How important is data to your business?

Most companies around the world now use data in one form or another to help with their analysis. Many of them use their own data to review performance, potential and problems.

But in more recent times, companies have taken this one step further and now rely on external data in conjunction with their own data output to identify market trends, insights and opportunities. The growing requirement for the biggest and best data to gain a competitive advantage has been significant but it does come with some issues too.

Firstly, having lots and lots of data is one thing but what you actually do with that data and how you use it to your advantage is a much trickier issue altogether. Data changes very quickly (by the second in some cases) so the more data you have, the quicker you need to understand, process and analyse it before it becomes out-of-date which can lead to businesses making the wrong decisions.

Secondly, there is a financial cost involved in gathering, understanding and analysing data so if you are spending money on it, you need to be sure it is useful for your business. A classic would be “we collect as much data as possible which enables us to make better-informed decisions” – great, but just because you collect lots of data, doesn’t mean you need it all? If not, then tailor your data collection to exactly what you need. It will speed up the processing time, helping you use the data faster and ultimately reduce the costs involved.

In recent years, BearingNet has seen an increase in the number of companies approaching us for access to more data. We understand that our members are the experts in buying and selling power transmission parts and use our platform to help facilitate their day-to-day trade.

As the largest platform for the bearing and power transmission industry, we worked with several customers to create a data dashboard to show them the data they want to see. After 6 months of development, testing and adjustments the ‘Statistics Bolt-On’ is now available to all BearingNet members.

Members can now see what parts are the most inquired for each month, how their inventory performs against other companies in the world, their continent or their country, identify untapped markets by seeing where other countries do most of their trade and quarterly reports giving additional information and analysis.

This is something we will continue to be develop to ensure we provide our members with the data they need. If it is something you would like to add to your account, please contact us and we will be happy to arrange a 20-minute video chat allowing us to understand how we can help your data needs.

For more information get in contact with our sales team today!

Email: / Phone: +44 1279 844 044

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