Are you making the most of your business data?
Are you recording, measuring and analysing enough of the data being generated by your business?
With so many apps and digital solutions now available to businesses, there's valuable data to trawl through – and plenty of hidden insights for you to benefit from.
HERE ARE 5 WAYS TO GET MORE INSIGHTS FROM YOUR BUSINESS DATA
1. Track your business finance
Managing your business accounts was something you left to your bookkeeper. But with cloud accounting now the norm, every business has 24/7 online access to detailed information about its financial position and performance. Deeper analysis and insights are usually available at the click of a button, helping you spot the pitfalls and potential opportunities.
Your accounting platform can show you:
Profit & loss reports and balance sheets, with real-time data to help decision-making
Cashflow forecasts and projections to help plan your future cash position
Budget tracking and spending reports to completely control your expenditure.
2. Monitor your sales and marketing data
Steady sales revenues are a must for any business that wants to grow, but how much oversight do you have over your historic and future sales data? Using a sales and marketing platform like Salesforce helps you track your sales, campaigns and customer relationships – giving you a goldmine of data to sift through and analyse:
Key data areas to analyse will include:
Which products and services are making the most sales, and why
Which customer demographic is the biggest spender, and why they’re advocates
Which campaigns are delivering the best return on investment (ROI)
3. Track your staff performance
Your people are one of the company’s most important assets. But do you really know how well your employees are performing or how engaged they are with the goals of the business? Today’s HR software makes it easy to set core skills and capabilities and track how each team member performs over the year.
As an employer, you can:
Set performance and training targets, and see how your employees are tracking
Run satisfaction surveys and staff feedback to check in on team engagement
Use your data to drive improved performance and happiness in your workforce
4. Measure your performance against targets
One of the big benefits of tracking your business data is the ability to measure your performance against a given target. You can have key performance data at your fingertips. This helps you motivate the team, work towards a common goal and ‘gamify’ your progress as a business.
If you share these targets and performance data with your people at monthly team meetings, this transparency can work wonders for motivation. When your employees and management team are aiming for the same goals, you’re a more effective team.
Talk to us about getting more from your data.
Transforming your company into a digital business may seem like the end of the process. But the reality is that getting in control of your data sharing, analytics, and performance tracking is the genuine goal for any ambitious business.
We can help you connect your app stack and focus on analysing the most critical data for business success.
