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 firstname.lastname@example.org or call 877.224.9677.