In the 21st century, data is as valuable of an asset as oil is. Actually, as per the prominent, global newspaper, the Economist, it is the topmost significant resource in the world, outbeating even oil. Considering the incredible contribution of data to the smooth functioning of businesses all around the world, it doesn’t come as a shocker.
97% of the world’s businesses utilise data for expansion and grasping new opportunities while a major 76% employ it in developing new technologies. Ever since the advent of the Coronavirus, dependence on data has escalated, which has solely shown every sector the way through the dark times.
In this highly competitive business world, staying alert and updated is essential. This is where data comes in, helping industries to be a step ahead of their competitors and tackle marketing challenges head-on!
Data is now considered as the guiding light, leading everyone towards the light at the end of the tunnel. From gathering primary information to strategy formulation to making crucial business decisions, enterprises these days are heavily dependent on data. Therefore, if analysed, organised and updated frequently, data can help industries achieve huge milestones without breaking much sweat.
Filtration of Data
Although beneficial, there’s an abundant amount of data being developed every hour of a day and not everything is important enough to be saved. So, the question is: “How do we filter out the valuable data assets from the worthless ones?”
Well, the procedure for that is a complex one. Complicated, hi-tech, automated programs and processes are used to go and select through terabytes of data. Apart from sorting and prioritising endless amounts of data, classifying it into different categories can be immensely helpful.
Based on their utility, data has been categorised into three types: application and business integration, business management, and monitoring. While filtering and organising data, one point shouldn’t be forgotten that reporting analytics, value and insights gained on data is equally crucial and significantly add to the value of data.
Sharpening Data Potential
The unconnected data, that may serve a purpose once in a while, isn’t worth the hassle of losing the holistic management of a business. Hence, considering and treating data as a business asset helps keep its value high and intact and get utilisation out of it. Here are a few ways to unlock the full potential of the asset of data.
Revamping Data Journeys
An extensive data culture, formulated around one’s business, can tremendously help a business to thrive. Companies should connect their business analytics to the ones popping up in every company function. By doing so, businesses facilitate the C-suite to keep their internal data and exchanges safe with end-to-end encryption.
Outsights Integration
While keeping a tab of the internal data is important, what’s even more essential is an analysation of the outsights. Considering the fact that outsights are driven from numerous external sources of data, they can provide much more useful data than insights. Outsights are greatly helpful for planning future business strategies and being quite a few steps ahead of competitors.
Data Analytics Platform
To attain thorough utilisation of data, businesses should invest on a modern cloud data analytics platform. It delivers the optimum benefit of effective performance of data analytics orchestrated in a multi-cloud environment.
For people hearing the term multi-cloud environment for the first time, it is when two or more public clouds are utilised collectively to serve different purposes. With such scalability, companies can effortlessly handle millions of interactions and run millions of productionised models.
Long-term Data
Since data is what helps businesses thrive in today’s world, developing a long-term analytics strategy will be greatly beneficial in the long run. As vital of an asset data is, the responsibility of all data-related management and decision making should be entrusted to the executive members.
Benefits of Data
Optimized Customer Engagement
Customers can make or break a business. Hence, for a business to succeed, it must have a solid customer base. The better relationship a business has with its customers, the more loyal is its clientele.
Having said that, earning the confidence and loyalty of different customers is not an easy task. With many brands treating them as merely profit sources, what customers seek from brands is value and respect.
Acknowledging customer feedback to serve them better, providing personalised interactions and connected experiences will help customers feel valued and appreciated. All of this is only be possible with access to accurate and comprehensive data on consumer demands and expectations.
Confident Decision Making
With comprehensive, high-quality data, an organisation can make informed decisions. Rather than uncertain assumptions, statistical data obtained from reliable sources validated by experienced analytical professionals can tremendously boost the decision-making confidence of companies.
Logical and factual, data removes all ounces of doubt in decision making and helps build the strength and confidence of businesses. With confidence in one’s capabilities, developing new strategies and committing to a business vision becomes much easier and less worrisome.
Elevates Organisational Value
Informed decision making facilitates a business with some competitive advancement while significantly adding to its value. With customers having a myriad of options to replace a brand at any time, there is neck-to-neck competition in the market.
Therefore, staying ahead of the competitors and constantly adding value to their brand is the only way to remain consistent for businesses. To do so, businesses should possess accurate and detailed data on all levels of the analytical chains of custody. Furthermore, with the incorporation of data culture, the spending and operating costs of companies decline to a great extent.
Better Promotion
For businesses, especially the newly emerging ones, introducing a new product in the market holds the capacity of literally making or breaking a brand. From cash flow to market valuation, attracting to retaining investors, a lot is at risk in business.
Considering how much is riding on the promotion of a business, a good data strategy is all that a company needs. Businesses, by accessing and utilising user data, can bring about the upgrades and innovations that customers seek in the products and services.
The present times being immensely sensitive, the dependence on data has elevated to a whole new level. Being the one common thing different industries are relying on, if smartly used, data can be the biggest asset one can possess.
