It’s fascinating that how today’s technology allow us to collect incredible amount of data.However, if we don’t know how to use this data in compliance with our needs, these data can create infollution. For this reason, companies should ask themselves “what they want to use this data for” and they should develop a data strategy. The areas where company needs to improve should be determined and “which answers are required in order to develop these areas” must be clarified. After that corporations can start improving operations and generate new income streams.
The data you collect from the field can positively affect your company in many ways. Although many organizations use the data to improve these areas:
- Enhance decision making
- Promote and boost operations
- Generate new streams of income
Generally, companies start using the data they collect from the field to develop their decision-making strategies. Because it can be costly and difficult to develop these three categories at the same time.
Enhance Decision Making
According to Bain & Company’s research of over 400 companies, companies with advanced data analysis skills;
Have the ability to make decisions 5 times faster than their competitors in the market and the rate of implementation of the decisions in line with the objectives is 3 times higher.
Data collected from the field allows your company to make improvements in all areas. From warehousing to distribution, marketing to sales, customer service to accounting etc. Identify the questions your company should be asking and analyze what data might answer that question.
Undoubtedly, one of the main goals of many companies is to better understand their customers. Having an insight about who they are, their preferences and behavior gives companies crucial insights for decision making.
Promote and Boost Operations
Companies have many opportunities to improve their operations and daily business processes by using data. If a company has or can develop a system that can collect data from the customer order system, accounting system, production line, etc., it may have solid insight to improve operations. Polikod’s softwares works in integration with your other softwares. In this way, you can monitor and improve your warehouse-logistics processes, inventory control, human resources and recruitment processes, the efficiency of your employees and assets, etc. In fact, as Polikod, we bring these services to your phone with our mobile application in line with your request. For instance, you can track the vehicles in your fleet from your phone and see the attendancy of your personnel.
Generate New Streams of Income
Today, even if your company does not have an acquirer, your data is an asset in itself, and the more powerful and compelling, the more valuable it is. In fact, companies are now bought and sold based on the data they have. Insomuch as, some companies have become data merchants. For example, some fitness companies are collecting or buying data about fitness habits, health conditions etc. Then, sell that data to their strategic partners. Therefore it has become crucial to establish a data collection strategy in order to increase the value of the company as well as the efficiency of operations.