Many different types of data are collected and stored these days. Your smartphone, laptops, the cloud, and just about anything else to do with technology has some data saved somewhere. The secret is knowing how to analyze and use that data to the advantage of your business.

Use Data To Build A Platform For Products

For many years businesses have pushed products and services to customers with very little interaction. You can use the data you have about your audience to build a platform where discussions can take place, and meaningful interaction can help your sales.  These platforms are much more flexible than the older versions, which were known as pipelines.

Fill The Gaps

When buyers and sellers lack key information, inefficiencies develop in the market.  Advances in technology have made much more data available, and this can help you to create new business opportunities by filling the gaps. One typical example is the banks in the US who spend billions of dollars every year trying to attract new customers and then refuse to give more than half of those that apply a new account. This is a two-way problem. Consumers are not knowledgeable enough about how financial institutions work, and banks are not reaching the right sort of customers. Access to the right data could improve this situation for everyone.

Use Data To Understand Your Customers

Once you have established a customer base, data from their purchases can help you to understand their needs and refine your product to suit them. Information management services can be a great help with this, as sometimes unless you understand the data you have been given, analyzing and utilizing it to the best advantage can be a problem. You could end up with lots of potentially lucrative data, but no way of processing it.

You should let the experts help you to understand your customers better and give you an edge over your competition. Data used in the wrong way can cause more problems and confusion, but using it correctly could give your business a huge advantage over others.

Storing Data Safely

Storing data safely is crucial. When you are selling to consumers, for instance, each of the online transactions they make may have included a card payment or bank transfer. You will also have their address for deliveries and possibly their email and phone number. All this data is personal to them and should be safeguarded in every possible way. Encryption helps to keep data safe, and so does the cloud. A combination of the two is even better, and then you can be very sure that you are keeping your data as safe as is currently possible.

This data is separate from the data about the products they buy, how often they buy them and if they give positive feedback.  You might want to know details of reactions to special offers, which sorts of deals had the best reaction for instance? Does free shipping increase the orders?

It is this data that can be analyzed and give you the answers that can be used to improve your sales and help to make your business more profitable.

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Source: Fiserv