Utilizing data is commonly said to be a method for better business practices in and outside of hospitality. But what does utilizing data mean? What should we look for? Data integration exists in massive amounts from all over the world and from many different sources. To illustrate the amount of data available in the world, an infographic puts it into perspective for us:
Why Does Data Matter?
Answers to the questions not yet realized can be found in the data. There is a large amount of data collected from each person on a daily basis that can be utilized to describe the consumer’s behavior and spending patterns. More data is generated every day which means there is timely information available, and conclusions can be drawn faster than ever. Organizations can adapt to their market demands and make necessary changes promptly. There are two major types of data that need to be monitored together: big data and small data. As featured on Wired.com, “If big data is the numerical story of spending behaviors, and how to take advantage of them, small data is a glimpse at customer’s thoughts and emotions.”
Tracking Lost Business with Data
A major realization about data integration is that it is not always what is in the report that matters, but rather what the report is missing. Companies don’t take the time to collect data on lost business when it can increase revenues or space usage. Utilizing the data allows people to be able to track a lead through the entire sales process and track the reasons for lost business and what factors led up to the loss and who is responsible, if anyone. By monitoring loss business through data, an organization can make changes to improve whatever factor resulted in lost business.
Data, Skills, and Actionable Items
Each business and organization have different indicators of success, growth, and opportunities. Data is useless without a strategy or intent, KPI’s and benchmarks are vital parts of an organization’s business strategy. Begin by asking questions about what makes an organization tick and what problems need to be solved to achieve goals. Companies that have the right data and a strategy for searching through the information will find the data of higher value.
After determining the strategy, the data must come from a reliable source, and an organization must have the tools and infrastructure, such as the data warehouse, software, and computing to support the data monitoring and analysis. But even more importantly an organization needs to have employees with data analysis skills that can decipher the statistics and recognize correlations while being able to determine the quality of the data and prioritize problems. Companies need to invest in the staff with skills in data science, business analysis, and data management.
Custom Data Views & Shared Insights
While many put emphasis on having data and using it, data is not valuable and actionable unless it is understood by the decision makers. Data integration in different views for each department or team could make monitoring the information all the easier. Holding the data in charts, graphs, tables, and other easily understood tools to be able to build a picture out of the data allows the data integration to be shared with management teams. Therefore, the insights from the data are easily understood by viewers and easily shared and communicated cross-departmentally.
Conclusion
Essentially, data makes a difference in an organization when the right data is properly analyzed with the right tools. With all the data available for use today, there must be a strategic plan for collecting and organizing data that parallels with the business strategy for using the data. Anybody can access data, but what differentiates a company and gives an advantage is the careful collection, organization, and cleaning of the data, and most importantly, in-depth analytics.
About our Guest Author: Tyler Bishop
Tyler is an award-winning marketing expert currently serving Ungerboeck Software International as Global Director of Inbound Marketing.
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