It is no secret that data is of vital importance to business. Companies use business and consumer data on a daily basis to make decisions, onboard customers, make and receive payments, and assure compliance.
But there is more to learn from your data than you may have thought. Here are 3 insights you can learn from your data, that you may have missed.
- Industry Trends
You probably know the most common industry that you sell your product or service to. But what about the second most common? What about the ones that are picking up steam, where sales are growing, or the one where sales are leveling off or declining? These type of trends can inform your sales, marketing, and growth efforts and help you put your energy towards the best opportunities.
- Best Customer Profile
Do you truly know who your best customers are? Not just the ones that are the biggest or the most vocal, but the ones who are consistently growing their accounts, paying early, and speaking highly of you on every platform. These are the customers you want to reward for their loyalty, but also want to replicate that success. Create a customer profile and then search out like companies to do business with so you can create even more incredible relationships.
- Supply Chain Management
Supply chain management is a very specialized and complicated discipline. The data you have and can collect on your suppliers will help to inform your decisions in this arena. It can help you know who you should be buying more from, who you should decrease your spend with, and the type of suppliers you prefer. Look at the data to find the suppliers who have similar company cultures, support the same causes your company is passionate about, and can be more than a supplier, they can be a partner as you both grow and succeed together.
Data can’t solve all your business problems. But it can help inform you and provide key insights that will make you smarter, more adaptive, and ready to move your company forward in the best possible way. Don’t take your data for granted, take a good look at it and see what you can learn.
If you would like to learn more about how to use your data to make smarter business decisions by checking out the webinar, Conducting a Portfolio Review.