“Data is the new oil”
Or so goes one viewpoint, often repeated. As in, it is valuable, but if unrefined it cannot really be used in its original form. It must be broken down and processed for it to have value, to power innovation. It’s a nice analogy, if a little crude.
“Data is the new soil”, an update to this idea from data journalist David McCandless, changes the meaning and puts a more positive spin on it: a fertile, creative medium, where you can grow new ideas with the right approach. This is elegant, but also simplistic.
I think that the Microsoft CEO Satya Nadella had it right when he said “Data is the new electricity”. It can be transformative, but requires us to analyse it to truly unlock the potential. I would, however, add that gives us the potential to do amazing things, from the inconsequential to the intergalactic, depending on what you plug into it. But if you don’t use it properly (or if you plug it into something you shouldn’t), then if you’re lucky it just won’t work. And if you’re unlucky then everything might catch fire and burn your house (or business) to the ground.
As a business operator you live or die by the decisions that you make, and by plugging the right tools into your data you give yourself the best foundation to make better decisions: to use your experience and intuition, but from a solid foundation of facts.
And as a business which sells products or services, your sales are your lifeblood, which makes the data you capture about those sales the most critical indicator and predictor of your health as a business.
So you need good reporting, right?
Well, partly. Traditional reporting solutions have not yet caught up with the new networked, cloud connected world we live in. Your data is distributed, disparate. You do capture sales data, payroll data, staff data, marketing data, web traffic data, weather data, so much data! But it’s hard to extract, to combine and align, to analyse and compare, to make sense of and, ultimately, to leverage and support your business decisions.
You don’t just need reporting, you need something smarter. And you need something faster. And you are now in a unique position to take advantage of this technology.
As a Kounta customer, you already use world class software to run your most business-critical processes: selling your products and services to customers and processing payments. You probably also use world class cloud accounting and scheduling platforms, connected across your business. And because Kounta are committed to building an open ecosystem where you can access and connect best-in-class technology, you can now choose to integrate to other platforms which use this data to drive real business improvements.
The technology tools which you choose can not only help run your processes more efficiently and effectively, they can now also make your business more profitable, improve your cashflow, help you build your brand, grow your business and enable you to lead more effectively.
We can help you to improve your business.
And your business is unique. But the dynamics of your business are anything but unique. The short, medium and long term decisions which need to be taken are entirely predictable for operators in the hospitality and retail industries.
Your business data is also structured in predictable ways, and since the other cloud systems you use are also fairly predictable (Xero? Deputy?), we can now build data-driven solutions to help you solve your most pressing problems, priced at a level which is affordable for everybody: from the smallest hole-in-the-wall coffee shop to rapidly expanding global chains.
So what you actually need is not just reporting. To support the different types of decisions you have to make, within the limited time you can commit, you need a combination of:
- Real-time information and simple analysis, accessible on the go
- Advanced, intuitive data insights, trend analysis, automated written reports and notifications
- Targeted data-driven business performance improvements
And the partnership between Kounta and Floodlight Analytics can deliver you this at an additional cost of just $15 per week. This should be less than a single payroll hour, which we will almost certainly save you many times over by equipping you with the insights from – for example – our staffing optimisation analytics.
So give it a try – it’s your data, and you have the freedom to choose what to plug it into in order to realise its potential.
If data really is the new electricity, what do you want to plug in? A toaster or a Tesla?