The 2020 Mid-Year Economic Update_long

Tip: Baby Steps to Data Analysis

Your CRM and ERP systems are full of data that can be used to make meaningful observations about the way your business works and how to improve it. Unfortunately, data wont come to any conclusions by itself, and it is sometimes difficult to know where to start your data analysis.
Kristen-Gawalis-MDMBlog

Your CRM and ERP systems are full of data that can be used to make meaningful observations about the way your business works and how to improve it. Unfortunately, data won’t come to any conclusions by itself, and it is sometimes difficult to know where to start your data analysis.

The first step to understanding your data is to categorize it. Using standard classification systems, such as the North American Industry Classification System (NAICS) or the Standard Industry Classification (SIC), you can begin to break down your data into digestible pieces. Customers can be tagged by industry, allowing the comparison of sales within different end-markets.

To use these classification systems, start with the basic information you have for each account, such as phone number, address and company name. This will help match the industry identifiers to your customers and their locations. Industrial Market Information can then match each of your account records with discrete identification numbers and industry classifiers. 

With your data qualified with these classifiers, you can begin to see and compare sales by industry, size of company, age of company and more. For more information about how to qualify your company data, email us at info@imidata.com or call 877.224.9677.

About the Author
Leave a Reply

Leave a Comment

Sign Up for the MDM Update Newsletter

The MDM update newsletter is your best source for news and trends in the wholesale distribution industry.

By subscribing, you are agreeing to MDM’s Privacy Policy.

2

articles left

Want more Premium content from MDM?

Subscribe today and get:

  • New issues twice each month
  • Unlimited access to mdm.com, including 10+ years of archived data
  • Current trends analysis, market data and economic updates
  • Discounts on select store products and events

0

articles left

This is your last free article

Subscribe to MDM Premium today and get:

  • Unlimited access to MDM.com
  • 1 year digital subscription, with new issues twice a month
  • Trends analysis, market data and quarterly economic updates
  • Deals on select store products and events

1

article
left

You have one free article remaining

Subscribe to MDM Premium to get unlimited access. Your subscription includes:

  • Two new issues a month
  • Access to 10+ years of archived data on mdm.com
  • Quarterly economic updates, trends analysis and market data
  • Store and event discounts

To continue reading, you must be an MDM Premium subscriber.