Data is crucial to businesses worldwide, no matter the industry or sector they lie in. Whether the data be internal or external, it positively contributes to the running of a company and makes a difference in various ways.
Companies big and small rely on data to complete various jobs within their entrepreneurial circle. It can often be the one resource that ensures the success of a product or service. Without knowing it, we use data in numerous areas of our lives; therefore, we must understand how best ways to gathering the relevant data that we require.
With this in mind, we have compiled a helpful list below on gathering data, detailing some of the available internal and external resources that enable businesses like yours to gather relevant data. Read on to find your next valuable tool and what it can provide your business.
Internal data sources
Studies and research have found that the internal data within a business can be determined and split into select groups, each with its own important role. Internal data is contained entirely within the business and is considered when making crucial decisions surrounding the overall company.
Internal data within companies generally consists of the following:
- Sales/operations: One of the elements of your business’ data that is bound to overlap with external pieces of data also. The sales element of a company is, naturally, the most important. While it is but part of the business model to some, it lies at the heart of a company for others. Sales data includes the likes of revenue, profit, and other associated costs. Linking closely with that of financial data, the internal sales data enables business owners to determine whether a campaign is successful or not and whether anything needs changing to be.
- Finance: Financial data works exceptionally close with sales data. Comparatively, they enable business owners to establish whether the profits coming into the business are adequate or whether cuts need to be made. Business owners can expect to find cash flow reports, budget variance analyses, and production cost reports detailed within this type of data.
- Marketing: Unlike the previous two factors, the data found within the marketing departments are a combination of both qualitative and quantitative data. Ideal for those out there who find that maths is not their strong point! Marketing data provides those managing the advertising and marketing of a business with the tools and resources of establishing whether their efforts are paying off.
External data sources
While it can be tempting to keep things entirely internal and within your business, some resources and services exist beyond the four walls of your company that provide help and guidance in accessing data.
Market research companies – which conduct surveys and questionnaires on products or services on behalf of businesses – are examples of an external data source. Particularly if you are looking to launch a new product in your industry, you would want to understand the demand for such a product.
If you do not have the time to conduct the research yourself, it can undoubtedly feel like you cannot go forth with your plans, but that is not the case. Many businesses access this type of information through secondary sources, enabling them to go forth in their development process.
Mainly if you are seeking to launch an app, you can utilise the available data through a range of API marketplace. The Re.alto API marketplace enables businesses like your own to have access to a wide variety of data, which can be utilised when creating your app.
API, also known as Application Programming Interface, enables the smooth flow and transition of knowledge and information from one platform to another. External data sources, like that of re.alto, will provide you with the relevant information you need to create something that tailors to the needs of your target demographic.
APIs are an incredibly effective external resource for those businesses which lie in the energy sector; the information that you are often presented within these industries can be challenging to consume, understand and unravel at the best of times! The utilisation of a tool like this within your business model can streamline how you consume the data and how it is interpreted also.
While these are but a few of the available resources out there for gathering data as a business, we hope that you are leaving us with a better understanding of the services that are available to you when completing this type of task.
Whether you decide to use solely internal resources or opt to implement the services of secondary, external sources into your business model, we feel confident that you will go forth as a business in a successful manner. Doors of opportunity will soon be opening for you, driven entrepreneur!