How data collection can help grow your business: 20% payout to Business Activity
INTRODUCTION
Good day to everyone in this great community. Trust that everyone is doing well? I am mukky23 and I am a data scientist. It's a pleasure to be among great minds like you guys. Owning a business isn't a job. Keeping it up and running is even more difficult. Alot of effort and hardwork goes into keeping your business afloat. Only few startups actually make it to the big leagues. Why? Because most people running this businesses lack the mindset or the knowledge to keep it going.
With that being said, whether you're a small business or a big one, one thing sure enough that'll help you grow your business faster is collecting data. What do I mean by data?
What Is Data?
Data are facts in forms of figures, characters, symbols , pictures, videos and so on. In very simple terms, it is the collection of all transactions made. You can collect data both manually and electronically. When ever you make a sale in your business, record that sale. After collecting your data for about a week or two, you can now analyze and come up with a better decision for the growth of your business or campany.
When you you look at the most successful companies in the world, they are all technology companies. Amazon, Facebook, Tesla, google and so on. Why are these successful, because they are all data driven companies. According to research, data surpasses oil in it's value. Data is the most valuable asset on Earth right now which is why more data scientist, data analyst, data engineers, data minners or carrier like pattern are required and in need desperately all over the world.
With the right amount of data, you can be able to:
Predict future sales.
Predict future income.
Analyze data for decision making.
Maximize sales.
Risk management and lots more.
The list is endless with what your company or business can achieve with it's data. There are various of tools used to collect data and analyze them. We'll mention a few in my next article. Manual data collection is practiced in very small businesses while electronic data collection is practiced in big organizations. Organizations like Facebook that has access to billions of people's personal data has no choice than to collect data electronically through thier database.
Conclusion
Data is a big part of our lives and has a vital role to play in our everyday lives. Billions of data points are collected on a daily bases. Using them to improve the Standard of living. Adopting the same strategy to your business is a decision you will never regret because it gives you the power to know what exactly is going on in your business, what to do and what not to do and to know which decision to take that'll be better for the development of your business. Thank you very much for reading and I hope this article was helpful. Thank you.