Data is an asset!
I experience data as an asset first hand when I look at my business' data with intention.
As entrepreneurs and business owners, making decisions is a daily activity regardless of the situation.
In my two SME businesses, Cactic Fitness and MyBI, I have found that during this period of LockDown I have to make more difficult and out of the ordinary decisions than ever.
Having key-decision making information, statistics, graphs and reports of my businesses at hand is important to enable me to make factual decisions based on my businesses' empirical data.
When I maintain the discipline to analyse data on a daily basis so many ideas and opportunities stem from it.
I ask myself: "Do I expect governments to make quality decisions based on empirical data, but I neglect to do so in my own business."
Examples of empirical data in my businesses:
- App usage by customer per day
- Amount of business dashboards distributed
- Business transaction volumes
- Quotations per day
- Sales per day
- Cash flow per day
- Weekly break-even
I decided to become a data scientist within my own businesses to enable me to have more insight and make better decisions. I have found that my ability to make the right decisions has improved due to this.
