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7 Simple Steps to Tracking Business Data

How Can Small Businesses Use Data?

What sets ‘Ma and Pop’ grocery stores apart from nationwide grocery chain stores?

How Can Small Businesses Use DataIt’s the feeling you get when you walk in and the produce manager yells a greeting to you by name. It’s the familiarity of having your cashier ask about your Golden Retriever and when they might see you at the dog park again. It’s that level of connection that keeps you coming back every other Saturday morning for groceries, even though you drive past two regional grocery chain stores with cheaper prices and more convenient access.

One of the biggest value differentiators for small businesses is being able to truly know their customers. Data is now allowing global businesses the same opportunity to deliver a personalized experience. Small businesses are facing stiff competition in this arena and you don’t have the margins to compete on price.

Location-Based Data

Location-based data specific to consumers is arguably the treasure trove of tomorrow’s business. The ability to track, document, and analyze a person’s driving habits, commuter routes, demographics, consumer locales, and time frames for all of these recorded activities is priceless to businesses. GPS-tracking is being used regularly in every smartphone around the world.  Geo-tracking is the ability to track any device in real time, such as Pokémon. We have expanded geo-tracking into wearables, browsers, kiosks, and other user-friendly technology.

Imagine a world where you’re standing on a street corner and a city bus passes in front of you with a personalized ad for a piece of clothing that fits your style and the coming season. This experience is possible because your phone is sharing your geolocation, social media profile, and other data in real time. This is the reality of today.

Business-Generated Data

It’s virtually impossible for any of us to stay current with all the potential data that’s generated for our businesses, let alone our personal lives. An estimated 90 percent of all data generated is unstructured, including photos on your smartphone, social media interactions, customer transaction trends, and more. Data overload is also a side effect of our current reality. While this is a challenge, it can be solved and turned into great profit.

Become a Client Whisperer…

Data allows you to be a client whisperer. The right data points help you see client needs before your client ever realizes the need is there. If you’re a financial advisor, knowing that a client is due with their first baby in October means you may want to track when the delivery is so you can send a congratulations card, a piggy bank, and information about setting up a college fund. This is turning data into real-life, profit-driving action.

Track The Effect Of Any Changes

The second part of making data-driven changes is tracking the effect of your changes on your business success. What is the impact of eliminating a specific time frame for client appointments? Were the select few clients who were available during that time frame also available at another time frame? Of the potentially affected clients, what is the value and social influence of each of those clients on the rest of your client base?

Make the changes, analyze the impact of those changes, and then make additional changes or confirmation from your analyses. This is a fluid process focused on optimal output based on your goals and objectives.

Tracking how your business operates down to the minutest detail creates market separation. Maintaining as much actionable data as possible on every one of your clients helps personalize your client interactions. Knowing what effect data-driven changes are having on your everyday operations and bottom-line revenue is what keeps businesses like yours ahead of global competitors.

How to start tracking business data

We know the importance of data and how it is shaping tomorrow… now what?

Step 1: Decide what data you would like to gather. I live by the concept that the more data, the better. I like to gather data on the following information at the core: contact information, personal information, social media information, web usage data, communication preferences, demographic data, hobbies and interests, family makeup, business data, consumer buying data, and any other data that would be helpful for your business. For example, a law firm needs to know the names of all of your beneficiaries and contact information.

Step 2: Collect as much data as possible. When I say collect, I don’t mean collecting data in your head. Gather data using a central system, like a CRM, that can integrate with the rest of your technologies.

Step 3: Engage in data cleanup and organization. While this might seem like a basic task, nothing could be further from the truth. If you talk to Data Scientists or Data Geeks, they will tell you the most time spent in the data world is on cleanup and organization. In fact, many say that 80% of their time is spent working with data on cleanup.

Step 4: Ask questions. What questions do you need or want to answer? What decision are you in the midst of needing to make? Do you need to hire more staff? Build out more space? Develop a new product? Change the hours you are open? Get rid of one product so you can focus on another product? Those are just a few of the questions that data can help you answer, providing you the clarity and peace of mind you need. You need to know you have all the information possible to understand the impact of any decision you make.

Step 5: Summarize and visualize the data. We are summarizing our data and reporting on it in this step. In other words, if we want to know how much revenue we did last year in September versus this year in September, we should have a report that clearly shows us that information.

