DATA AND IT’S EVER-GROWING BUSINESS VALUE
Data is worth more than what one thinks. Data has become a key input for driving growth, enabling businesses to differentiate themselves and maintain a competitive edge. Today, gathering data to help you better understand your customers and business is relatively easy. In fact, it’s become so easy there’s the danger of having too much data to deal with.
A survey from Deloitte noted that “49 percent of respondents said analytics helps them make better decisions, 16 percent say that it better enables key strategic initiatives, and 10 percent say it helps them improve relationships with both customers and business partners.”
However, to take full advantage of data and analytics, you need to know how to get the most value from your data. However, what does it mean exactly? This means that you first have to understand the potential of data and its value for your businesses.
So what are the benefits of data for businesses?
Data helps you make better decisions
Respondents from the same Deloitte survey mentioned above have made clear that even small startups generate data. Any business that has a website, online presence, or accepts electronic payments of any kinds collects data about their customers (preferences, demographics, habits), web traffic, and more. Data has the potential to make your business bigger, only if you know how to get at it.
Whilst there are plenty of factors to consider when you’re making a decision, none of them would matter if there is no data to back it up. When you use data the the right way you can easily make decisions around:
Finding new customers
Increasing customer retention
Improving customer service
Better managing marketing efforts
Tracking social media interaction
Predicting sales trends
Data helps you solve problems
The sensible step to make is finding a solution around the problem – not throwing away sales opportunities. Remember, all your leads matter.
The next step would be to track and review your data from your business processes to help you uncover breakdowns of your performance. This allows you to gain better insight and understanding of each part of the process, which parts need further improvement, and which parts are performing well.
Data helps you understand and improve performance
Data allows businesses to predict demand trends and plan the deployment of human and financial resources. This allows you to meet the demand and fulfill their orders on time and on budget. Data also encourages collaboration in between departments and teams.
Collecting and reviewing data can show you how everyone is performing, and more. Having an insight as to your current team’s performance allows you to adjust, refine, and even retain some of the processes along your workflow. When you have better information, the more you can strategically position your team for success.
Data helps you improve processes
Data helps you understand and improve business processes so you can reduce wasted money and time. Every company feels the effects of waste. It depletes resources, squanders time, and ultimately impacts the bottom line.
With data showing how different marketing channels are performing, however, you can see which ones offer the greatest ROI and focus on those. Or you could dig into why other channels are not performing as well and work to improve their performance.
Data helps you understand consumers
Without data, you will have no knowledge of who your customers are. Without data, you will not know if your consumers like your products. Without data, you won’t know if your marketing efforts are effective. Without data, you won’t know how much money you are making or spending.
Data is the only key to understanding your customers and market. Data allows you and your business to understand the purchasing decisions of your target consumers. Having the insight concerning your customer’s preferences, habits, and demographics can give you a competitive advantage and eventually cultivates better customer relationships.
CRM Software is the Key to Processing Big Data
Using data to run your business is table stakes. If you’re not using data to uncover important insights to help your business into the future, you will become a business of the past. Fortunately, the advances in data processing and visualization make growing your business easier than ever and there are tools available to do it.
This is where a CRM software functions well. A CRM software like Saphyte, enables your business to process larger amounts of data. As your business progresses, your data quantities will progress too. Without a tool to process the amount of data you’ll be collecting, you’re essentially putting your resources and efforts to waste.
Here are some of the benefits of Saphyte CRM when it comes to data management and data processing.
Better data collection
Placing all your data collection efforts in one place is the best way to start refining the quality of your business data. A CRM like Saphyte allows you to build landing pages to which you can steer online traffic, forms to fill-up and gain real-time insights or email, even if you have no prior technical experience.
You can even automate the whole process from the collection of data to storing it in the CRM’s system. This helps take the burden off of your employee’s plate and allows them to spend more time on sales-generating activities.
Dealing with a faceless crowd is a dangerous road to take. When you have a clear view of your audience, you can do better for your business by segmenting your contacts.
Manually segmenting your contacts takes time and resources. With a CRM, you can segment your contacts quickly and with ease. With segmented lists you can run specific customer marketing campaigns and account-based marketing campaigns, analyze your sales process and lead pool. All without having to switch from one software to another.
Better Option in Protection of Data Privacy
Data as much like any other thing in your business, is vulnerable. The primary benefit of CRM, aside from saving you a lot of time and effort, is securing data privacy. Most CRM softwares are compliant to UAE’s data protection law.
A CRM system can help your business obtain and document your contacts’ permission to store and use their personal details (with consent, of course), send notifications automatically to all new contacts informing that you would like to store their data, manage your customers’ subscription to email communication preferences, and even set up rules to update personal details for groups of contacts – all at the same time.
Wrapping Things Up
Building, storing, and securing your data should be at the forefront of your priorities for your business this year. Create more value to business and start by properly implementing data.
Want to get your data building started? Book a demo with us today. Our experts are more excited to learn how we can help you build your business up.
Want to get your data building started?
Our experts are more excited to learn how we can help you build your business up.Book a Demo