Whether your business is a start-up or a senior in its field, you are bound to obtain thousands to millions of data points each month. The larger that number grows, the more overwhelming it might become, but remember that these data points are all under your control. What you use them for, how you optimize them, and what next month’s data points look like will be directed by you and your needs. Data points can be your way of obtaining critical information to grow your business, but with that said, you want to ensure you are not losing money or wasting time on the millions of points accrued.
Don’t Waste It
Data points are:
- Your opportunity to gain mass amounts of information on your business’s tasks.
- Customers’ needs.
- Overall insight into what is going on in your company.
You want to utilize these points as much as possible and work to optimize and automate them to get the most out of them. The last thing you want is to waste the data you are gaining, so here are five ways to use your data points.
1. Get Real-Time Operational Insight
Data points are an x-ray of your business. You are able to track raw data and turn that into actionable changes moving forward. Whether you are looking at how your website is running, what your employees are working on, or what customers are utilizing most from your business, you can see all of this in real-time and gain a better perspective of what you might be able to change or optimize.
2. Increase Your Risk Management
Data points give you the opportunity to observe and watch for possible hazards within your company and get ahead of them and be proactive rather than reactive. Data points can be used as a great forecasting tool and show you patterns of what is happening now and what could happen in the future.
3. Make Smarter Decisions
Relying on real-time, accurate data to make your decisions is more beneficial than guessing or estimating what would be best for your company moving forward. With data points, you are given all the information you need in order to decide things such as reducing the costs of certain tasks, cutting out unnecessary user programs, or simply turning off tasks during the weekend when no one is using them. You can make actionable and smarter decisions with the data you accumulate each month.
4. Streamline Sales and Marketing
Data points can be a significant help regarding clients and customers. They can help show what your customers like, dislike, use, don’t use, and essentially want from your business. Once you have that information, you can streamline customer interactions and lead nurturing while saving time, money, and resources. A prospering business is able to get into the mind of its customers, and you can do that with data points accrued by them.
5. Optimize Your Costs and Usage
While you don’t want to waste your data points, there is a time when there is too much, and it is costing you money. Having millions of data points a month is costly to your memory, storage, and usage. The last thing you want is to be wasting time and money on data points, offering you little to no information or recording information on tasks that are null and void now. It is time to optimize if you believe that a large amount of your data points are no longer necessary.
Use your data points wisely, and don’t overspend on them. If you are looking to optimize your usage and services, find a professional to help. Contact the team at FinOps Oversight.