So Why Carpe Datum (Seize the Data)?
By Katherine Beaty
First, data helps you make better decisions. It adds long-term value to your organization, has positive financial implications, and gives your organization competitive advantages that are achievable in no other way. All data is filled with potential if you can learn to mine it in a meaningful way. While there are many influences when making decisions (what is happening within the organization, global or industry news, your gut) there is nothing as persuasive as having hard data to back you up. This is true profit increasing power that you simply cannot afford to pass up.
Second, data helps you solve problems. Tracking and reviewing data from business processes helps you uncover performance breakdowns so you can better understand each part of the process and know which step needs to be fixed and which areas are performing well.
Third, data helps you understand performance. Perhaps a batter way to say this is data helps you see performance. Let’s say you have a top-performing sales rep to whom you send most leads. However, when you delve into the data it shows that the salesperson does close deals at a lower rate than one of your other sales reps who receives fewer leads but closes deals at a higher percentage. This performance data can then affect how you portion out leads, which can lead to a revenue increase.
Fourth, data helps you improve processes. Every company feels the effects of waste. It depletes resources, squanders time, and ultimately impacts the bottom line. Data can help you understand and improve business processes so you can reduce wasted money and time. Bad advertising decisions can be one of the greatest wastes of resources. With data showing how different marketing channels are performing, you can see which ones offer the greatest ROI and focus on those.
Finally, and most importantly, data helps you understand consumers. Without that data, how do you know who your customers are? Which consumers like your products or programs? What marketing efforts are effective?
Katherine Beaty is Vice President of Implementation with Tez Technology. She can be reached at email@example.com.