Are You Using Data Effectively?
Nowadays, gathering data helps you to have a better understanding of your business. Capturing data is easy, the real challenge is how businesses transform data into actionable improvements.
A Forbes article discusses a survey from Deloitte, noting that “49 percent of respondents said analytics helps them make better decisions, 16 percent say that it better enables key strategic initiatives, and 10 percent say it helps them improve relationships with both customers and business partners.” But to take full advantage of data and analytics, you need to know how to get the most value from your data.
So what exactly does that mean? Here’s a look at four ways data can help companies of all sizes.
Data helps you make better decisions
All that data is filled with potential if you learn to tap into it.
While there are many influences when making a decision–what’s happening in the company, global news, or different points of view there is nothing as persuasive as having hard data to back you up.
Companies can gain the same advantages as larger organizations when using data in the right way. Businesses can harness data to make decisions to:
- Improve Procedures
- Find gaps
- Better manage team efforts
- Track operations
- Predict trends
Data helps leaders make smarter decisions about where to take their companies. Flex Manager brings valuable insights through digital records and instant task reports. You choose the frequency (daily, weekly, monthly) and which data is prioritised. All supervisors get a 360 view of their area allowing them to have decisions based on their performance.
Data helps you solve problems
If you perform below par in an aspect of your business, how do you pinpoint what went wrong? Tracking and reviewing data from business processes helps you uncover performance breakdowns so you can better understand each part of the process and know that steps need to be fixed and those that are performing well.
“The best-run companies are data-driven, and this skill sets businesses apart from their competition.” – Tomasz Tunguz venture capitalist at Redpoint ventures, previous Product Manager for Google’s social media monetization team.
Problems arise everywhere as there is always room for improvement. The tricky part is to identify them early enough to address them properly. Flex Manager brings that visibility by sending you and your team direct notifications via mail or mobile every time there is a situation that needs your attention. From Flex Manager you can assign corrective actions to different departments or even subcontractors. Traceability becomes key when we talk about problem resolution.
Data helps you understand performance
Real-time data helps you improve performance so you can understand what is happening across the company. Prioritising data transparency will lead you on the right path to excel.
Have you ever wondered how your team, department, suppliers and company are doing? Collecting and reviewing data can help indicate how all business operations are performing, and more.
If you’re not sure about the performance of employees or your processes, how will you know if your operations are effective? Performance data provides the clarity needed for better results.
Real-time data is streamlined with Flex Manager, giving you complete control of your execution. Flex Manager enables statistics and dashboards not just for your workforce but also for third parties, such as subcontractors. Evaluate your workforce’s performance by identifying recurring gaps and allocating measures in no time.
Data helps you improve processes
Data helps you understand and improve business processes so you can reduce wasted time and unnecessary procedures. Every company feels the effects of wastage. It depletes resources, squanders time, and ultimately impacts the bottom line.
Today, running your business with the help of data is a necessity. If you’re not using data to uncover insights that will guide your business into the future, you will become a business of the past. Fortunately, the advances in data processing and visualization make growing your business with data easier than ever.
Flex Manager empowers your team as data is centralised in one single system. The management of procedures that once were high on time-consuming has been improved radically with Flex. Reports that took hours now are just seconds. Communication and verification processes have been carried out via mobile. Corrective actions are assigned with transparent visibility to all the parties involved. It is time to move from paperwork, spreadsheets, and random documents.
Flex Manager is a compliance management technology with more than 70 modules that will change the way businesses operate. Being focused on compliance gives you complete control over your daily activities and streamline all processes. Flex Manager applications capture data in real-time, enabling automatic reporting, risk reduction and exceed business targets.
Grow.com. (2017). Why Is Data Important for Your Business? | Grow.com. [online] Available at: https://www.grow.com/blog/data-important-business.