This project has resulted in the Board and Management Team better understanding the business trends; allowing us to plan our strategies and improve our operations to have a positive impact on our business going forward. I am very grateful for their input and look forward to working with them again.Gary Walters, Managing Director – The Night Yard
Using Data to Guide Business
Data can be employed in a number of ways to not just improve sales but also to cut costs and improve business processes. Big data is used by corporations to guide even basic decisions in their day to day operations. It is an empirical guide to customer behviour aligning the resources against which can enable companies to opearte on a smaller budget while maximising return.
The Night Yard is a wedding & event space based in Canterbury, UK which offers the venue and contracts catering, bar and other services providing its clients with a holistic event experience. It is a cloistered barn around a huge grass courtyard, which is situated in a tranquil part of a farm surrounded by apple trees and a wildflower meadow. The venue was refurbished and began hosting events in 2017.
The Night Yard kept databases which had information set out on client details event dates, revenue generated, costs incurred per event hosted etc. but in an unorganised system. As such the compiling of management information was usually a difficult task often adding in incorrect information but more importantly due to the nature of the system, the databases operated independently of each other. From a management perspective there were no clear patterns established for example no linkages between marketing efforts and leads/revenue generation.
This worked fine for the first few years of the business operation but as they grew so did their need to align their data.
GenSpec Ltd assessed The Night Yard’s databases against their needs determining that they did not require a more complex solution and a simple Excel based updation would suffice. We reworked the two main databases, automated the data entry process, employed detailed formulae, established linkages and communication between the databases. We organised the information, adding in more details where needed, in a way that will produce key management information automatically in the form of ratios and charts, moreover the newly designed database system will auto generate this till end of 2025.
The Night Yard management team can now use detailed information from their new database to view patterns across years, months, weeks and even days. By having the different information linked, they can establish correlations between cost and revenue. Using data, The Night Yard is now able to make better informed business decisions and build a business strategy around it.