How businesses can make better use of their data

We live in a world that is flooded with data. Every action your organization takes produces enormous amounts of useful information. However, taking advantage of all that data is a complicated challenge. Understanding how to use your data to generate value is the first step toward growth.

"Over the past twenty years, data utilization methods and tactics have become an integral part of day-to-day operations in companies of all sizes," says Travis Reding, Vice President of Operations for Beacon Hill's Technologies Division. "In supporting our customers, we have noticed a significant uptick not only in the volume of resource needs, but also the wide range of technology platforms being utilized to both extract and transform the data. In recent years, we have been consistently tasked with evaluating the market on behalf of our customer to help them understand supply and demand of these resources and associated shortages of talent."

Invest in integrated technologies

For many organizations, the challenge is not getting data, but rather making use of data already collected. This is where the concept of digital transformation is crucial. Taking siloed technologies and integrating them into one holistic system can give your organization the ability to leverage greater amounts of data across departments. Viewing relationships between data in a seamless environment can unlock insights not previously possible.

Here's an example: According to Talend, Starbucks utilizes consumer data generated from its app to provide personalized experiences to its customers. Simultaneously, the company leverages a geographic information system to share data with its real estate team. That team leverages the data to make better decisions about where to open new retail locations. On the surface, customer service and real estate planning have little in common, existing in separate silos. Starbucks integrated the way these departments share data, and generated new opportunities for future business in the process.

Improve operational efficiencies

According to Digitalist Magazine, businesses can benefit from finding technology-driven ways to measure workflows, allowing them to enact process improvements while keeping risk low. Investing in new technologies without strategic insights can be a risk. But when stakeholders have a clear, analytic view of these processes, they can make better decisions about how to implement improvements.

Companies can leverage top-down assessments, benchmarking data and real-time reports to better understand where process improvements make the most business sense. From an operational standpoint, analytics tools can pinpoint bottlenecks and help stakeholders determine the best way to move forward.

Identify new opportunities to engage buyers

Marketing to consumers and business buyers are traditionally thought of as two distinct categories. However, the strategies used to engage both types of customers are becoming more similar. Interactions with both audiences generate data, and marketers can use that data to make stronger appeals. In the consumer space, a company might monitor buying habits to deliver personalized email and pay-per-click campaigns. In the B2B space, an organization might track data to support its inbound lead generation strategy. In both cases, companies need integrated tools to get a holistic view of customer interactions.

Today, there are more ways to utilize business data than ever before. Knowing which technologies will benefit your organization the most is still a challenge. To get better insights into how your company can leverage data, speak with the experts at Beacon Hill Technologies Consulting and Solutions today.