importance of data

Importance of Data in Business

Posted by on Jan 8, 2019 in LocationForms, LocationForms App
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Data is defined as facts or figures, or information which has been translated into a form that is efficient for movement or processing and stored for use. Data collection is a process by which data is gathered and measured.

Without data collection, companies would stumble around in the dark using outdated methods to make their decisions. It is through data collection that a business or management has the quality information they need to make informed decisions from further analysis, study, and research. Hence, the importance of data in business.

Why We Need Data in Business

  1. Data helps you make better decisions: Businesses can harness data to:
  • Find new customers.
  • Increase customer retention.
  • Improve customer service.
  • Better manage marketing efforts.
  • Track social media interaction.
  • Predict sales trends.

2. Data helps you see performance: Data helps to find the reason for under performance. Tracking and reviewing data from business processes helps you pinpoint performance breakdowns so you can better understand each part of the process and know which steps need to be optimized and which are performing well.

3. Data helps you improve processes: Data helps you understand and improve business processes so you can reduce wasted money and time.

4. Data helps you understand consumers and the market

How to Get Data for Business

1. By transacting with customers: This helps when you know details about a customer, like:

  • What they purchased.
  • How much they purchased.
  • When they made their purchase.
  • What promotions or coupons got them to buy.
  • How they paid for their purchase.

2. Online Marketing Analytics: When customers visit your stores website,Google Analytics should be able to give you demographic data on each visitor. This information can help guide how you prepare marketing campaigns, and which aspects of the site get the most attention.

3. Third-Party Promos.

4. Customer Reward Programs: Create a rewards program for your customers. Rewards programs will boost your overall sales by encouraging repeat shopping.

5. Use of tools or software apps to get info from your customers

 

Types of Data That are Important for Business

  1. Customer data: is any and all information that can be associated with a customer
  2. Internal financial data: used to gauge a company’s ability to generate revenue and profit
  3. Transactional Data: is information that documents an exchange, agreement or transfer that occurs between organizations and/or individuals
  4. Dark Data: Dark data is digital information that is not being used and lies dormant in some form.
  5. Machine data: is data that is generated by machines without human involvement.

At LocationForms we provide you with effective and timely means of receiving all kinds of information remotely from anywhere in the world.

LocationForms is a mobile and webapp base platform designed specifically to gather location based information from the public. Information received through this platform is presented in an easily analyzable format and of maximum security with no external access. Click here to know all about LocationForms.

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