It is now 2019 and while some industries are blossoming into growth (IT industry) other and struggling to survive (high street retailing stores). It has been more important for CEO’s and top level management to really look at their businesses structure and make strategic decisions that will be the most profitable. Collecting data in order to understand your market and what consumers want is a key activity in ensuring your company is more profitable. Here is how you can use ADaM Dataset to improve your businesses.
What Is An ADaM Dataset?
An ADaM Dataset stands for The Analysis Data Model (ADaM). The model outlines how you can use the technology to create figures, listings and tables from the data you collected. This will help the researcher and reader understand the data better.
Here is how your business will benefit from an ADaM Dataset technology.
Importance Of Data
Data is important to gather in all aspects of your business. Whether you are collecting personal data, transactional data or website data it can be very useful in your decision making.
Personal Data is always collected, through email capture or social media, businesses will use personal data to get an idea of who their consumer is and how best
Transactional data will help you understand what your consumers are actually buying. This will help you ensure you are buying the correct amount of product – not too much for it to get discounted and not too little that consumers will go to your competitors. Transactional data will also be useful in forecasting what customers will want to purchase in the future. This will allow you to plan in advance and reduce risk.
Importance Of Traceability
Brands such as Nike, Puma and Mac have been in the news recently for their lack of transparency with consumers. Especially in their supply chain management. Consumers are wishing to be more ethical in their consumption and are looking for brands who are going to be more transparent. This doesn’t mean they are transparent in where their products were made and who made them but also with the data they are finding. An ADaM Dataset can help with the traceability and transparency of your business. And in the end the more transparent you are the more relationships you can build and the more profits you can make.