Unlocking the power of data-driven decision making
Pick an organisation in any industry and the chances are high that it’s under pressure to maintain profitable margins and stave off fierce competition. Reducing costs is an obvious strategy to address such pervasive issues. However, there’s another effective place to unlock hidden business value: company data.
Using the transport industry as an example, this article from Supply Chain Digital illustrates how businesses can use their own data to maximise profitability. The lessons learned, however, are equally applicable to any organisation. For example, by analysing its own digital accounting and invoicing records, or its customer relationship management (CRM) system, managers can formulate a detailed picture of their ideal clients. Connecting the digital dots revealed in the customer data, businesses can then forecast which customers have the best sales potential — and identify any points of friction that may be getting in the way of increasing their revenue.
The data footprint of client payments can also be very powerful when it comes to unlocking additional value from those clients. If your client base is large and varied, the process of finding payment patterns that can be leveraged for increased profit is much easier when that data is digitised. Details like credit checks can indicate which customers are likely to pay on time. Apportioning more resources to these types of clients can increase your margins — while also reducing losses.
To learn more about how your business can leverage data to increase profitability, see the complete article on Supply Chain Digital.