What does a Business Performance Data Analysis do?
In a nutshell, business performance data analysis is getting your hands dirty digging into the data generated by your company and making sense of the numbers. Knowing your numbers, and not being scared by figures, can dramatically change and improve the way you operate your business on a day to day basis.
There’s no shortage of data. Every business is generating data all the time, whether it’s collecting sales data from the number of units you’ve sold, or marketing data such as the number of visitors looking at your website this month, or how many people clicked through after seeing your advert, it’s all data being recorded in one form or another.
It can be staff data, collecting information about your employees, what training certificates they have, when they’re on holiday or absent. It can record data about how many phone calls they make or how long they spend on emails or visiting customers. You can record personal and business mileage, even down to the pence per litre paid for fuel.
You can either ignore this data or put it to good use. I help businesses know their numbers and enable business owners to make informed decisions and plan detailed strategies for growth and improvement. Looking at your business from the outside I can make impartial suggestions, sometimes highlight malpractice and I always try to add value to your current systems and practices.
Products and services
Whatever you sell, whether it’s a physical product or a service carried out online or in person, you will be collecting data. It can be as simple as how many units you’ve sold. It can be how much time it took to carry out a service for a client. If your business is project work with multiple components you can record data for every step of the way.
Breaking down the data can highlight areas to improve. Are you being charged a high price by a supplier? Can you fulfil more customer orders per day, per hour, per member of staff? I help you think of the questions to ask within your business and create charts to help you visually record the data in an easy to interpret format.
Employees and temporary contractors
Business performance data analysis is particularly useful to record staff activity and staff performance. It can be used to activate bonuses if certain targets are reached. It can be used to note which employees have certain qualifications or certifications, and also when these need updating or renewing. Your data analysis can pick up on staff sickness, absence, holiday entitlement, plus show which are your top performing employees based on criteria you choose.
Knowing your numbers can help make your managers accountable for staff performance. It’s not just about sales, the performance data could be how many customers they help, the level of satisfaction a customer receives, how quickly they respond to enquiries. Giving the data a thorough analysis could spot an employee who on the surface appears to be extremely productive but has a low customer satisfaction score. Interpreting the data is as important as collecting it in the first place.
Overall business analysis
Another example of how business performance data analysis can be used is to compare your products, services and overall business offering against your competitors. If you sell a widget for £10 and a key competitor is selling the same widget for £8, are they taking business away from you? Can you use this data to work out whether you should change your price? Or can you see that although their price is cheaper, you’re still selling more because you have an excellent customer satisfaction rating?
Competitor analysis is something I urge my clients to check regularly to make sure they are offering a competitive product or service, especially if there is a fluctuation in recent sales compared with sales this time last month or last year. Competitor analysis isn’t just about sales. It can be the overall image of the other company, their branding and how they advertise. All of this data can be input into your business performance data analysis charts, measured, monitored and acted on if there is something to change or improve.
Accountability through data analysis
If you would like help setting up reports to manage your data, please contact me and I can chat through your day to day business requirements and create personalised reports. If you wish, I can also review the reports with you and make suggestions for improvements or refinements.
Having the accountability, to make sure the reports are generated and seen by the relevant people on a regular basis can be a great motivator. Having performance data at your fingertips means you can spot patterns and predict changes. I can help you make sure the data your business generates is being used to your best advantage.
Please contact me by emailing firstname.lastname@example.org and we can get started.