What is data?
Data isn’t just expenses and sales totals. Think of data as anything that provides insight to run your business better. Data can be structured (like a column of prices or postal codes), or unstructured (like a blog post, audio file, tweet or video). It can be big (in the terabytes) or small (your daily sales count). Though it comes in many forms, all data gives us information to improve our decisions.
Where does data come from?
Data can come from many places. For this guide, we’ll discuss data that comes from three main sources:
– Internal data generated by your POS like sales totals, top brands, inventory levels, purchase history, profit and sales by employee.
– Your own manually-collected information, usually about customers, such as contact information, preferences and personal details.
– External data and reports sourced or purchased from suppliers like Facebook, Google, your national census, postal services, stock market indexes and industry associations. This data can be about demographics, weather, seasonal buying patterns, fashion trends, pricing elasticity, customer sentiment, promotional buzz – whatever is most relevant to your business planning.
In this guide, discover the meaning of big and small data, and all the wonderful ways you can use it to seal the success of your store…