What do top companies like Amazon, Netflix, Youtube and others have in common? They use their business data to understand and capitalise on their growth to make their next move.
For example, Netflix and YouTube make use of algorithms to understand their users and their likes or dislikes. They then make use of this information to provide them with recommendations.
It is no secret that business data is extremely valuable to any company wanting to evaluate what is and what isn’t working. Understanding your data is crucial to understanding your customers, their behaviours as well as your products and overall growth.
This strategy can work well for your business as it keeps your customers happy and engaged, whilst making sure that your products and services are marketed efficiently. However, to be able to do this, you need to work with different types of business data.
Lucky for you, our data experts at Mojo have curated a guide on the types of data you will need to understand business growth.
Let’s dive right in!
5 Types of Business Data That Helps Us Understand Growth
1. Internal Data
Internal data is generated by all the internal functions in your company. The work done by every employee under every department makes up your internal data.
With the help of internal data, you can analyse and collect insights on exactly how the company is functioning. The methods, strategies and techniques used by your employees to achieve their day-to-day targets are on display.
Additionally, your customers can provide large volumes of useful data too. Using customer data like engagement, behaviours, identity and preferences can also massively help understand patterns and boost growth.
Moreover, internal data also gives you the opportunity to see what can be changed. With the help of proper statistical analysis, you can change your expenses, strategies and take appropriate action where necessary.
Overall, internal data can help you determine what enhances your growth as well as what stunts it.
2. External data
All data generated due to events and occurrences outside of your business is external data. It includes a wide range of topics which makes it important for all businesses and industries.
External data is a type of business data that helps you determine how external factors affect your business. For example, a farming and agriculture company might require weather related data to determine the supply they can provide to their clients.
From the various types of data in business, external data can help you analyse and determine what is best for your business. It helps you take the right measures to ensure that you are seeing growth.
3. Structured Data
Any business data that is organised is called structured data. It is one of the simplest forms of data that exists.
When your data and information is easy to understand just by looking at the way it is structured, it can be considered organised. Structuring data makes it easier for any type of information to adopt a more tangible meaning.
When it comes to the importance of data in business, structured data can greatly help with relational database management systems. These systems make it easier to understand many factors like market trends or consumer behaviour, which in turn can help predict business growth.
4. Unstructured Data
As its name suggests, any type of business data that you cannot comprehend just by looking at it is unstructured data. It is usually just information that is not stored in a manner that is presentable.
For example, an email is a general means of communication which can contain sensitive information. However, unstructured data requires more complex analysis. Unstructured data is made up of things like emails, raw audio and video files, texts, and webpage content.
Unstructured data is yet another form of business data that can be helpful in analysing exactly how well your company is doing. For example, it can help you understand the flow of communication, the productivity of your workforce, etc.
5. Real Time Data
Real time data consists of information that is currently available to predict future outcomes. This type of data can be incredibly useful to predict trends and consumer demands
Companies like Google make use of real time data when you use their Maps feature. This helps them show you what is currently accessible to you and how long it might take you to reach from point A to point B.
When it comes to business, real time data can be incredibly helpful. It can help you understand where your business currently stands as well as predict where it can go. It can also help you make the proper business decisions accordingly.
Contact Mojo - The Best Data Experts for Your Business
While having business data is important, you also need to properly analyse it and take action from it. At Mojo, you will find a team of data experts that can help you meet all your business goals.
We believe that our clients should have the opportunity to truly make an impact. This is why, with our help, you are guaranteed to see the best results in terms of growth.
To book a meeting or learn more about how we can help you, contact us today!
You can also try our free data impact scorecard to understand more about how your business can use data better.