Data in a Business

 Data in a business and how it’s useful 

 

Marketing 

Marketing data is very important and beneficial to the marketing teams of a business as it collects information from private and public sources and helps with identifying ideal customers and builds more effective campaigns. The marketing side of a business is the key to a business’s success. The marketing behind a business also makes ad’s and sends them, using the information gathered, to customers they think will be interested in their product.  

 

 

Sales  

Sales data is also important to a business as it detects which products are selling and which are not. This means sale data is key to sale analysis. Sale data tells you how many of a product is being sold so this can help a business decide on what’s good and worth it to sell and what’s not. It helps a business make key decisions and crucial points where, what and how to sell. 

 

 

Finance 

The finance data includes data on what money is going in, out and the general cash flow of a business. Finance data includes the information about what money the business is spending. This information can be used to see where all the money is going and coming from. The business can use this information to try and maximise their profit. As I said, it monitors not just the money being spent, it monitors the money coming in. So this can include investing a percentage of their profits. 

 

 

 

 

Employee 

Employee data is the information a business collects about it’s team members during employment. This data can be as simple as the employees names and hire dates, to more complicated and demonstrative data like their performance results and engagement statistics. Some examples of employee data are: demographic information, qualifications and attendance.  

 

 

Customer Relationship Management (CRM)  

CRM data is an important source for a business. This is because this data is regard to the customers information. Examples of CRM data include: 

  • Identity data, such as email or physical address. 

  • Descriptive data 

  • Qualitive data 

  • Quantitative data 

 

 

Online 

Companies collect data online all the time. Ways they do this through are, surveys, monitoring and intelligence tools. This can be useful to a business as it can help them identify what their customers like and what their interests are in. 

 

 

 

 

Types of data in a business 

Private 

Private data describes data that is personal and is locked away for no-one to see or access, apart from your employer, who must still follow strict laws. For a company to have an employee’s private data, the employee must have given permission for the company to hold it. Companies have to follow the law ‘Data protection act 2018’. This ensures that the company is keeping your data safe and secure. Private data is only of access for certain individuals.  

 

Public 

Public data is data that can be used, shared and redistributed without restriction. Companies may use data sets for collection of public data. Public data will be available for the public to see and have a look at. This mean ideally companies should use public data for things that help them, so like to target better customers/customers with the same interests as the company.  

 

Data Warehouse 

A data warehouse is a system used for reporting and data analysis and is considered a core component of business intelligence. A data warehouse can be used for making more informed decisions. Data flows in a data warehouse from transactional systems, relational databases and other sources  

 

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