In the age of Big Data, businesses have more and more information to work with. Because we have so much data at our disposal, being able to go through it smartly and efficiently is more important than ever. Here are three steps you can follow to get the most out of your data and spur growth for your business.
Step 1 – Get the Data
Information can be collected in various ways. Customer surveys and customer purchase information are both common ways of doing this. Knowing who your customers are and the reason behind the way they act is key to understanding their behavior.
It’s also important to take note of any laws that govern data collection and privacy in the region you are servicing, such as the General Data Protection Regulation (GDPR) for countries in the European Union and the California Consumer Privacy Act (CCPA) for the state of California.
Step 2 – Generate Insights
Now that you have the data, the next step is to be able to search through it to gather actionable information. A popular product for doing this is Microsoft’s Power BI Office 365, which can help you get the most out of this business intelligence tool.
The EPC Group offers great power bi consulting services. Apart from having been named Microsoft Partner of the Year Finalist for 2017 and 2018, and providing 24/7 consulting and support services, you can be assured of their reliability. Not all companies have the same business processes, let alone the same needs.
Your business can get customized-dashboards and visualizations that are tailor-fit to the needs of your organization, the likes of which are used by companies such as Nike and Tesla. Besides those features, Power BI Office 365 also gives you the ability to share insights across your organization, embed them in apps and websites, and connect to various data sources. Having the technical stuff out of the way will leave more time for turning raw data into results.
Step 3 – Take Action
Actionable information should be able to drive your business forward. When it comes to improving customer experience, and gaining and retaining customers, gathered data can tell you which demographics are patronizing your products and services, as well as which markets are still untapped.
Perhaps what is most important is using the information you have, to see if you’re reaching your Key Performance Indicators (KPIs). KPIs provide a focal point for improving your business and also help to create an analytical basis for knowing if things are going well. Examples include setting targets and comparing current performance against that target. Having a power bi consulting service that can take your KPIs into account when setting up a Power BI dashboard means always having the end in mind.
Using the power of data to grow your business doesn’t have to involve wading through a sea of data just to get a little bit of useful information. Nor does it mean having to learn how to use new tools completely on your own. There are Power BI training and consulting services that can help you grow and expand your business.