Data tells decision-makers about issues, insights, and competition with other sites and their business, whether small businesses, large corporations, etc.
The numbers don’t lie about just how important data in decision-making is for businesses.
From the politicization of data, to the growing realization of data biases and lack of appropriate investment in data analysis, Covid-19 has exposed data: its purpose, integrity, and the validity of its predicted outcomes.
There is no question that the pandemic has also become an inflection point in the shift to digital.
Data shines a light on what’s possible and has the power to make it a reality. But only if you use it in the right way.
We’ve been hearing a lot about data from scientists and economists to public health officials and business leaders.
We are all collectively looking for data to give us a path forward, and the Covid-19 pandemic is making this rational inclination more of a desperate plea.
This blog will explain why data is relevant and important for your business.
What Is Data?
Data is simply a collection of different facts, including numbers, measurements, and observations, translated into a form that computers can process.
This might sound easy, but data effectively changes the world we live in and how we work.
If you own a business and are looking to grow, you likely have some notion that data is crucial in helping you take the next step.
Collecting Data Analysis
Any business with a website, a social media presence, and accepts electronic payments is collecting data about customers, user habits, web traffic, demographics, and more.
All that data is filled with potential if you can learn to get at it.
A Forbes article discussing a survey from Deloitte, notes that “49% of respondents said analytics helps them make better decisions, 16% say that it better enables key strategic initiatives, and 10% say it helps them improve relationships with both customers and business partners.”
But to take full advantage of data and analytics, you need to know how to get the most value from your data. So what, exactly, does that mean?
Businesses are always trying to balance cutting costs while people can improve their efficiency and productivity.
The secret weapon businesses have to more successfully walk the path of reduced costs and increased productivity is through data and analytics.
Some businesses even use consumer data to secure more sensitive information.
For example, banking institutions sometimes use voice recognition data to authorize users to access their financial information or protect them from fraudulent attempts to steal their information.
Do You Know How Much You're Making & Spending?
Collecting and reviewing data can show you how all of this is performing, and more.
If you’re not sure about the performance of employees or your marketing, how will you know they will put your money to good use? Or if it’s bringing in more money than you spend?
Data is key to understanding your customers and market. However, it can be easy to get lost in all the data you have if you don’t have the right tools to help you understand it.
Especially for SMBs, a BI solution designed for them is the best way to access and interpret consumer data so you can leverage it for higher sales.
Today, running your business with the help of data is table stakes.
If you’re not using data-driven insights that will guide your business into the future, you will become a business of the past.
Understanding Your Consumer Data
Data makes your approach strategic.
Data and analytics can help a business predict consumer behavior, improve decision-making, market trends, and determine the ROI of its marketing efforts.
The clearer you see your consumers, the easier it is to reach them.
From Data To Cash Flow
Companies that capture data stand to profit from it. Data brokers, or service providers that buy and sell information on customers, have risen as a new industry alongside big data.
For businesses that capture large amounts of data, collecting information and then selling it represent opportunities for new revenue streams.
For advertisers, having this information available for purchase is immensely valuable, so the demand for more and more data is ever increasing.
What Are Blockchains?
Blockchains can greatly benefit data and analytics by overcoming some of the challenges that frequently occur with them.
One way is that it allows you to see the full range of assets and transactions. It also allows for better transparency in those complex networks.
Data Collaboration In Healthcare
For healthcare, the future is collaboration. Doctors turn to data mining and machine learning techniques to identify high-risk heart attack patients and develop screening tools.
By enabling hospitals, big pharma, and research institutions to leverage a robust data analytics ecosystem capable of end-to-end orchestration at hyperscale, they can unearth viable therapies faster, enhance process innovation and increase value-based care automation.
Data allows organizations to visualize relationships between what is happening in different locations, departments, and systems.
If the number of medication errors has gone up, is there an issue such as staff turnover or vacancy rates that may suggest a cause?
Looking at these data points side-by-side allows us to develop more accurate theories, and put into place more effective solutions.
Advantages In Telecommunications
In telecommunications, operators use data to create a new, low-touch, highly personalized, self-service customer experience, driven by software-defined and self-healing networks.
