Data tells the story of a business. Is yours a page-turner?
Modern business is loud, crowded, and full of overwhelming information. In order to survive in today's business landscape, data has to be understood and leveraged in order to stay afloat. No matter the size or industry, business owners need to understand data. Tracking highs and lows of revenue, seasonality of certain products, customer records, and other key details help guide business owners towards making decisions that yield success.
On top of this, business owners can create actionable goals that can indicate whether or not they exceeded expectations for a set time period or fell below them. Clothing retailers, for example, can see when certain products are set to become more popular for the season and determine an appropriate price to capitalize on the trend, such as winter coats in November through December.
If you've ever been left scratching your head on why a dip in revenue occurred or wondered how you can plan to have the right amount of inventory available, you absolutely need to incorporate analytics into your operations. From there, you can identify the root cause of any noteworthy events. Data can also help attract investors to support your endeavors when they see how well your business is performing year-over-year. Even social media channels provide data on how your posts perform in front of the masses.
With this knowledge, you can create certain content that resonates best with your audience. When you eliminate guesswork, you can plan for any event that comes your way. After all, data is knowledge and knowledge is power.
Data can seem overwhelming and daunting but with the right tools—such as Google Analytics, Microsoft Power BI, and Tableau, to name a few—data can be cleaned up and transformed for better understanding. While you may not have the funds to expense on an in-house data scientist, you can still take advantage of the available programs that teach business analytics for real-world applications like the ones taught at the Daniels College of Business. Not only will you increase your business acumen, but you will also be learning front and center with the latest data analysis technology.
Businesses are increasing their digital presence at a break-neck pace, but if they aren't utilizing data appropriately, they will not succeed in today's competitive marketplace. When you begin to trust and rely on data rather than gut instincts, you can tell your business's story and bravely lead your company into the future.