In a competitive UK market, understanding your performance inside out is essential. For a typical UK company, the number of data sources can be extensive, including everything from sales platforms and CRMs to point-of-sale systems and HR software.
According to a UK Business Data Survey, a significant portion of UK businesses are actively handling and analysing data to generate new insights. This trend is driven by the need to optimise every aspect of the business, from finance and operations to sales and marketing. For retailers, this can be particularly impactful. For example, by analysing footfall data from a UK high street store alongside sales transaction data, a manager can measure the store's conversion rate and identify peak trading times, allowing them to adjust staffing levels and product displays to maximise revenue.
By creating robust data models, UK businesses can consolidate these disparate data points into a single, cohesive view. For instance, connecting a sales pipeline from a CRM with actual revenue data allows a business to accurately forecast sales and identify bottlenecks in the funnel. Businesses that leverage data analytics for decision-making are five times more likely to make faster decisions than their competitors. This agility is a key competitive advantage, enabling UK businesses to react quickly to market changes and consumer trends, ultimately leading to greater profitability and sustained growth.
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Access and reporting
Data for everyone, not just analysts
In the UK, making data accessible to the right people at the right time is a key driver of business agility. Moving beyond the old model of one or two data analysts, businesses are now democratising data to empower every employee. This means creating bespoke dashboards tailored to different roles.
Dashboards that drive action
For a C-Suite executive, a dashboard should offer high-level Key Performance Indicators (KPIs) like revenue growth and profitability, while a marketing executive needs a deeper dive into campaign performance and Customer Acquisition Costs (CAC). Research from a 2023 UK survey found that 53% of organisations see data democratisation as a top priority for improving business performance. This approach ensures that decision-makers at every level are acting on accurate, relevant information, rather than relying on gut feelings or outdated reports.
To make this possible, UK businesses are increasingly turning to unified reporting with powerful Business Intelligence (BI) tools like Microsoft Power BI and Google Looker Studio.
These platforms centralise data from multiple sources, allowing for the creation of interactive and automated dashboards. By eliminating manual data compilation, they reduce the risk of human error and save significant time. One study found that organisations leveraging analytics and BI tools see, on average, a 20% improvement in productivity. This efficiency allows teams to shift their focus from gathering data to acting on the insights it provides, directly impacting the bottom line and ensuring that a business can react quickly to a dynamic market.
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What’s coming next?
We've explored how a business can transform its raw internal data into powerful insights through unified dashboards. However, the true competitive edge comes from looking beyond your own four walls.
In our final installment, we'll dive into how to augment your internal data with external, open data models to uncover new opportunities and gain a complete view of the market.
Do you want to give your teams the insights they need? We build custom dashboards and BI strategies that help businesses move faster, waste less, and outperform competitors. Book a chat with us today to put your data to work.
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