Informed Decisions: The Importance of Using Data to Drive Decision Making for your Busimess
Some things never change, like the importance of cash flow in a business, for example. Money will always be the blood pumping life into an organisation – it’s the very foundation of what we know about business, after all.
But some things do change, among them our reliance on data. That’s not to say that data hasn’t always played an important role in business. After all, even Victorian market traders needed to know which of their products was the most popular, and whether or not they were getting the best deal from their supplier.
It’s the 21st Century, however, and our supply of data – as well as our reliance on it – has grown exponentially. But how does data affect a business’ journey? Has it really become one of the crucial building blocks of success?
From the Ground Up
From day one of running a business (and even before that), owners are tapping into vast amounts of data that have been made available. All this information has been generated by consumers, businesses, entrepreneurs and various studies, and all made accessible through the internet.
With so much at our fingertips, market research can be conducted rapidly, with early decisions based on verified research and statistics. Startups don’t have to rush into a launch without supporting knowledge, and new businesses find themselves on a level playing field.
In this sense, data usage and analysis becomes coded into a business’ DNA from the very beginning. But how is it used from there?
Finding Your Feet
Once a business has been established and we’re a few months down the line from those initial decisions, it’s time to stand out. The length of time it takes for a business to feel confident can vary, but what’s concrete is the assurance that data remains an important tool to lean on.
At any point in this journey, businesses can gain feedback from their clients, generate real-time reports in their bespoke CRM, or access somebody else’s insights online – whatever they feel is necessary to help them with feeling secure.
Taking the Next Step
From a position of confidence, owners can then turn to data to support their growth plans. Identifying opportunities becomes a breeze when a bespoke CRM solution is keeping abreast of your customer data - and when so much is being generated in the first place.
Whereas decades ago, business owners might have to manually analyse sales figures and customer behaviour (or pay someone else) to colour their growth strategy, they can now draw on real-time data to make informed decisions, and to bring employees onto the same page.
It’s clear, then, that data plays a big role in running a business – if you let it. Those who are willing to embrace the information on offer are always more likely to succeed because they’ve identified a tool and are making the most of it.
But should data be considered a building block of business success? Absolutely. By using the right kind of data, business owners can ensure they’re laying strong foundations for their burgeoning business, identify ways to stand out in a crowded market, address customer needs to generate more revenue, and form watertight growth strategies - all things, we’re sure you’ll agree, add up to a smarter, more successful business.
What are you waiting for? Use data to your business’ advantage with a bespoke CRM solution from Lunar CRM. Find out more about our features, or get in touch with our team to book a free demo, and get building your business’ success.