How to use data analytics to grow your business

For a small business, data is your secret weapon to fix challenges and pinpoint new and innovative ways to grow your business. There is an ocean of data out there from customer information, behaviour, and trends to inventory and, of course, sales. When you have an ocean of data with no way of navigating it, those waves of info look more tidal than useful.

How can data add value to business? 

That begs the questions, how much data is sufficient? And what can that data do for you? It may not be the most intuitive thing to understand at first glance. The good news is sticking with it can add up to a real vision of growth for your business with the right tools and strategies.

Data can make your business stronger, but how do you make sense of it so you can make dollars and cents of it? Start with a mid-year review for your small business. It could be vital to future growth. According to LinkedIn “a Mid-year review involves looking at all aspects of your business including: financial results, sales & marketing, operations and more.”

Once you see all that data roll in, you can dig in and discover a variety of ways to improve your company, decrease inefficiencies and double down on strengths.

A study by Rubrick found that small businesses who are “leading innovators (as defined in the study) in data management achieve 69% more revenue and 57% more profit. These leading organizations also enjoy 72% greater customer satisfaction.”  On the flip side, organizations without a company-wide data management solution paid 66% more in operating costs and were slower to market than companies that effectively use data.

The trick to using data is making sure you have the right data and manage it efficiently. According to a recent study, 74% of business users still use Excel to exchange and manage data, while 69% of users rely on email attachments to exchange and manage data. The top three impacts of having poor data quality according to respondents are: slower time to data insight (46%), negative impacts to business performance and decision-making (42%), and negative impacts to strategic initiatives (40%). 

What is talech?

talech is an industry-leading point of sale system from Elavon. It streamlines your ability to accept and manage payments. It also gives you useful data to analyze and optimize so you get the most from those mid-year reviews and grow your business. 

Here’s what talech does for your business:

1. Manage - Organize and manage your inventory to offer what customers need when they need it.

2. Analyze - Understand your customers' behaviour and activity. What do they buy and when do they buy it? This allows you to serve your customers better in the future by anticipating their purchasing patterns.

3. Track - Get a better understanding of your business trends with sales reporting so you can track and analyze things like peak sales cycles, ways to reduce costs, gain revenue and expand sales opportunities.

4. Customize - Use features for menu personalization, listing of services and set and manage employee schedules. Cut down on the administrative work so you can focus on running your business, not constantly running numbers.

So give your business a shot of growth and a competitive edge. Schedule your business' mid-year review with data that grows your company. 

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