Made possible by the latest technologies in edge computing and 5G services, they can connect their customers to faster, more reliable networks.
Enables Key Strategic Initiatives
In addition to identifying problems and inefficiencies, data also gives you the power to see your strengths and implement the same methods across your organization.
Data helps leaders make smarter decisions about where to take their companies.
Identifying your high-performers and understanding what they’re doing differently will give you a competitive advantage.
The most successful organization have both short-term and long-term strategies in place.
Solid field data collection and analysis means that you’ll always to able to put your scarce resources where they are needed most.
Understanding what area needs prioritizing is essential in helping you grow and move forward.
Improving The Customer Experience
For many companies, consumer data offers a way to better understand and meet their customers’ demands.
You can provide a good customer experience with the feedback (data) from the users, with which you can improve the profits.
By analyzing customer behavior and vast troves of reviews and feedback, companies can nimbly modify their digital presence, goods, or services to better suit the current marketplace.
Data helps you understand performance. Simply put, data helps you see performance.
Most successful business leaders and leaders have always relied on some type or form of data to help them make quick, wise decisions.
Data helps you understand and improve business processes to reduce wasted money and time. Every company feels the effects of waste.
It depletes resources, squanders time, and ultimately impacts the bottom line.
One example: bad advertising decisions can be one of the greatest wastes of resources in a company.
However, with data showing how different marketing channels are performing, you can see which ones offer the greatest ROI and focus on those.
Or you could dig into why other channels are not performing as well and work to improve their performance.
To elaborate on how to measure your company’s success and employees from data, let us consider an example.
Sports teams are a great example of businesses that collect performance data to improve their teams.
Today, there isn’t a professional team that does not employ a team of data collectors and analysts to help support and improve play on the field.
They are always updating data about who’s doing what well and how that can help the team excel.
Certainly, some performance data can affect how you portion out leads, leading to a revenue increase.
What Is Augmented Data?
Augmented data management can both optimize and improve the operations of your business.
It also provides the added benefit of converting metadata used in auditing and reporting to other systems.
Augmented data management can look at large samples of data from the operations, including performance data and schemas.
It uses the existing usage and the workload data, allowing it to optimize and fine-tune many operations around the business.
This also allows the business to increase the automation in management tasks related to data management.
Improved Quality of Life
Access to good data helps improve the quality of life for those working in your organization and the people you support.
Once you understand the importance of data collection, you’ll be able to measure a situation accordingly.
You can take appropriate action with fewer frustrations and complications at all levels of the process. Simply put, data improves the overall standards.
The Bottom Line
The importance of data in decision-making cannot be understated, making it a vital role in your company.
Analytics has come a long way in a relatively short period. It can aid in multiple aspects of tasks and be a real game-changer for many businesses.
But to get maximum results, companies need to know how to properly utilize this technology, improve the caliber of their data, and effectively manage it.
Those who can do so will have a considerable edge over the competition, and be poised to succeed in 2022.
Data empowers you to make informed decisions. Never lose sight of the fact that data equals knowledge.
The more data you have at your disposal, the better position you’ll be in to make good decisions and take advantage of new opportunities.
Hop-On The Kennected Train
According to HubSpot, 61% of companies name their top marketing challenge is generating traffic and leads.
If you’re part of that 61%, keep reading because what you’re about to discover could be a game-changer for you and your business (like it has for thousands of people before you).
So many business owners & sales professionals that come to us are struggling to get ahead because they’re stuck relying on referrals, lead lists, or manual prospecting.
This is taking up too much of their time and isn’t creating the consistent income they’re looking for to fund the lifestyle they want for themselves and their families.
Four years ago, the founders of Kennected had the same struggles. They found that lead generation was way too complicated, expensive, and time-consuming, knowing there had to be a better way.
So they developed a new way of getting qualified leads that turn into new customers on the #1 platform for B2B lead generation… LinkedIn.
In the four years since we developed this lead gen strategy, we’ve earned a spot on the Inc. 5,000 list of Fastest Growing Companies in America.
And more importantly, it helped over 17,000 businesses get new leads and sales for THEIR businesses.
Want to see how it works?
Click here to see how you can use Kennected to fill your sales pipeline with qualified leads in less than 10 minutes per day.