Businesses are capturing more information than ever before. The most successful firms are analysing that information and are focused on building their strategy around customer and market data.
Data management strategy
To create a data-driven business, you need to have a data management strategy. This needs to start with your culture and people. You need to encourage the right behaviours among your staff. It might help to create a training programme, which ensures your people are capturing data properly, on the right systems and in a way allows your business to gain useful insights from that data.
Time spent on capturing data diminishes in value if the business is unable to analyse it. Your business needs to manage data well and it needs to value data analytics. Don’t jump straight into rolling out software and technology. Take the time to define the needs of the business and build your analytics systems around that. Define what you need to know in order to drive sales, increase profitability or retain existing clients. Then feed these questions into your data analytics strategy.
Your analytics should seek to provide answers to these questions in order to add value to your business.
Once people and systems are in place, your business will be in a better position to collect data, analyse it and use the outputs to improve company performance with data driven insights.
Look for opportunities to use data
Having access to relevant data means that previous opinions and assumptions you may have had about your business operations can now be analysed, quantified and measured. Look out for ways to use data to improve your business for example, use customer data to improve your business development and marketing efforts; to reduce costs or to manage your supply chain more efficiently. You can even use data driven insights to help improve cash-flow by improving your debtor days and cash management across your business.
Many businesses see managing data as a challenge. If you can capture, analyse and utilise data throughout your business more effectively than they can, you open up the potential to creating a significant competitive advantage.
At CavanaghKelly we recongnise the value of providing all stakeholders in your business with quality financial data. For many of our clients we are in contact regularly - daily, weekly, monthly. We help you get real time visability on how your business is performing.
Regardless of client size or role in the business, our focus is the same - we ensure we always understand your specific business so that we are correctly positioned to guide and support you to success.
Contact our Accounts team to find out more about how we can help.
Whilst every effort has been made by CavanaghKelly to ensure the accuracy of the information here, it cannot be guaranteed and neither CavanaghKelly nor any related entity shall have liability to any person who relies on the information herein. Information given here is for guidance only. Detailed professional advice should be taken before acting on any information contained herein. If having read the guidance here, you would like to discuss further; a member of our team would be pleased to help you.