Whether you are a small or big business, one thing that is probably prevalent is having data or numbers to verify your business standing. Essentially, it means looking at some business metrics such as the categories of your client bases, the top selling products, the best profit margin products, the geographical region of your top sales base, etc.
Large Data Anaysis
With a wealth and overwhelming information market, corporations are increasingly looking for talents with the essential skill sets to dissect and make sense of data. These data can be internally derived or externally sourced. Internally derived data are those of which you have the information from the sales , earning , lead time production, yield production figures. Essentially, companies depend largely on this data to understand the efficiency and productivity of their business. External data are those which is purchased from external source.
In the market, you would find data for sale which are relevant to various industries. You would probably purchase a set of this data and try to crack the meanings and trend of the overall industry to your particular industry. By purchasing external derived information, it saves time and cost to develop internal capabilities.
Rise of BIG data scientist
The key concern is who should be analyzing this information. That is the key source of where the lucrative labor market presents the most qualified person with a handsome remuneration. Indeed, companies are keen to hire such data scientist to MAKE meanings from the figures and translate into tangible plans that can be executed. After all, to convince people, the sole dependency on gut feeling and business acumen is convincing only to those who have worked with you for long to trust your instinct.
Making Sense of Figures
These figures are essential to understand the usefulness of your branding and brand capital. Imagine your company has met with a disastrous event, you need data to make sense of your core strength and revive the business through that solid foundation.
These data helps you to identify core strengths and weakness. Having said this, many would probably think of SWOT analysis. Hmm in a sense this can be true. A business cannot be good in all segments of the business such as customer service, product quality and efficiency but must strive to maintain a general level of competence in these fields.
Start digging data of your company =)