4 Ways Documenting Data Can Help Your Business Thrive
July 11 2018 |
The best business decisions are made based on facts and numbers. Obtaining relevant and correct data from your past operations might help you to analyze your current situation and put a clear business plan in place for the future. Learning from past events means making fewer of the same mistakes, gaining experience and understanding why things are the way they are right now. Let’s see how documenting data can help your business move forward.
Better short term strategy
Historical data helps to adjust your short term strategy based on past events. For example, you threw a major sale last holiday season; you did well, but not as well as you had planned. As this year’s holiday season approaches, it’s important for you to understand what exactly went wrong and what you did right last year to make this season a success. Without proper data analysis of the past event, that would be very hard to accomplish.
Smarter long term planning
Analyzing things like your customers’ buying habits by identifying patterns and trends will help you make better predictions. Market changes don’t happen overnight. Businesses that keep an eye on changing lifestyles and demographics of their patrons are the ones getting ahead and keeping up with the change as it happens. For example, if you have 5,000 purchases paired with your customers’ information, you will be able to see a certain trend over time and make future decisions related to this product based on the trend you managed to discover.
Better operating decisions
Efficient day-to-day decisions can also be based on real-time data. Make immediate business performance data available to your key employees. This way, a mistake could be fixed right away without dragging on for a few days until you get your weekly report and realize that something has been wrong all the while. Another good example is having one of the key people leave the company and realizing that you lost a tremendous amount of knowledge gone with that one person. Documenting processes, best practices and all kinds of metrics would prevent the knowledge from ever leaving the company, even if the employee who came up with great ideas decides to leave your business. (Or were all those nights spent brainstorming for nothing?)
Better chance to get investors on board
In order to continue growing and thriving, businesses need to invest money into business development. Companies that have their data in check and can answer any questions about any area of their business are more desirable candidates to get a loan from an investor. Many banks use predictive analytics to figure out if a given business is worth investing into.
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