08.05.2020

The potential of untapped information - data analysis in the company

Any enterprise - a corporation, a large company, or an SME entity - can collect data. Collect information about suppliers, customers, consumers, or perhaps employees and entire company processes? Regardless of what they relate to, with proper processing they are an extremely valuable source of information. Data analysis in the enterprise - find out that it's worth it!

What kind of data? Where to get them from?

As part of its operational activities, the company uses tools that can be valuable sources of information: statistics from Google Analytics, audience activity under social media posts, data from CRM (Customer Relationship Management) systems, order histories, order value, customer ID, order date, order region, or perhaps accounting data on revenues or expenses, or internal data on employees - their working hours, tasks performed, work results, information on incentive methods used. The aforementioned examples are basic information that most companies collect, or can begin aggregating without delay. Although put together at first glance they do not add value to the company, with proper processing, analysis and visualization they can be the basis for making rational business decisions.

Do I need a specialized program?

Large companies often incur huge costs to put in place an appropriate system to collect data and produce reports based on it. SME companies are often not ready to incur such costs. Nonetheless, already basic tools such as Excel or Google Sheets can be suitable for creating company databases. Collecting information from various sources in one place will make it easier to analyze the data later and draw conclusions.

Data analysis - theory versus practice

Imagine a situation in which the raw data downloaded from a source such as Google Analytics has been properly ranked and presented, and further described in such a way that you get answers to questions: Where are the visits to your website coming from? Which sub-pages interest your audience the most? When do they visit the site? How much time do they spend there, and many others. Such data can be the basis for planning, for example, an effective promotional campaign. Based on the above-mentioned data, you are able to plan the schedule of activities, their type, or choose the best portal and time to publish the developed materials, as well as the target group. What about, for example, information about customers, transactions, their values, discounts given? This is a kind of basis for developing a sales strategy and even a pricing policy. Maybe it will turn out that most orders are for expensive and unpriced products, that the low price was not the main determinant of your customers' purchasing decisions. Maybe customers in region X mostly buy Y products, and it is the sales activities concerning this category of goods that should be mainly carried out, and others modified. Or maybe the number of orders has been declining in March for several years compared to other months of the year? Isn't this an incentive to analyze what is going on in the company's operations at this time?

Data potential worth tapping

Customers do not make rational decisions and do not act logically. We cannot predict their actions. However, by collecting data and analyzing it properly, it is possible to assess the direction of their actions with greater probability. Data on employees is the basis for possible changes in the company, the way to motivate them, or better evaluate the results of their work. Website traffic, social media activity will help you define the profile of your audience and tailor your activities to be of interest to them, thus increasing brand recognition and gaining new potential customers. Differentiated sales in different regions of the country or the World? Tailor your offerings and activities to specific consumer groups. Conscious planning, setting not only goals, but how to achieve them, are benefits you can achieve by using the potential of untapped information and collected company data.

Do you have databases that are too demanding to compile, or maybe there's just no time? You don't know how you can use the potential of the information collected in your company. Don't hesitate, contact us!

Maja Ciechanska

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