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5 Ways Data Can Help Your Business

In today’s industry, data is critical. And while more data than ever is being stored in the Cloud, understanding the capabilities and opportunities that come with such massive amounts of information within your business can prove to be both difficult and excruciating.

Even more so, using the data to improve productivity, efficiency, and profitability in your company can be incredibly unclear.

Through taking advantage of an analytical service provider, data can go from merely being stored to being utilized to give your business an edge in today’s fast-moving markets. Here are five ways data can help your business.

 

  1. Comparing Historical Information to Current Data

In the past, accessing historical data was cumbersome and often irrelevant. Determining appropriate uses for comparison of current trends was difficult as storage methods in the past were typically inconsistent with existing procedures. However, with analytic companies today, historical data can easily be reprocessed and compared against real-time information.

Determining if your customers’ trends or habits have evolved or changed through comparison of historical data to current information can help facilitate new marketing approaches to keep up with the market shifts.

 

  1. Understanding Your Employees’ Needs

Often CEOs, senior staff, and group directors are unable to keep up with their employees day-to-day. Understanding the nuances in the ways lower and mid-level staff operates can be difficult. However, data sets within your company likely exist to help monitor habits and trends among employees who can allow a greater understanding of their needs.

Perhaps an inefficiency lies within an area that can easily be mended with simple in-house training. Maybe employees are being overworked and are in need of additional staff or resources. Data sets which track employee statistics and habits may help in understanding your employee’s needs.

 

  1. Comparing Data Across All Variables

Being able to generate reports containing correlations within your business can help understand complex relationships that would have otherwise gone unnoticed. Finding that specific products or services are seasonal can help marketing efforts and result in higher efficiency advertising approaches. Understanding that different genders, ages, or customer locations can influence purchasing habits can help promote products to specific audiences.

With an analytic service provider like Devo, you can quickly pull data from different time periods across an incredible array of variables to produce correlations which can help shape your business strategy. Understanding relationships between variables can assist you in visualizing your customers’ needs.

 

  1. Increase IT’s Efficiency

Analyzing data in your current IT department can be difficult as systems operate at an incredible speed. Tracking logs, monitoring system behavior, and analyzing software networks is not an easy task. Often times, problems arise and then vanish, creating a daunting task for an IT professional to determine root causes of recurring issues.

With an analytic service provider, technical issues can be tracked and stored in real-time, giving IT an avenue to quickly sift through data to determine the underlying problems within your systems. While these services may not completely replace your IT department, they can significantly speed up and enhance systems and protocol which are already in place through the use of technical data storage and analytics.

 

  1. Improve Cyber Security

More data means more information that cybercriminals can potentially hack. With an analytical service provider, data which is stored can be evaluated and analyzed for security concerns. Both historical and real-time data is monitored, and susceptibility to attacks is continuously assessed.

Abnormal behavior within your company’s data, networks, and information systems is tracked, and notifications are produced as concerns arise. Not only can data significantly improve and support your business, but it can also create severe problems through cyber-attacks if not cared for efficiently. Monitoring and scrutinizing your data as it’s stored can help shut down attacks before they occur.

 

Conclusion

Data can transform your business into an incredibly efficient and highly productive machine. It can also hurt your company through both being underutilized and creating vulnerability to cyber threats. Monitoring your company’s data, both historical and real-time can have valuable benefits for your firm. With the right information analysis tools, secure protection, and precise application, data can help your business in ways you never imagined, setting you apart from competitors within your industry.