Seeing through the data

Hamish Mexted Business Strategy & Planning

With so much information available on the internet, surely there is no need to do research because someone else has already done it for us. But with all of this new knowledge, what are we doing with it and how are we using it to our advantage?

The answer is – we’re not using it at all!

We all know that the internet has a huge amount of data. How much you ask? Well I just searched cat videos in Google and there were about 465,000,000 results found. I know not all of you will need this much information (especially on Cat Videos) but surely some of this can be used.

There main distinction to watch out for when assessing data is whether it is “Big Data” or “Useable Data”?

Big Data, for example, is all of the results that are returned when you search for something on the internet (like the number of cat videos).

Useable Data is the information that actually means something to you – you can use it to make informed decisions (like the number of cats in a suburb for a vet).

Bringing it to your business, there’s a huge amount of data you can get from the reports on your business in Xero (Big Data). The question is do you ever use those reports to make informed decisions? For the majority, the answer is “no”.

Why? Because most people don’t know what to do with all of this Big Data (just like the cat videos).

The trick is turning the Big Data into Useable Data. That’s where we come in.

If you want to be making the most of the data available to you, please get in touch! Whether that’s understanding the volatility in your sales, whether you’re at sales capacity, or finding the best product mix to be selling – we can turn the Big Data into Useable Data.

Don’t forget to follow us on twitter @iifCA for updates on the team and the business world!