When an organisations looks at its strengths and weaknesses, it normally looks at what it does well and what it doesn’t do well compared to its competitors. Rarely does a business include its data as one of its strength.
Just like an employee is worth more to an organisation based on his/hers knowledge and experience – an organisation is worth more in its market if it has valuable data trends on its clients.
Taking the time to understand your clients and what makes them tick is a fundamental part of being successful in business. What you learn about your clients will assist your business in taking your business that step further. Knowing their trading patterns, their pain points and what the cost of downtime is to them are examples of insights gained. Being able to speak to them in their ‘native’ (business) language will gain you respect. All of these points will help you set yourself apart from your competitors.
So is this the only value of data? No. Being able to capture your business data in a tangible form is where the true power of data is. Being able to graph the data, look at trends and pass the data through a BI tool will be where you get the most bang out of your data. And this is true for all industries.
Don’t be scared to see what data analytic tools are available on the market. There is one available for every size business. Your MSP is able to lead you in the right direction on the type of BI tool that best meets the needs of your business.