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As reported by Bloomberg, 97% of decisions taken by businesses are devoid of data. What this means is that rather than making important business decisions based on facts and performance, they are made based on assumptions. A prominent reason for this drawback is the lack of easy and quick access to data among employees across organizations. The lack of data-driven decisions can lead to financial losses, ineffective use of resources, and the downfall of a company.
To help you overcome these challenges, it’s important for businesses to analyze data so they run more efficiently. Business process management (BPM) can automate and optimize processes and workflows by analyzing how people, systems, and data interact. By streamlining and improving previously laborious business operations, BPM technologies and solutions allow you to operate more efficiently. When creating a BPM framework, make sure you’re constantly monitoring its effectiveness and then acting on monitoring info to take steps to improve the process and output.
Here, Blackhawk Coach explores other ways to collect, analyze and utilize data in three core areas of your business.
Customer Acquisition and Retention
A CRM will improve your decision-making process and seamlessly allow you to interact with customers at the best time and through the best medium. With a CRM, customer data collected by various teams such as sales and marketing will be stored in a centralized dashboard which can be shared with all employees.
This data can then be analyzed for the following:
In today’s digitally driven world, having an amazing website is key for a successful business. A website serves as a multifunctional platform where you can promote and sell products and generate a ton of customer data. This data can give you insights regarding customer behavior, website performance, and areas of improvement. Here are a few ways to analyze and use website data:
Having structured financial data will make it easy to identify the best and worst-performing areas of the business and make required changes. Additionally, this data will help keep your business financially healthy by staying on top of payments to be made to lenders, and suppliers while keeping track of receivables.
While using excel sheets is common among small businesses, they are tedious to maintain and prone to human error. Rather, you should consider using an API (application programming interface) integrated with your payment software that tracks transactions, allowing you to gather financial details. This data can then be used to analyze the following:
Making data a central part of your decision-making process will result in better utilization of resources, faster decision-making, and improved business performance.
Blackhawk helps small business owners triple their leads and double their revenue within 12 months — guaranteed!
Article courtesy from Naomi at LifeBasedBusiness.net