Step 6: Identify actionable insights. Once we have summarized the data, we now use the data to provide actionable insights. We did some consulting for a dental practice that was considering if it was time to expand their space. After looking at the summary data, we found that while they were close to capacity, the type of patients they were serving wasn’t in line with their ideal patient. So, instead of building out more space, they first needed to focus their efforts on finding more of their ideal patients. We were able to provide clarity using data to make actionable insights.

Step 7: Implement advanced analytics and modeling. Being a data geek, this is one of my favorite parts of this whole process. While summary data and actionable insights are extremely helpful in providing us clarity and peace of mind, advanced analytics and modeling is what can propel us into innovation. In the previous story of the dental practice looking for more ideal patients, we developed a model that would help schedule appointments based on an algorithm we developed.

The purpose here is to not only provide actionable insights but also make it as easy as possible for the company to focus its efforts in the most direct way possible. This occurs while gaining valuable insights and improving automatically along the way. Automatically?… How is that possible? We can make baseline assumptions through machine learning and modeling and then let the data tell us how accurate we are and suggest any modifications into our models. This process is fascinating to say the least.

This article is an excerpt from NEO founder Jesse Morris’ new book Data and the World of Today: The Reality of Today that will Impact your Business Tomorrow. Purchase your copy via Amazon.com.

Data Analytics For Denver Business

Why Denver Businesses Should Care About Data | Spotlight on Data Analytics For Denver Business

Data Analytics For Denver BusinessData Analytics For Denver Business & Startups

You may not realize it now, but you will…and soon.  Business intelligence is going to be a crucial thing for businesses within the next few years.  The reality is that business intelligence is already vital for businesses, but as with most new things, businesses haven’t all caught on.  We’re seeing this already locally: business intelligence in Denver CO is vital for the growing number of startups and tech-based businesses that are popping up.  The competition is fierce and there is no room for failure.

If you want to stay competitive, your business simply MUST be employing business intelligence and data analytics in your planning strategy.

What is Business Intelligence?

Business Intelligence is a broad term that applies to the software applications used to analyze raw data, data mining, analytical processing, querying and reporting.  There are immense amounts of data available today, and a business that can organize that data in a meaningful way can leverage their business above the competition.

Why Is Business Intelligence Important for Denver Businesses?

Denver is a prime example of why businesses need business intelligence and data powering their business.  Denver has been ranked as a top spot for entrepreneurs and startups by publications like Kiplingers, Nerdwallet, CNBC, and more.  The tech startup scene is alive and thriving.  New ideas are thriving and being promoted left and right.

With all of this new business and great energy, there are huge opportunities to start a business off right.  Data can help inform if an idea has viability and a future.  Data can also help a startup track and measure their growth. The best part is that these newer businesses can start from day #1 and have a comprehensive business approach with data. This is something most businesses cannot say because data was an afterthought and implemented later on in the business.

Data Is Not Just For Denver.

We’re based here in Denver and provide business intelligence solutions for businesses in Denver, so we have a keen vantage point to see the fun energy here.  But, we work with businesses all over the country, and even internationally.  We’re seeing the surge of businesses here locally rising from nothing to a booming company and all with the power of data.  The reality is that ALL businesses need a data plan, and if you don’t realize it and start now, your business WILL be left behind within a few years.

Shaking Up Business With Data | Denver CO Business Intelligence Company Weighs In

Denver CO Business Intelligence CompanyBusiness today doesn’t look like it did for our grandparents, or even our parents.  In fact, technology is changing so much and at a staggering speed that we can’t keep up easily!  In fact, 90% of the world’s data historically has been created in the last two years!  That’s a lot of data being created and therefore a lot of data that a business needs to put to use.

Just because business looks different, and just because data feels daunting at times, this doesn’t mean that businesses should ignore it.  In fact, a few basic measures can get a business tracking, analyzing, and measuring data in a way that makes their business work more efficiently and effectively.

Big Data For Big Results:  Denver CO Business Intelligence Company Weighs In

  • Baseline Metrics – Know where you started from to measure growth
  • Key Performance Indicators – Put a measurable standard to the things you find most valuable.
  • Demographic Understanding – Know your customers.  We mean really KNOW.   And, not just with an emotional hunch, but know something and back it up with the numbers.
  • Business Opportunities – See clearly and easily where your business is falling short, so that you can know where to focus your efforts.
  • Measure What-If Scenarios – Understand the implications of a decision before you make it.
  • Understand Market & Industry Trends – The data will tell you what is going on and what you can expect.
  • Predictive Analytics – Make educated predictions of what will happen in the future, based on hard facts of what is happening now!
  • Competitive Intel – Get a leg up on your competition.
  • Real-Time Knowledge – Base your business and marketing decisions on things happening right now in your business, not data that is months or years old.

