, allowing you to optimize your business and work more efficiently.
Improve Business With Shawn Tiberio
Whether you’re already employing some form of data analytics or just looking to start, you can take your business to the next level with the help of a sales consultant for small business. Gain insight on how to work more efficiently an enjoy the guidance of a veteran marketing consultant for small business when you book a call with Shawn Tiberio. As a veteran in the industry, Shawn is the perfect man to help you and your team reach success.