4 Ways to Use Data To Improve Your Business

by Tim English - VP Superior Business Solutions on March 21, 2012

Data can be so overwhelming. It can direct your companies in many ways. One of the first things a company must do is figure out what is essential to making their business successful. Once this is determined, you can figure out how to break your data down, and what information is relevant. Below are 4 ways to handle data so that you can get the most out of your research.

  1. Determine what your KPI’s (Key Performance Indicators) are going to be. If you don’t have experience with this or don’t know where to start, you may want to look into getting some outside help. There are many service providers who have experience in building data science infrastructures.
  2. Data For BusinessesKeep focus on what matters the most. Data can be very time consuming, so it’s essential to stay focused. Pay attention and optimize your business around only the metrics that matter. Vanity metrics are irrelevant. Focus on the metrics that deliver insights that move your business in the right direction.
  3. Hire someone specialized in data. This will help your business in the long run. Find people that will be able to understand and synthesize big data for your company. Big data does not mean anything without an appropriate layer of data science.
  4. Be prepared for change. The data you analyze may reveal some insight about your business that may require some changes to be made. This requires a commitment by the entire organization. You want to make sure to create the proper foundation for success, both technically and operationally.

Data holds a lot of promises if used correctly. It can also cause a lot of issues if not analyzed properly, so make sure to have someone on your team that is experienced with data science. It may require spending a little more on the front end, but it will save your company a lot of time and money in the long run.

How does your company currently use data?

Photo courtesy of flickr

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