Tailoring data collection strategies to suit the specific business model is critical.
Akeredolu highlighted the significance of a systematic approach to data collection, utilising various touchpoints such as sales, customer information, etc.
Neglecting certain data points could result in an incomplete business picture, leading to flawed projections and inaccurate decision-making.
“The way you collect your data will be guided by the goals you set. It will depend on your business model,” Akeredolu said.
“Take, for instance, an ecommerce website; a record is produced for every transaction. That record is funnelled into a database at the end of the day. From the database, you can extract your data points. These data points could include the number of sales, customers, etc.”
Chijoke-Nwauche emphasised the need for a comprehensive understanding of the entire business landscape, advocating for data collection from multiple sources, including CRM, point-of-sale systems, and backend data.
“You are going to have sales data, customer data and even staff data, automated data like automated transactions, etc.,” she said.
“All of these different points are different ways of collecting data. How you as a business decide to apply and implement that data is very important.
“If you are an e-commerce company and do a good job of storing data at different sales that you have and somehow, not doing a good job of collecting customer data, then the business is going to suffer.
“So, for instance, in your first year of business, you have been able to record at different sales points, but if you have not done an excellent job of capturing customer data, you will have a problem of not knowing who your customers are.
“Have a wholesome perspective because one led data is not enough; you need the whole picture. From CRM, point of sales and back-end data.
“All of the information should make sense so that when you are making projection or making valuation, everything will make sense. You are not using only one data, you are using the whole datab and understanding every part of your business. It will help you set the pace for the sucess of your business.”