Use your data efficiently

It is coming up to a year since GDPR came into force on 25th May 2018 and we are finding that businesses are capturing more information than ever before. The most successful businesses 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, this needs to start with your culture and people. You need to encourage the right behaviours among your staff. You can have the best software in place, but if the data being put into it isn’t correct or up to date it is pointless. It might help to create a training programme, which ensures your staff are capturing data properly, on the right systems and in a way that allows your business to gain useful insights from that data.

Analyse

There is no point in capturing data if you can’t analyse it. Your need to manage data well and don’t jump straight into rolling out software and technology. Take the time to define the needs of the business and build your systems around that. Define what you need to know in order to drive sales, increase profitability or retain existing clients.

Your data should seek to provide answers to your questions in order to add value to your business.

Use the data

Once you can capture data you need to look at ways to use the data to improve your business. For example, use customer data to improve your business development and marketing efforts. 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.

Remember, most businesses (and therefore, most of your competitors) are not very good at managing their data. If you can capture, analyse and utilise data throughout your business more effectively than they can, you will have a significant competitive advantage.

Leonherman has many years of experience working with businesses of all shapes and sizes; we work with you to ensure you are making the right decisions for both the short and long term, helping you to stay on track and one step ahead get in touch or call 0161 249 5040