Best Business Data Hacks

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Key Business Data Hacks
(Last Updated On: September 16, 2020)

This article was written by: 
Devin Caldwell.

Data is the way for businesses to succeed. Today it is easier than ever, because you just need to make sure that you’re using the correct software. That takes people in management that understand what is needed. That also means that they need to make sure that both of those are implemented. Research and education will help that happen. While hiring the right people will help in many ways, people that already work at the company should understand what is necessary. There are some ideas, though, that can be helpful to know for a company to get ahead. As a result, certain business data hacks help companies find the right information needed to make key decisions.

Census Data

One of the ways to get more business data for a company is tapping into all that data collected by the United States Census Bureau. That information will allow a company to see the number of people in an area and the quality of life. The data is necessary for the government, but they are able to provide it to those who need it. That means that companies can get a ton of data to sort without having to spend the time the Census Bureau does. That allows for data in the area being considered for moving into, or strengthen somewhere the company already is in.

Observability and Telemetry

Companies generate their own business data daily. There are ways to determine how best to use it, or generate data that is more useful. One way to generate better data would be the OpenTelemetry project. No matter what, the company has to be able to observe what they are getting and figure out how to use it. That is why the right algorithms must be brought into use. That data is necessary, so it should not be an afterthought in any business discussion. Time needs to be spent in sorting out what is extraneous and sorting the rest.

Planning Everything

One way that companies slip behind is that they do not plan. Even small companies can generate enough data to be called big data. That needs a plan, which requires the right people in the right places. Hiring is one way, but companies need to spend the time to train and help current employees with getting more education. Planning takes time, so there should be a core group that does just that. This should be of importance to a company, not a make and forget area. Data found could lead to more profitable areas to explore.

Keeping Small

It may seem odd to consider keeping everything small, but not if some of the planning seems to be beyond what a company can do. Set up manageable projects, so that employees are able to understand what is going on. As time goes on, add more to the analytics software. Never program monolithic programs, but small ones that can be linked. All of this allows for combining what is going on, without worrying about failing at a larger project. Going smaller allows for the entire process to be understood, which allows for employees and management seeing what else they need.

A company can, and does, need to manage the business data they accumulate. The data can help them get a picture of how they can grow. That takes planning and keeping the work manageable. The people involved need to have an understanding, not just of the data, but of the process. Companies also needs to look for other sources of data, which will strengthen what they have. All of this means they need some data science brought into the company, which will allow for the next step to be taken. All of these business data hacks help companies grow and yield more profits.

Devin is a successful entrepreneur who has enjoyed traveling on a budget with his wife and kids. He and his family enjoy backpacking across countries, touring historical sites, and relaxing on the occasional luxury vacation.