Data in a Business

How Is Data Useful in a Business 

 

Marketing 

Marketing data is especially important to a business’s success. For example, an online business may buy advertising on social media such as Facebook. Companies will take into consideration how much it costs to purchase these ads and then how many sales they generate. This data can be used to selectively advertise to generate more sales per advertisement. 


Sales 

Sales data can be useful to find out about which products are selling and which are not. This data can be used to make improvements or to market less popular products in a business’s inventory. Sales data includes how many of a product is being sold, gross and net profit of those sales, regions where sales are highest, etc... 


Finance 

Finance data includes information about the money a business is spending. This can be used to find out where most money is being spent and if the business is getting equal or more return upon investment. This is important as businesses can use the data to only make successful investments and to cut costs.

 

Employee 

Employee data refers to information about the employees in a business. This can include their names, addresses, age, work experience, tax code, etc... A business may find this useful as they are able to find out more about potential employees whilst keeping current employees motivated and productive. Companies must be careful to keep this data protected as they can be prosecuted if in breach of the Data Protection Act 2018. 


Customer Relations Management (CRM) 

CRM is an important data source for a business. This is because it relates to data regarding customer information. This can include things like: 


    • Identity data 
    • Interaction frequency 
    • Purchase dates 

    • Qualitive data


Analysing customer relations can inform a business on marketing strategies and other actions that require research. 


Online 

Companies can collect data online. They do this through surveys, monitoring, analytical analysis and intelligence tools. This data is useful to a business as it can give accurate information about customers likes and dislikes. This is important for marketing as advertising can be more tailored to their target market to have more success when advertising. 


Types of Data in a Business 

 

Public 

Public data is a term to describe publicly available data in an organisation. Data sets are available online for large businesses such as Google, Netflix, and more. This data is publicly available which means anyone can find it and use it for their own purposes. 


Private 

Private data describes data that is kept protected and unavailable to a public audience. Usually, this data contains more personal information than a public data set. This data is not available to the public and can’t be found on the internet. However, data breaches can leak this data to the public. In a case of a data breach, the business will be prosecuted due to the Data Protection Act of 2018. 


Data Warehousing 

 

A data warehouse is a way of storing large amounts of historical data. Data warehouses can support business intelligence activities such as data analysis and analytics. The data inside a data warehouse can come from lots of sources each derived from sections in the business. It is a centralised way of storing data so that it is easily accessible to any part of the business. Data warehouses are usually upwards of 100s of terabytes in size. 

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