Businesses should not make the mistake of limiting their data insights by simply focusing on internal data collection and analysis. Your internal transactional data can be used as a good tool for self-comparison using data and analytics software such as QlikView and Qlik Sense. External data will, however, enable you to keep an eye on the competition, look at forward-minded consumer trends, and access demographic data. All of these insights can help you to improve the sales and marketing efforts of your business. Let’s take a look at some of the reasons why you should not limit your business decisions to internal analytics, and why you should instead become a data extrovert.
You Can Add Context to Your Internal Data
By combining internal data with external data, you can add more context to your internal data which allows you to perform broader comparisons. In order to make well-informed business decisions to improve on your internal results, you should be comparing these statistics with other market-related businesses in South Africa to see how you are performing on an industry level. Traditionally, internal data is used to power business intelligence and analytics, however, with external data you can expand on this through the integration of industry-wide research.
External Data Will Help You Get Ahead
External data contains a lot of forward-minded information which can allow you to align yourself with market-leading competitors. If you limit yourself to only internal data, you will be missing out on a lot of opportunities that could get you to the top. External data can help your business get ahead by building an understanding of the market as a whole. External data can also give you real-time, minute-by-minute updates on the industry, the consumers and product trends.
Data Software Has Made Accessing External Data Easier and More Convenient
The leaders of data and analytics, Qlik, who are also the creators of ground-breaking software platforms, QlikView and Qlik Sense, have made accessing external data easier and more extensive. Qlik Datamarket enables you to find and manage data from external sources, which can help you make calculated business decisions. It further enables businesses with access to a comprehensive library of external data to cross-reference their internal data to gain deeper insights and context. Some features of Qlik Datamarket include:
- Access to a comprehensive library of external data
- Industry trends tracking
- Data which is up to date
- The ability to combine internal data
Click here for more information on Qlik Datamarket where you can get a free trial or request a demo as well.