What Can Business Teams Do with Data?
We here at Partners in Company believe that creativity and data analytics should be embraced in your daily work. Through this article we will provide you with examples where your business teams can use data for better performance.
We know that the common misconception that creativity and data are opposing notions has given the world bleak dashboards with uninspiring numbers or beautiful charts that have no substance. Most people think of creativity as wearing paint-stained overalls and drawing still life on a massive canvas, while data analysis means sitting in front of a computer, looking at “lifeless” spreadsheets and drawing on logic and structured insights. But to us, they go together like coffee and oatmilk, giving a jolt to how we think about business.
Generating new leads
The best way for a company to continue to grow and thrive in the ecosystem is by having accurate market research and the actionable insights it provides. A market research team is tasked with the responsibility of collecting data about the customers, their spending behavior, and “future” engagements with the company. Another important part of their day-to-day tasks is identifying new leads. One approach to take is by thinking out of the box (creatively) such as obtaining alternative datasets that your company doesn’t have and merging it with already existing data to identify new opportunities.
Improving finance and forecasting processes
One of the clients we worked with, an organic food company, asked for our assistance in creating an effective financial foundation that included financial models and processes in order to gage the health of the business. Our team analyzed the client’s current needs and financial standing to create a yearly budget structure with revenue and expenditure forecasts. Models were also created to track key performance metrics such as gross/net profit margin, cost of goods sold, monthly cash flow forecasts, and tracking of operational expenses.
Influencing marketing and sales
Because of its ability to change processes and influence customer experiences, data science has never been more relevant in marketing and sales. If the marketer’s task is to attract more clients through branding, then the data at hand can be analyzed to understand how individuals respond to a certain campaign or incentive. This is exactly where creativity and data science merge - a data scientist has to think about data collection, present, and collaborate with the Marketing team to tailor the content in a creative manner to a certain audience.
Business data is one of the most important aspects of your overall operations. Without a clear picture of what your company or individual departments are doing, it would be very difficult to make decisions for long-term planning. Even if your company hasn’t used data before, you can start small and look at what you can do to influence your sales, finances and general operations. As long as you are making decisions on concrete information that your company has stored along the way, you will be good to go!