Everyone running a firm can use data to get ahead

DATA is the new oil, listeners to the Go Radio Business Show with Hunter & Haughey heard.

Calling in to the show, Dave Mcconachie, chief commercial officer of Glasgow-based data analytics firm Bellrock Technology, asked whether there was enough focus on data as an economic driver.

Lord Willie Haughey, who owns Glasgow-based facilities company, City Facilities Management Holdings, replied: “In 35 years in business, I don’t think our business has ever been driven more by data than it is today.”

This data helps the company’s clients make big capital spend decisions and revenue decisions related to maintenance spend.

“I would certainly encourage everybody, no matter what your business is, to collect as much data as you can, both in how you run the business, and what your clients are looking for,” Lord Haughey said.

Entrepreneur Sir Tom Hunter said: “Data is the new oil and it’s so important. But you need to decide, what are you going to measure?

“Whenever we do an investment, I always boil it down to saying, right, what are the three things that this company needs to do in order to satisfy the business plan, the three success factors? And then we measure them at board meetings.”

Sir Tom recalled his days running sports retailer

Sports Division.

“We used to print out all the data,” he said. “But about 50 per cent of the printouts never got looked at.”

Broadcasting at 11am on Sundays, the Go Radio Business Show features advice and insight from Sir Tom and Lord Haughey.

The programme also includes Scottish business guests.