1 - Customers are better known
If there was only one key to your company success, it would be to know your customers. How can you satisfy someone you don't know? Even when you think you do, you can be mistaken. Who has never made a present to a friend and saw him lie when he said he liked it?
In today's market, you cannot successfully sell to your customers without first acquiring customer knowledge. And to do that, nothing is more efficient than data. Data don't lie. They coldly show you what your most sales are, in what period of time, how profitable every product is, how often your clients buy your product, how they use it, when, etc.
Data allow to understand buying patterns, consumer needs or just know who they are, what motivates them, what they want, need, love, or hate..
2 - Efficiency is increased
The more you play with data, the more you get . Because data turns virtual and intuitions into concrete insights and helps you to apply the principle "Anything that can be measured can be improved".
As they say, a picture is worth a thousand words. And over data analytics or discovery, visualizing your data is a huge way to display everything clearly, to get accurate insights, estimates, ratings and take decisions based on facts and not opinions or approximation.
That's not a breaknews, most companies use KPI but nowadays, smart data tools enhance to go faster, real-time, precise, using huge amount of data easily. You can mix data sources from both your corporate activity and open data, find precise information through Volume and Variety with full-text search engine. Data give the ability to gain time, save money, reassure your decision and boost your efficiency.
3 - Services are improved
Data is the new oil, and guess what? You have many ways to use them. If you first focused on customer knowledge, it may be time to have a look on your core company processes. Quality service, manufacturing, accounting, IT, maintenance, logistic... data are everywhere and it's pain in the neck to let them stored in databases without analysis or business usage.
Your IT service complains on troubleshooting regarding networks or apps. Right, maybe they can first monitor logs to evaluate who, where, when and suggest smart ways to improve the situation. The accounting service is bored by tedious tasks like copy/paste recurrently information: good news, data tools can help to remove these tasks and save up time and money to focus on better deliveries.
To tell the truth, Data offer a large playground to improve and develop business. Start simple, with your teams to first get them out sticky situation and next innovate!
4 - Strategic decisions are clever
Sometimes, you can feel that something can and must be done to improve your service, your incomes or your customers satisfaction. But, it is not easy to get the proper idea of what's going the wrong way and what is slowing you down...
Yes, data are full of surprises! They can detect something you couldn't even think of, and make you change your mind about the services you provide.
It gives you solid keys to smartly maximize your service, or if you should create a brand new one. It gives you a lot of options to consider.
Changing your services or improving them is a huge strategic decision. But, you can foresee a step further by investing into a new product, a new activity, make new collaborations, etc.
With approaches based on data, you can make less risky decisions and convince colleagues, collaborators, investors, banks and yourself of course. More than a gut feeling, you can easily and rapidly put a decision to the test and also compare some strategies to keep the best one.
5 - GDPR regulation is easily complied with
When you collect personal data, you have to comply with global data protection rules like GDPR or CCPA. If you had to manually report every personal data you have, you would obviously waste a looooooot of time and make many mistakes!
Mastering your data also means easily complying with the regulation and... avoid a monumental fine by using data or big-data tools power!
One click and you get all the personal data revealed in your files. One more clic and your GDPR compliance is done!
In 2020, it is inconceivable to run a business without data approach. Even more when Octave.io made it accessible to everyone with its user-friendly application, its super easy features (Drop to Kibana and Personal Data Tracker), and its prices!