">
TechMoran
  • About Us
  • Deals
  • Jobs
  • Motoring
    • Money
  • Pitch Your Startup
  • Submit Your Post
  • Freelance Gigs
  • Travel
  • Men’s Corner
  • Dating
Wednesday, January 20, 2021
  • Startups
  • Reviews
  • Insider
    • Obituaries
  • Business
  • Women
  • Blockchain
  • Columnists
  • Hacks & Facts
    • How To
  • Editions
    • US Edition
    • India Edition
    • MENA Edition
    • Asia Edition
    • Europe Edition
    • International Edition
No Result
View All Result
TechMoran
">
Home Tech

4 Sources of Data Every Business Needs to Study

Milcah Lukhanyu by Milcah Lukhanyu
3 years ago
in Tech
9 min read
0

To beat your competition, you have to know your competition. However, before you can know your competition, you have to know yourself.

Too many businesses try to engage in competitive analysis and information-gathering without first investing time and energy into understanding their own strengths and weaknesses. Data analysis helps businesses study their processes and performance, but a problem remains: What data should businesses collect and analyze, and how should the collection occur? The following five sources of data are critical for businesses looking to know more about themselves, so they can eventually know more about the competition.

Customers

Customer data is easily the most valuable type of data you can gather. The more you know about your customers, the better equipped you are at marketing and selling to them. Each of your customers is unique, and it is impossible to gather data on every one of them. Fortunately, by collecting information about even a small portion of your audience, you will be more prepared to compete in your market.

Acquiring customer data is popular, so businesses before you have identified several methods of obtaining critical information, including:

  • Demographic information. When your customers check out, when they sign up for email newsletters – whenever, really – you should collect their demographic data. What is their gender, their race and age, their education level, their marital status, etc.?
  • Real-time behavior. This is especially important if you receive a significant amount of business over the internet. How long are customers staying on your site? Where are they coming from? What links do they click most often?
  • Customer service records. Whenever a customer returns a product, requests support, or interacts with the business after a purchase, you can gather information. How have they enjoyed your product or service? What drew them to your business over others?
  • Social media efforts. Millennial audiences use social media an average of 5.4 hours every day, and gen-z is even more addicted. You can use social media analytics tools to aggregate user data to gain more comprehensive social insights.

Employees

In the name of Big Data, many businesses are turning their gathering efforts inward to learn more about their staff. Monitoring tools can track nearly every activity employees engage in, from the websites they visit to their work performance to their health-related behaviors. Most businesses utilize these tools to encourage better productivity and performance – but many HR experts are concerned that employee data-gathering is having the opposite effect. Like having the boss constantly hovering, these monitoring tools tend to make employees more insecure about their work. Plus, there are ethical concerns regarding collecting employee information without their knowledge.

As long as you inform your employees of your efforts and limit your monitoring to behaviors that do not impact their productivity, you should be able to collect valuable data on your staff. This data can facilitate your hiring practices, so you can develop a stronger, more passionate workforce and brand.

Contracts

Every department in your business uses contracts, and those contracts contain all sorts of information you need to maintain strong business relationships. Inherently, contracts contain your rights and obligations that you must be aware of to keep your business safe and thriving. Plus, analyzing the data from all your contracts might provide enlightenment regarding your business’s current levels of risk.

Related posts

Cheerful young businessman in round spectacles and formal wear, checks newsfeed on modern smart phone, connected to wireless internet, has happy look as recieves positive news from colleagues

TransUnion partners SA’s financial marketplace, Fincheck, to make the credit application process easier and less frustrating

January 20, 2021
0

Sophos Named Common Vulnerability and Exposure Numbering Authority 

January 20, 2021
0

Safaricom Will Allegedly Allow The National Intelligence To Illegally Forward Your Calls

January 20, 2021
0

Safaricom Foundation’s Ndoto Zetu Supports 2,000 Students in Six Counties 

January 20, 2021
0

However, contracts tend to be filled with dense, confusing wording; worse, there are several types of contracts, and nearly all adhere to different rules regarding format and language. Peeling back each and every clause to locate relevant data would take extensive amounts of time and effort that might be better served performing other business-related tasks. Fortunately, you can use data extraction tools to automate the process of acquiring useful information from your important documents.

