You have them and they can improve the way your business operates.
Organisations collect data all the time, mostly without realising. Products, customers, processes. The major failing is that they often don’t make use of any of this massively useful information! Why not? Because it’s generally sitting inside a black box, which people are unable to open or interpret.
If business owners took the time to delve inside their black box they could make dramatic improvements to their business. Interpreting data in the right way is very powerful. Leading marketing consultant Mark Ritson is exactly right when he states that “you cannot manage what you have not measured!”1 Interpreting your data correctly also helps you to manage your business more effectively.
Think about it… you’ve been running a regular marketing campaign for the last 2 years. You send emails to every single customer . This costs you time, energy and expense (not to mention the negative response you might generate by repeatedly mailing your customers with generic offers). But have you ever analysed the effect of this campaign? Does it actually generate increased sales or return on investment? Are you sending the right offers to the right people? All these questions can be answered. It’s simply a case of accessing the right information so that you can get savvy.
The information is a hidden gem because it gives you powerful insight that will help you manage your business more proactively. This will boost your confidence because you will know exactly what has happened, rather than making assumptions. This means you can mak
There are many ways of achieving this insight. You can recruit a specialist to analyse your company data for you, implement systems to generate this information, or train your staff to produce management information. But you must make a habit of it. This is not a one off activity that will fix the long term future. Data and performance should be reviewed regularly and as a matter of priority. Nothing stays the same for long!e more informed decisions about your processes, marketing, sales, product range and so on.
It’s easier than you think – simply use the information you already hold on the performance of your business. Find out what your hidden gems are and use them to make your business the best it can be!
If you don’t have the skills yourself, get someone in to help.
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