Devil is in the detail when it comes to analysing business data: Simon Williams

Whether through a simple database or something more sophisticated, like a CRM system or EPOS if you’re in retail.

Dashboards provide headline performance information that tells you your weekly turnover, if you are up or down on last year and whether you achieved your target.

However, this is only the tip of the iceberg.

Many people only ever look at the surface data.

But why is it important to look beyond the headlines?

It’s because the devil is in the detail.

Organised in a simple way, bespoke to your business, data can provide insights into performance which help unlock the potential for growth and conversely, the opportunity to make savings and reduce costs.

Businesses can divide their performance into meaningful and measurable categories and assess these within the context of their own organisation and the marketplace they trade within.

Some examples are the product or service type, price, colour, the type of business you serve.

In simple terms, take the big number and break it down into smaller ones, you can’t eat an elephant whole.

Using data points meaningful to your business can help organise information into a format that helps with day-to-day decision-making and medium & long-term strategic planning.

So why is there still a reluctance to delve into the world of data?

In my experience, there are two main reasons.

Firstly, time is a major obstacle.

People are so consumed by the daily firefighting they forget to step back and analyse performance on a deeper level.

Secondly, data analysis can be an intimidating minefield to navigate.

You have to know the questions to ask and how to manipulate the data to provide the answers, in a simple, efficient way.

Having an experienced analyst who understands the business objectives can be a powerful tool.

So, what advice would I give to business owners?

Don’t be afraid of the numbers. The data will tell you everything you need to know about improving performance. What sells and what doesn’t; what is missing; where to invest in growth; how and where to reduce costs; who is and isn’t performing; when is the right time to market your service or product and who should you market to.

It works whether you are selling a product or a service.

Whether you are in retail, construction, public sector, recruitment, private health.

If you capture and review the data, you can quickly improve your business and it doesn’t have to cost you serious money.

If you have a database and the right skillset, you will unlock the potential for growth in your business.

Here’s a mantra I share regularly: the answers are right in front of you. You only have to dig into the data to find them!

Simon Williams runs the SW Retail Consultancy