Why collecting and analysing data is important for business

What is Data?

Data is a collection of discrete values that convey information, describing quantity, quality, facts, statistics and other basic units of meaning, or simply sequences of symbols that may be further interpreted.  This data often converted into a form that is efficient for movement or processing, and easy to insert into a report for analysing.  

Data can comprise of many different forms such as; figures, images, numbers, graphs, or symbols. It may also include individual prices, weights, addresses, ages, names, temperatures, dates, or distances.

Why do businesses record data?

Businesses record data for several reasons such as:

• Reporting
• Utilising the data for decision making
• Understanding business performance
• Improving internal processes
• Understand customers’ needs and preferences

Benefits of collecting and analysing data

• Meeting consumer needs – collecting data allows you to meet consumer expectations so when marketing you can send personalised communications and suggestions tailored to their needs.
• Improve your marketing strategies – collected data can give you an insight into which of your marketing campaigns and tactics your target audience interacts with the most. You can then create a more effective and targeted advertisements in the future. 
• Understanding your consumer market – when you know more about your customers, you can tweak everything about your business to better fit their needs. You can also improve the ways in which you communicate with your target market, optimise your website to improve the user experience, and much more. 

Protecting your customers and your company

There are lots of benefits to collecting consumer data, but they also come with responsibilities for business owners. The General Data Protection Regulation (GDPR) outlines guidelines that companies must follow regarding data collection and protection. Guidelines include not keeping data for longer than needed, ensuring that the data is kept secure and responding to Subject Access Requests (SARs.) 

If you’re looking for assistance with data collecting, automation, task management, and anything else regarding privacy management. Please contact Magnetar IT | Contact Us – Magnetar IT