Due to the growing importance of data analysis for business, we are now faced with many different types and classifications of data. One may be a bit overwhelmed by all the diverse kinds of information and just as diverse ways to use it in business. Thus, even very important categories of data may sometimes not get the attention they should. To help make sure that due attention is given to technographic, let us look at the benefits and usage of this type of data. The reason why we should do it is very simple – technographic data may be a decisive factor of success for many businesses.
Technology and Data
Naturally, to see the benefits of technographic data one must first understand what it is and how it relates to other types of data.
The term “technographic” covers various types of information about a company’s technological stack. This refers to the data about the technology, both hardware and software, that the company is using as well as the level of automation of their daily procedure. It also includes information on the firm’s abilities and tendencies of implementing new technology.
This data is used to categorize and analyze companies by their relationship with technology. As such, technographic could be understood as a subclass of firmographic data, which refers to all types of statistical data that are used to categorize firms.
It might be asked why then we should talk specifically about technographic data, separating it from the general category of firmographics. But after a moment’s thought, the answer to this question should become pretty clear. It makes sense to pay specific attention to technographic because technology is what stands out in every aspect of life today.
Both firmographics and technographic have been adapted to study firms from the methods of studying individuals. Firmographics mirror demographics – the statistical study of societies and people that compose them. Technographics have also started as a way to segment society by the way people use various technologies, most notably online socializing technologies.
Thus, a relationship with technology is conceived as a special and important way to understand individuals. And so should it be with understanding firms.
The Benefits of Using Technographics
We can see that the importance of technographic data for business is rooted in the importance of technology for our way of life. This means that by studying how technology is being used we can arrive at many meaningful insights about the user.
Such insights in business usually translate to benefits. The 5 benefits listed below will confirm that this is the case with technographic.
1. Drawing links. Many products and services offered by businesses today are in one way or another technological. Whether it is high-tech or low-tech, automobile parts or computer software, a lot of what is on the market relates to technology in one way or the other. Technographic data is what helps the companies to draw links between what they are offering and the technology that others are using. And once the links are drawn, one can show them to the potential customer.
2) Setting up priorities. Data on the way a company is using technology will tell a lot about the future prospects of that company. Thus, whether we are looking at existing customers or scoring leads, technographic will help to properly differentiate among them and focus more on the priority accounts.
3) Research for improvement. As technology is something every business needs to use, it is also important to know what technological implementations work best. Technographic data on other companies will provide an opportunity for a business to improve its own technological stack.
4) Weapons of the competitors. Tools are always weapons as well in the competitive world of business. Information on the technological tools that your competitors are using will give you an opportunity to ensure that you can stand your ground in the battle for market share.
5) Efficiency across the board. To avoid making this list of benefits too long to read, a whole bunch of important advantages of using technographic is compressed here under one key term – efficiency. Equipped with knowledge provided by technographic data salespeople will convert more efficiently, the marketing department will design better campaigns faster, management will be able to arrive at the right development decisions sooner. Simply put, everyone can do their job more efficiently when they know what they are dealing with.
Looking at What Matters
For a concluding observation, let us return to the question of navigating the many different types of data used in business today. When trying to make sure that important categories of data do not get lost among others and overlooked, one can follow a simple rule. It states that if something has a huge impact on our lives, the data on it is more than likely to be beneficial.
And since few things have as big an impact as technology, technographic is definitely something to look into.