Data is all around us. Whether it comes from software applications, transactions, or end users, it is everywhere and can play a significant role in your business decisions. When you marry quality data with expert data management you can take your company to new heights with reduced costs and maximized earning potential. Read this blog to find out 6 ways that you can turn data you already own into profits.
When you know what’s coming, you can efficiently pivot your business to pace with ever changing technology trends and market demands. Predictive analytics can be the key to building a proactive strategy that reduces costs and maximizes your earning potential. Fortunately, most companies can begin utilizing predictive analytics at any time, using data they already have! Data that has been collected from customers, software applications, and even social media can be used to create predictive algorithms that will ultimately put more money in your pocket. For example, predictive algorithms can give you visibility into how your customers are likely to respond to new products. This ensures you don’t spend costly amounts of time on projects that may not be the best fit. It can be complex to understand how to leverage your data, which is why Dorkin Inc. provides easy, user-friendly dashboards to help you decipher predictive data models.
Now that you realize just how valuable your existing data is, let’s talk about turning that data into actionable insights. Business intelligence tools can help you monitor and measure your business performance based on objectives that you set to improve efficiency. Tying data to your business objectives ensures that you are making informed decisions on how to reduce costs and maximize profits. When you are able to leverage business intelligence, you can identify the processes that are most expensive to your company, analyze employee productivity, and greatly reduce costly inefficiencies.
Machine Learning is another great technique to streamline your business processes while reducing costs. There are several ways to describe how this works, but it is often summed up as a strategy that gives computers the ability to learn without being explicitly programmed. The machine (or computer) uses data inputs to learn about past behaviors and make future predictions. While some may still think machine learning is an abstract concept, there are actually examples of it guiding our decisions in everyday life. Consider this example: the streaming services we use everyday to listen to music create unique playlists based on our streaming history and activity. That is machine learning! By leveraging your existing information, you can use machine learning to interpret data for you and make recommendations solely based on cold, hard facts.
Now, more than ever, companies need to become efficient at managing data and business processes remotely. Due to the COVID-19 pandemic, increasingly more of the workforce expects to work from home. According to a Statista.com study, nearly 25% of Americans have been enabled to work from home. With that being said, working from home is now the new norm. You will need a plan to manage these changes remotely in order to stay relevant and competitive. One of the biggest concerns for remote work is how to manage employee productivity. Distractions at home and connectivity issues can create costly
inefficiencies. You’ll want to have a solid remote network for employees to use so that they remain engaged while also protecting your valuable company information. By tracking user performance and productivity data, you will be able to measure how well your remote processes are working and make necessary changes to improve. To help professionals transition to the new, remote environment, Dorkin Inc. works alongside companies providing data management strategies and heightened cyber security. Since remote work is new for many businesses, having experts to advise on cost effective solutions can help keep your business profitable throughout the pandemic and beyond.
Cloud computing or Data as a Service (DaaS) is a data management strategy that many companies are using to reduce costs and improve efficiency. Cloud computing capabilities can deliver applications over a network, versus having apps run on locally managed devices. These cloud-based platforms enable businesses to have large scale data management processes at a low cost with smaller bandwidths. Additionally, companies using cloud computing are much
more flexible and scalable as they can allocate more resources to the cloud workload. Doing more with less is the name of the game when looking for ways to reduce costs and retain more of your profits. Dorkin Inc. can optimize your data management processes with cloud computing while you watch the savings pile up.
One of the most important things to keep in mind for effective data management, is understanding that you already have most of the data you need to make informed decisions. Many companies incur unnecessary costs trying to source external data because they are unaware of how to extract or make use of in-house data. Investing in your own data can open up a world of opportunity that can increase your company value through expert innovations and management techniques. To this end, Dorkin Inc. has helped over 100 companies utilize data they have collected to improve business processes and product quality. By following a creative process model and creating unique company investment strategies, Dorkin can help you convert your existing data into cost savings and ultimately, profits.