Strategic use of data has delivered powerful solutions and competitive advantages to for individuals, organizations, and industries for years.
While data can be valuable to a company, many are unclear on the type of data to collect or how it can help them answer questions, make informed decisions, or achieve goals.
Throughout January, tED magazine is sharing the inspiring stories of companies that solved a unique problem through the intelligent use of gathering and analyzing data.
Data-Driven Solutions: Relocating Unproductive Inventory
Earlier this month, tED magazine provided a solution from an NAED distributor who was able to move unproductive inventory more efficiently to capitalize on investment dollars.
Company Problem: The calculation of market share was a very manual and time-consuming process that yielded little actionable information.
Data-driven Solution: Development of automated and more granular market share reports take far less time to prepare and allow the company to see its standing by geographic area, time period, and more.
The calculation of market share was previously a very manual and time-consuming process for one distributor, which resulted in their development of reports that were limited in detail and short on actionable conclusions for their executives. But thanks to the marketing intelligence team’s initiative to automate their market share reports and share the data visually, the company has a better sense of its standing than ever.
“We’re now able to identify markets very granularly by geographic area and different time periods and see how choices we made and strategies we implemented did or didn’t affect sales,” shared the company’s data specialist. “By further standardizing this information in a dashboard, we can track the same measures from period to period, which has saved time and money and helped our colleagues understand exactly what market share means and what goes into it.”
Ultimately, the data specialist said, “people are often intimidated by data, but it can tell you something you didn’t even know. You’ll never move forward if you don’t at least try.”
You can learn about more Data-Driven Solutions, or NAED member companies can download the full report for free on NAED’s “Making Strides With Data Insights” page at https://www.naed.org/making-strides-with-data-insights
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