& More…

The reality is that data analytics are constantly opening new doors and opportunities of how we can use data to propel our businesses forward.  The best part is that the technology and development needed to collect and analyze data is now more affordable than ever before for mid and small size businesses.  It is not out of the question for any size business to be using data analytics and business intelligence to grow their business.


Never Ever Ordinary is a business intelligence and data analytics company based in Denver, Colorado, but serving clients all over the country and even some internationally.  If you want to learn more about how to use data to grow your business, we’d love to talk to you.

 

How Can You Grow Your Business With Data

Denver Data Analytics Company Is Out To Change Your Perspective On Using Data

Denver Data Analytics CompanyWhat does Never Ever Ordinary mean to you?  When you hear those three simple words, do you think about who you are, a unique personality and individual?  Do you think of your business, how you are seen when stacked against your peers and competition?  Or, of a universal motto that carries out a very bold and aggressive action statement towards life?

At NEO, we believe personality, business, and life ALL integrate perfectly.   You are a unique individual!  You have a creative and unique business!  Your life is not ordinary!  Our vision and goal at NEO is to give you the essential tools and knowledge every single business needs to survive and break free of the ordinary.

Life is filled with ups and downs, success and failures.  How does a business measure these successes and failures? The answer is Data!  We all use data when making any and all decisions in our life; such as time, cost, or quality needed to accomplish a set goal.  We all have numerous tasks and goals, along with differing personalities, we have to analyze every hour while we work.  So the question I ask you is, “What kind of data are you taking in, how are you analyzing it, and are you setting yourself up for success with that data?”

Never Ever Ordinary Uses Data To Help Businesses Out In Three Major Ways:

  • Understand The Data You Already Have. We show you how to obtain the data your business needs to be successful.  Every business needs data and it can be just as valuable as cold hard cash if you are using it correctly.  NEO defines your existing data and gives you the road map to find this gold mine of information.
  • Collect The Right Data. We give you the tools to create more effective and content rich data.  Technology and automation have transformed our small business environment.  There are more tools, apps, websites, and third party vendors then ever before. NEO is experienced in setting up the right tools, while providing the resources to tackle so many daily issues that bog us down, email, central management, storage, phones, etc, the list goes on and on.  Take the weight off of your shoulders and put it back onto technology and data.  Imagine saving just one extra hour a week; because you automated that task you absolutely hate!  Annually, that time saved works out to 2 weeks of vacation time, or profit, in your pocket!
  • Plan For Future Growth With Data. We uncover and capture your best data.  NEO analyzes and creates a business road map based on true factual evidence.  We show you who your best and worst clients are, who makes you the most money, and who is costing the most to keep around!  By showing you patterns that most small business’ fall into, we help you predict where you are in those stages. We help you avoid serious catastrophes while running towards hidden opportunity.   To ensure you are able to capitalize on the data we gather, NEO analyzes your data and merges it with our expansive demographic data.  We show you how to find your ideal customer, how to target that perfect sweet spot of clientele, or where to focus your current time and money.

Data is expansive, exciting, and the possibilities are truly endless!  However, it can also be very difficult to manage.  NEO takes this process and simplifies it!  We give you full control of the driver’s seat while showing you how to press that secret turbo button to success.  We believe to our core that we are Never Ever Ordinary, and neither are you!

NEO demonstrates this through extraordinary work, a revolutionary product, and dedication that is unparalleled!  Not only in business, but in our lives on a daily basis.  Because of data, ordinary is now a practice of the past!  We encourage you to join with us and be Never Ever Ordinary.

Could A Positive Attitude Save Your Practice?

Cultivating Positivity In Your Team | Business Intelligence For Private Practice

NEO positivity - Business Intelligence For Private PracticeA positive attitude is perhaps the best thing you can cultivate within your practice to not only improve your office’s atmosphere, but create a stellar patient experience every single time.  However, positivity is not something that will happen automatically, nor will it happen overnight.

How do you cultivate positivity into your practice?

