Accounting Blog for Business
Posted by Cedric Joshua Martinez
Jan 31, 2019 10:00:00 AM
Data is the currency of today’s business success. With every transaction producing useful information to improve and optimize their processes, businesses of all size and purpose are pooling significant resources to make the most out of their data.
Startup businesses, above all, benefit the most from data integration. Data helps small businesses, especially those with limited resources focus their efforts in improving the most essential aspects of their business. To help owners like you grow your small business, here are some tips on data management and utilization:
1 Collect data and store it properly
With the ubiquity of Internet of Things, machine learning, cloud computing, and other technologies dominating the tech and finance world, today’s decision makers are now faced with increasing pressure to effectively glean useful information from the mountains of data generated by their organization.
First and foremost, it is important for your business to identify the data that it currently possess and how it can mine more useful and relevant data. You should be able to recognize where each data set can be of great help. During the data collection process, you must comply with the different data regulations like the European Union’s GDPR.
Afterward, you should be able to back up your data and store it in a secure storage. While there are a lot of storage options, going with a cloud service provider will not just increase your data security, but will also enable you to access your company’s data anytime, anywhere.
2. Use the data to know more about your audience
Small businesses typically have limited resources in marketing their products or services. They rely mostly on inbound marketing strategies, word-of-mouth referrals, and personal leads. Using available data on your audience and those that are generated by your online and offline marketing efforts. This will help you save on costs and create more effective marketing strategies to attract clients that fit your business.
3. Drive customer experience with data
Most businesses use data to improve the effectiveness of their marketing strategies to attract more clients. However, what most businesses don’t realize is that data can be used to improve their customers’ experience, drive customer satisfaction, and increase lead referrals from current clients. This can be helpful in growing small businesses since referrals and customer satisfaction play a big role in helping them get market momentum.
4. Train your people to be data-mindful professionals
No matter the quantity of the data you collect, it will all be put to waste if your people do not have the skill set required to process, integrate, and maximize the data that you have at your disposal. You need to train your people to read, analyze, and interpret data and how they can optimize their roles with the help of data.
While large companies normally have their own team of data analysts to make data-driven recommendations, small businesses can distribute the data roles to all corners of the organization. This will boost up their training and enhance their skills in managing and utilizing data.
These are just some tips on how to grow your small business with the help of data. As you further integrate data in your business practices, you will find more ways to use data to your advantage. Remember that data will only be helpful if you have the people who are willing to learn how data can help you drive your business growth and help you achieve your business goals.
Need help in finding the right people to work on your finance and accounting and provide you with data-driven insights at the same time? Check out D&V Philippines and learn how their team of finance and accounting experts assist you with data-driven insights to help your business take-off! Get your copy of our “D&V Philippines: Your Talent Sourcing Partner” whitepaper today and see how our talents can add value to your business.