Harnessing the power of data to drive business improvement is something that large corporates have invested £billions into over the last few years. These organisations have millions upon millions of rows of data and therefore require complex IT solutions to format and structure it, expensive resources to develop and analyse it and powerful tools to visualise it and present it to their decision makers.
Why have they done this? They recognise the importance that their data provides to highlight true business performance, they use is to support future strategic decisions and identify areas of concern. Using customer data to identify products that people purchase and suggesting similar products as part of a bundle, like Amazon, all come about from the analysis of a company’s data.
As an SME, you may whole heartedly believe in the power of data and recognise that it could be used to improve your business but you haven’t got the expertise or the time to analyse it for yourselves. At Finstech, we can analyse and visualise your data, in the same way that these large corporates do. Not only can we analyse the data and present it back to you, we can also provide recommendations, rationale for our approach and explain what the data is telling you.
Have a look at our Case Studies page for some examples of how we’ve helped our clients improve their business.
“What can’t speak, can’t lie” – Del Boy (Entrepreneur)
Derek ‘Del Boy’ Trotter didn’t often say many sensible things in the famous TV sitcom “Only Fools & Horses” star but this statement is actually very true when it comes to data! Operational data, financial data and sales & marketing data, when properly analysed, can provide you with an accurate picture of your organisation, highlighting positive & negative views that can’t be argued with.
The capture, analysis and use of data is a fundamental requirement in the modern business world. It is an invaluable marketing tool as the more someone knows about you, the easier it is for them to pitch things to you that you find appealing! Facebook, Twitter, Instagram are all global platforms who, because of the data they have collected & analysed, make £billions profit a year. Insurers use it to provide you with the most competitive premium possible, or perhaps to not offer you a premium at all if the data you provide them with highlights risk factors that they don’t like.
Within your business, no matter how big or small, is data that can be used to build a detailed picture of your organisation; it’s strengths and it’s weaknesses. As an SME, you are likely to already have a lot of data, so you may not need any help in capturing it but, collating the data, analysing it and presenting it in a format which provides actionable insights is something that we can help with.
Whether you are looking to grow or expand your business, or just to review, consolidate and focus on improving profitability, the analysis of your data can help. Sometimes you can have a ‘gut feeling’ about something or an idea that you think might work to improve your business. Analysing the data can provide you with evidence that proves your idea is a good/bad one, and give you the confidence to go ahead or the insight to stop you from making a bad decision. Have a look at our Case Studies to see how we have helped our clients using this.