  1. Start Off Positive.  Start your day by writing down five things you are grateful for.  It may be the same five things each day, or you can change it each day.  The point here is that you are taking time to mentally think through the things that you are thankful for.  Slowing down and being mindful of these things is so important, especially in our fast-paced lives.
  2. Express Gratitude To Others.  Find ways to thank others and verbalize gratitude to them.  Make it a point to thank people in your life for the little and big things they do.  Your patients will notice that you are grateful and respectful to your staff, and they will respect you more for it.
  3. Look For Silver Linings.  One of our favorite movies is Silver Linings Playbook and from that movie, we’ve adopted the habit of looking for silver linings in all situations.  Yes, bad situations and bad days happen, but there is always something good you can find.  There’s always something you can learn from bad days.
  4. View Difficulties As An Opportunity.  You have a great team behind you, and when you face difficulties, include the insight of your team as an opportunity to solve a problem.  That problem doesn’t have to always be a problem, and by seeing what you can learn from it the first time around, you can avoid these challenges in the future.
  5. Take Ten Minutes For Mindfulness.  Finding space in your day to be mindful of your emotions, be thankful, and recognize what is happening in the day is a great way to reset yourself.  We live in very busy lives, and most practices run at very fast paces.  Breaks are important and can be vital to helping you maintain a positive outlook on life.

Positivity Starts With You.

As the practice owner, you set the tone for the entire practice.  You need to project the positivity that you want to be prominent in your team.  Your team will follow your lead, and your patients will follow your team’s lead.  If you’re reading this and you’re not the team leader in your group, know that positivity starts with you too.  You can become a leader simply by projecting positivity into your environment.  Ultimately, no one can make positivity happen in your life for you; YOU have to choose to make it a priority in your life.

Cultivating positivity is so important within your practice, but these tips are applicable in any aspect of your life.  You can cultivate positivity in your friendships, your home, your marriage, or even just your interaction with the next store clerk you encounter.  Positivity can do wonders.  We’ve seen it turn practices around from failing to excelling beyond all belief.

 

Learn more about Never Ever Ordinary and our practice and dental analytics services and tools!

The Best Ways To Improve The Patient Experience

Grow Your Practice By Improving The Patient Experience

Successful practices know that the patient experience is not just an important focus, it is THE main focus.  That stellar patient experience starts and ends with your team.  As you focus on improving the patient experience, there are a number of things to think about.  We recommend starting with one or two tactics and then build on from there.

Top Tactics For Improving The Patient Experience:

  1. Improving The Patient Experience | Never Ever Ordinary Jesse Morris Business IntelligenceThe Power Of A Name.  Using someone’s name is a simple thing, but is actually a really BIG thing.  By using someone’s name in a sentence, you validate their worth and let them know that you care about who they are.
  2. Remember Details.  Remembering details about a patient and then recollecting those details at later visits will blow your patients minds!  For example, if you have a patient who loves fly fishing, you can ask them if they’ve been on any recent fishing trips.  By doing so, you signal to the patient that you care about them, and not just the fact that they are filling an appointment slot.
  3. Body Language.  Pay attention to your body language to see if you are closing people off, or welcoming them into interaction with you.  Crossed arms, indirect eye contact, and turned away shoulders are all signs that you don’t care about engaging with the patient.  Conversely, direct eye contact and body positioning to the patient tell your patient that you care about them.  Especially for dental and medical teams, remember that often positions that patients have to be in for exams is not comfortable.  Go the extra step, literally, and move to look at your patient, instead of down from behind.
  4. Active Listening.  Active listening, instead of passive listening, means that you are directly engaged with what the patient is saying.  Repeat back the patient’s questions or confirmations that you have heard what they are saying.  For example, if a patient is telling you about their family trip to Alaska, you could respond with a phrase that starts off with “While you were in Alaska, did you see…” or ask the patient about the most memorable part of their trip to Alaska.
  5. Speak in short, simple sentences…and then shut up.  Speak clearly to your patients when you are explaining procedures and then allow the patient to process the information you gave them.  Don’t be afraid of a few seconds of silence.  You risk bringing up concerns the patient didn’t have originally, or overcomplicating the explanation by rambling on and on.
  6. Do What You Say You’re Going To Do.  It’s simple really, but this is often the biggest reason that patients are disappointed.  If you say that you will do something, simply do it.
  7. Cultivate Positivity.  A positive attitude can go a long way in improving the patient experience.  If you and your team are committed to excellence and positivity, your patient experience will improve now and continue to improve over time.

Every practice can benefit from taking a few minutes to look at their own patient experience.  Whether you have a little to work on, or a lot to work on, it is worth taking the time to improve the patient experience.  A little effort to improve your patient satisfaction could be the key to growing and improving your practice!

 

Other Resources For Improving The Patient Experience:

The Beryl Institute

Improve the Patient Experience – Forbes