Can data have a direct effect on business profits? People say that time is money and information is power, but there’s no adage that equates information with profits. Maybe there should be because in the computer era, data, particularly what entrepreneurs call big data, has the power to enhance not only the efficiency of operations but also the net profit a company earns. Of course, the kinds of data that help deliver revenue to owners vary from industry to industry. However, it’s safe to say that the more a manager or owner knows, the more apt that person is to run a financially successful enterprise.
The transportation industry is an illustrative case. Tachograph technology has been a game-changer in vehicle fleet management. In a similar way, marketing professionals leverage the power of databases to target their messages to specific consumer demographic groups. There are endless techniques for using all sorts of information to achieve the financial goals of an organization. Here are some of the most common ways that today’s owners and managers get the most out of facts, data, and every other kind of information.
Target Marketing
The field of marketing relies on information more than any other field of commercial activity. That’s because it’s impossible to craft ad copy, promotional campaigns, or marketing programs without precise figures and demographic facts. The entire effort behind target marketing is about numbers, facts, statistics, and other quantifiable raw data. The latest advances in this area pertain to AI (artificial intelligence) and the many ways to use it when constructing advertisements and campaigns. AI’s reach in the entire promotional area has grown substantially in the past decade as more supervisors and owners use advanced algorithms to make predictions about who will buy the company’s products and services and when the introduction of a new offering might be successful.
Tachographs in Fleet Management
Vehicle fleet supervisors juggle many responsibilities. In addition to making sure every shipment is tracked in real-time and arrives at its destination on time, they must keep track of hundreds of pieces of information on a typical day. Some of the more relevant items they review include miles driven, speed, and several aspects of driver activity. That’s why tachograph analysis and reporting is one of the cornerstones of modern fleet management. Not only do supervisors in the transport sector use tachograph statistics to analyze fuel efficiency and driver behavior, but they also rely on tachographs as a convenient way to adhere to multiple legal and regulatory mandates within the industry. The devices are an innovative, all-in-one way to achieve full compliance with a wide-ranging group of laws and guidelines.
MIS (Management Information Systems) Reports
MIS is concerned with internal behavior and performance instead of client characteristics in most cases. While the field is not new by any means, it has entered a new age of precision and relevance in the computer age. While there are drawbacks, like the lack of time to analyze vast numbers of detailed reports, savvy managers can select from hundreds of MIS generated documents as needed, thus boosting overall efficiency and informed decision-making.
