Data driven analysis is based on using business information to take informed decisions about growth strategies. This measured approach relies on evidence rather than expertise or trends in the market. Being based on factual information, data driven practices have a higher chance of success. However, the key is to utilize the correct form of data to drive better business performance.
Research at International Business Machines (IBM) Corporation found out that 33% of marketers say having the right technology for data collection and analysis is useful in understanding customers. This means that equipment intensive companies can benefit from a robust tracking system to keep a record of business operations and inventory. Accurate data driven analysis can enable organizations to gain various benefits:
- Remain competitive in the market to keep up with other data driven firms
- Adopt cost effective strategies by making use of stored data. Explore new and missed opportunities to help your organization grow and improve.
- Take swift actions to market trends and innovations.
The 3 stages of data analysis for your business
Data is only as useful as you make it out to be. For reliable results, it is essential to record data in the correct manner. For instance if you want to estimate maintenance costs for a HP printer, then all service ticket information should be stored in the system. The key to drawing real value is learning to identify which data to utilize. Meaningful insights are possible when the right metrics are used. Let’s dive deeper into how to plan out your data driven business policy:
1. Determine your strategy
The majority of firms think that quantifying current performance is the best way to move forward. In order to do so, companies should focus on niches that have high growth potential. For instance for a startup, a Key Performance Indicator (KPI) is validating business models. Some other critical KPIs for data driven policy include:
- Student outcomes
- Administrative and instructional costs
- Faculty workload and productivity
- Classroom resource utilization
- Safety/incident rate
- Quality control KPIs
- Revenue per day/hour
- Bed occupancy rate
- Patient drug cost per stay
- Patient safety KPIs
2. Target the right data
Once you have identified which key areas you want to focus on, the next step is to decide which data sets are going to be utilized. These stages mainly involve going through data you already have and filtering out valuable information. In order for data driven analysis to be successful it is important that all departments use the same tracking software so that all data is collected in the same format from a single source.
3.Gather and Analyze Data
A comprehensive report includes data for multiple KPIs. Once key metrics are finalized, you can then move on to integrate data to connect all departments across the organization.
The data is then handed over to the analytical team. Such teams usually consist of department heads who specialize in developing long term business strategies.
Read More: Improve Construction Project Performance by Running 3 Actionable Asset Tracking Reports
How to use an asset tracking software to run data driven reports?
With multiple features to record performance data, an asset tracking software offers tight security with minimum risk of missing information. The software is a good choice for companies looking for a solution to manage assets and run meaningful reports at the same time.
Third party integrations with service desk providers and user management platforms enable organizations to gather all relevant data in the tracking software. Data integration ensures that the relevant metrics are stored at a single place to deliver accurate results. Asset tracking software enables organizations to run these 3 actionable reports for robust data driven analysis:
Asset acquisition and value reports
A tracking software records large volumes of asset related data which can be utilized to estimate capital value and acquisition rates. Such a software can provide organizations comprehensive asset information that is crucial to derive accurate KPIs . This practice is useful for organizations that deal with hundreds of types of resources on a daily basis.
As an example let’s consider educational institutions. Schools and colleges record an important KPI for classroom resource utilization. With a reliable tracking software, schools can easily pull up check-in and checkout data. This report can be customized to show asset custody and depreciation information. Such detailed metrics enable the college administrators to carry out data driven analysis in a streamlined manner.
Real time data reports can also be used to spot any red flags without time lags. The admin can then take actions to alter future management policies for efficient operations.
Maintenance and repair reports
In order to carry out seamless daily tasks, it is important for companies to implement preventive maintenance practices. As maintenance and repair take up a major part of the company’s budget it is important to keep a track of it. For this purpose, many organizations rigorously measure service events as a KPI.
Service centered industries like the construction industry need accurate data driven analysis for maintenance metrics. An asset tracking software holds comprehensive records on each and every equipment’s repair session. Running service reports gives you access to valuable insights regarding quality and safety KPIs.
Read More: Web Based Maintenance Software: How Can it Help Your Business?
Maintenance data reports can be analyzed to target metrics like number of defects and accidents. Having all this data at one place enables organizations to improve safety practices for higher productivity and increased equipment uptime.
Inventory procurement and consumption reports
Majority of organizations find it challenging to keep a record of inventory, especially consumables. Failure to track inventory costs can result in inaccurate revenue statements and miscalculated expenses.
An asset tracking system can accurately monitor inventory procurement and consumption. By using this information, companies can run data driven analysis to keep their inventory budgets in line. A comprehensive inventory report includes the current stock value, sales margin and available inventory items. All these metrics are very useful for cost effective procurement planning.
For example, the healthcare industry has a large volume of consumables that need to be tracked on a daily basis. In such cases, a robust inventory report can help avoid outages by forecasting future demand.
Achieve growth targets with robust data driven analysis
The key to a successful data driven strategy is to utilize business information to match your growth potential. Companies have tons of data available but are not getting the desired results. This happens when you lack the right technology to record data.
A cloud-based asset tracking system enables you to monitor asset, inventory and maintenance records all the time anywhere. This means your data directory is updated at all times and can be accessed easily whenever needed. The next step involves turning insights into action. There are multiple intelligence tools available to present the most complex form of information into actionable policies.
Lastly, companies can put together a team of qualified individuals to comprehend data and develop practical solutions for business growth. The road to achieving business goals requires slow and steady progress, Be consistent, incorporate the right tools and you will achieve business success.
EZOfficeInventory is a leading asset tracking software. It allows you to track, maintain, and report on inventory from anywhere, at any time. We offer a free 15-day trial – no credit card required!