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The word data has achieved buzzword status in recent years among various business publications. We hear more and more about organizations investing in technology to help manage data, review existing information, or improve data visualizations. And the list goes on.
Companies are being told that the information they’ve acquired over the years is valuable and can drive growth. Yet is it all hype? Or can existing data prove a deciding factor in your organization’s development? Here, we’ll deconstruct trends and showcase why your data matters!
Responding to Customer Trends
Trends are an important component in many industries, impacting which businesses sink or swim in a given industry. Whether positive or negative, understanding how trends will affect your industry can provide critical insights and demonstrate what steps can be taken to achieve full enterprise success.
One of the key areas where trends are detected is within your existing sales records. Yet all too often, this information is scattered and disorganized within the systems that your company uses. Utilizing the right Business Intelligence (BI) technology can help you sort through this data to find the relevant information.
When you understand and measure data appropriately, you will begin to see a full business transformation.
Catching Trends Drives Business Growth
For example, let’s assume you’re a small manufacturer of electrical component products. Your market segment is only one part of a much larger national industry, perhaps you operate on a more regional or local level than your competition. This means any developing trends can be more impactful than on a larger firm.
When reviewing recent sales reports, you begin to see numerous differences in customer preference towards some of your more common products. The result is being able to find trends that were not previously detectable.
Noticing which products are being emphasized more over time can better prepare you to allot more resources to item “A” over “B,” for instance. Thus, greatly reducing the costs of producing so many and allowing you to better control your inventory and offer more of what your customers want in the long run.
Offering competitive pricing or promotions on overstocked items can work effectively against competitors by leveling the playing field and allowing you to focus on core, profitable, items. As a result, you’ll be able to successfully work on what drives your business’s growth and avoid the common pitfalls many end up in.
With the right technology and hardware, you can get a better grasp of your evolving silos of business data. Creating the right response to emerging, or on-going, trends, that’s the power of breaking down business data for your company.
Datix can help your company leverage data. Contact us today to learn more!