Why Your Organization Should Be Capturing As Much Data As Possible
By Tim York
In this day and age, technology is a very important concept to understand in the business world. Big or small, it doesn’t matter -- data is a fundamental building block of success in any venture. It’s essential to know what your consumers are drawn to and what they aren’t.
Analytics guru Bernard Marr said in 2015, “I firmly believe that big data and its implications will affect every single business—from Fortune 500 enterprises to mom and pop companies—and change how we do business, inside and out.”
Here are a few of the most important ways that data can improve a business:
Data Identifies and Solves Problems
Figuring out what works and what doesn’t is the first step toward improvement -- and identifying problems quickly is fundamental for long-term efficiency. Organized data helps businesses accomplish this and can help younger businesses skyrocket to success. If and when processes underperform, having access to data will increase the likelihood of finding and fixing the root cause before costs get out of hand. With data in hand, it’s much easier and faster to find the problem, reducing required time and resources.
Data Improves Decision Making
Good decision making is obviously important for every organization -- but it is especially crucial for startups as one bad choice can be the difference between success and failure. In the world of corporate venture capital, the large organizations that invest in young companies should be actively seeking ways to leverage their existing data for the mutual benefit of both businesses. For example, the right data can help early stage startups find the right target market as well as predict sales trends and improve customer retention.
Data Can Be Monetized
The market value of data itself is impressive. Many companies make sizable profits selling information that is of little value of them, but has great value to others in their industries. In some cases, the data a company owns can even influence its value -- it has been speculated that one reason why Facebook was so fast to buy Instagram was to obtain their analytics capabilities and data value.
Overall, having access to software that can ingest myriad types of relevant data can be a valuable asset to your business -- and as long as you have a unified system for storing data, there are plenty of reasons to use it. Storage becomes more affordable every day, as does network bandwidth, so companies should be working to capture any and all data they can since there’s no better way to understand consumer trends, what’s working well, and where money should be spent. The benefits of data are only going to keep increasing – just because a particular dataset might not seem useful now, you never know what opportunities might arise that would make that data useful in the future.
Not getting enough out of your data? QBIX Analytics has the tools and the expertise to help your company leverage the information needed to succeed. Visit us online today to learn more.