Tech

If your business is using the same tech it used 10 years ago, you probably need to start collecting tech data. Not all tech is suited for all business tasks; if you aren’t monitoring the performance of your technology, you could be wasting time (and therefore money) on less-than-adequate devices and networks. Fortunately, tech monitoring is coming into vogue alongside other Big Data trends, so you can easily acquire endpoint and network monitoring tools that provide pertinent data and analysis.

 

Readers 3,219

Share

  • Click to share on Telegram (Opens in new window)
  • More
  • Click to share on Tumblr (Opens in new window)
  • Click to print (Opens in new window)
  • Click to share on LinkedIn (Opens in new window)
  • Click to share on Pinterest (Opens in new window)
  • Click to share on Reddit (Opens in new window)
  • Click to share on Pocket (Opens in new window)

Like this:

Like Loading...

Related

Milcah Lukhanyu

Milcah Lukhanyu

Milcah Lukhanyu covers daily news briefs at TechMoran. She is the person who will probably read your press release and get the story out of it or totally trash it. Send tips to [email protected]

Related Posts

Cheerful young businessman in round spectacles and formal wear, checks newsfeed on modern smart phone, connected to wireless internet, has happy look as recieves positive news from colleagues
Tech

TransUnion partners SA’s financial marketplace, Fincheck, to make the credit application process easier and less frustrating

January 20, 2021
0
Tech

Sophos Named Common Vulnerability and Exposure Numbering Authority 

January 20, 2021
0
Tech

Safaricom Will Allegedly Allow The National Intelligence To Illegally Forward Your Calls

January 20, 2021
0
Tech

Safaricom Foundation’s Ndoto Zetu Supports 2,000 Students in Six Counties 

January 20, 2021
0
Tech

Tatu City Partners with Konza to Attract Investors to Kenya

January 19, 2021
0
searchengineland.com
Tech

SEO for Beginners: Where to Start and What You Need

January 19, 2021
0
Tech

Why Dota 2 Viewership Is Going Up

January 19, 2021
0
pregnant woman kenyan
Tech

Nakuru County Has Introduced Smart Watches That Will Monitor Expectant Mothers

January 19, 2021
0

https://bit.ly/2VOxuoBhttps://bit.ly/2VOxuoBhttps://bit.ly/2VOxuoB
ADVERTISEMENT

Join our Mailing List

Loading

Recent Posts

Cheerful young businessman in round spectacles and formal wear, checks newsfeed on modern smart phone, connected to wireless internet, has happy look as recieves positive news from colleagues

TransUnion partners SA’s financial marketplace, Fincheck, to make the credit application process easier and less frustrating

January 20, 2021

Sophos Named Common Vulnerability and Exposure Numbering Authority 

January 20, 2021

Safaricom Will Allegedly Allow The National Intelligence To Illegally Forward Your Calls

January 20, 2021

Autochek opens Accra office to bolster its customer acquisition efforts

January 20, 2021

List Of Kenyan Betting Apps You Can Use

January 20, 2021
">
">

Follow Us

">

There are many sites out there focused on blowing off some steam, from funny entertainment to thrilling experiences like playing online, in some cases online gaming could grant you the chance to win extra money. We came across rocketpot.io while browsing for a good btc casino online and it left us a very good impression with their wide variety of games and crypto offering.

Privacy & Cookies: This site uses cookies. By continuing to use this website, you agree to their use.
To find out more, including how to control cookies, see here: Cookie Policy

© 2019 Moran Media Group - All rights reserved TechMoran.

No Result
View All Result
  • Startups
  • Reviews
  • Insider
    • Obituaries
  • Business
  • Women
  • Blockchain
  • Columnists
  • Hacks & Facts
    • How To
  • Editions
    • US Edition
    • India Edition
    • MENA Edition
    • Asia Edition
    • Europe Edition
    • International Edition

© 2019 Moran Media Group - All rights reserved TechMoran.

Login to your account below

Forgotten Password? Sign Up

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
%d bloggers like this: