Why Business Data is More Important Than Ever for Your Company

4 years ago

The COVID-19 pandemic has left many businesses struggling to find their place in this new and unfamiliar landscape. It’s also highlighted critical failures in the ecosystem that we rely on so heavily and has exposed a worldwide sub-optimal use and storage of data. Inaccurate results and incorrect conclusions were drawn by countries and businesses from data that was incomplete or entirely misunderstood. It’s never been more important for businesses to find reliable and accurate sources of business data, especially when attempting to get back on their feet after being knocked down by the pandemic.

To put it simply, good company data is a window into business performance. By having accurate data on your company, you can see exactly where you’re going right or what you’re doing wrong. Seeing where you could be going wrong, although sometimes a harsh reality, can help your business build on and improve its process. For example, one of the greatest wastes of company resources is bad advertising. You’re spending money to attract new customers, but if your campaign isn’t attracting new customers, all you’re doing is just spending money. You can use company data to find out which parts of your business aren’t performing well and rectify those areas.

Company data is used for more than just understanding the state of your own business, it’s also useful for gaining a better understanding of your closest competitors. For example, imagine you run a company that provides business accounting solutions. If you can find out who currently provides a potential client with accounting services, you can approach that client and offer them a deal that you know is better than the one that they already have with a different firm.

A recent survey done by Teradata found that 77% of surveyed IT decision-makers reported that their data accuracy was under increased scrutiny due to the pandemic. Despite the undisputed importance of reliable business data, sources for this kind of information are few and far between. However, DataGardener provides a huge UK company database with the most up-to-date information and unparalleled levels of detail. With DataGardener, you can find business data on any UK company ranging from financial and shareholding data to data on CEOs including names, nationalities and even business connections. With business data now more crucial than ever, there’s never been a better time to sign up to a newer, smarter database.

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