Business 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.
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.