3 ways to grow your business by visualizing your data
Posted On 03/08/2017
Our global economy consists of billions of digital transactions. Each of them generates small amounts of data. In this globalized, digital era, the amount of data is growing exponentially. Even within your own company, you have more useful data available than you’d think.
Analyzing your company’s data can offer incredible added value to your business. But, as there is so much digital information available, companies often don’t know where to start. And that’s a pity.
In fact, by visualizing the information that matters the most to you, you’ll gain valuable insights that stimulate your business’ growth. However, the question is: which data réally matters to your company? In this blog, we’ll guide you through 3 important domains that matter in every type of business.
1. Understand your customers
To build a solid relationship with your customer, you need to understand their needs and behavior. Visualize how they interact with your product. This will help you get a better grip on what your customer needs. In that way, you can help your customers grow.
For example, SaaS companies can use customer information to optimize their customer success. With only a few charts, they can monitor in detail how customers use their platform (frequency of usage, usage of specific features,…). This information can be used to better support clients, for example by suggesting platform features they don’t know yet, but may benefit from, based on previous interactions.
Act upon real-time and historical information to serve your customer better. This will result in higher satisfaction of your customers, which positively reinforces growth.
2. Improve your business processes
Daily operations become a routine before you know it. However, some of your processes may be costing you a lot of time and money. By visualizing information such as your logistics, sales figures, employee working hours,… you can easily pinpoint the bottlenecks and optimize your operations.
One of our clients visualizes time tracking of the projects they work on, as it is key for their invoicing. Formerly, when billable hours were spent on projects that were already closed and invoiced, those extra hours didn’t get invoiced, as they weren’t attributed to a project. A simple visualization of this process showed the problem at a glance. Today, they monitor this on a regular basis in a real-time dashboard, which saves their company thousands of euro’s.
No more time wasted on pinpointing the issues. Instead, use your time to resolve the issues and invest your money in the right solution.
3. Reduce costs
Improving your business processes will definitely impact your costs. You can take it one step further, by actively comparing your sales data to your operating expenses. Learn which operations have a low cost, compared to the revenue they generate, and vice versa.
Imagine you’re the CEO of a software company. Your developers have spent a lot of time on developing and tweaking a specific feature of your product, which seems to be rarely used by your customers. A variant of that feature, which was much less complex in set-up, is very popular in usage. By moving your development time to that popular feature, you’ll increase usage and cut unnecessary development costs.
Identify your “quick wins” and your “cost causers”. Optimize your investments to reduce costs and increase revenue.
Visualizing your data can significantly increase your company’s efficiency. With the right tools, you can easily start making dashboards yourself, to help your business grow.