Why Your Organization Should Be Capturing As Much Data As Possible
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. Tracking data can help you find exactly what the problem is much faster and easier than trying to figure it out on your own, reducing waste of time and resources.
Data Improves Decision Making
Decision making is obviously important for ever organization -- but it is especially crucial for startups because one wrong decision can make or break. In the field 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, data can help find the exact target market early stage startups are looking for, while also predict sales trends and improve customer retention.
Data Itself 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 of great value to other partners in their industries, for example. In some cases, the data that a company owns can even influence its value -- it has been speculated that one reason why Facebook was so fast to buy Instagram was in order to obtain their analytics capabilities and data value.
Overall, having access to data software can be a really good asset to your business -- and as long as you have a unified system for storing data, there’s no reason not to. Data storage is highly affordable, as is network bandwidth, so companies should be working to capture any and all data that they can. There’s no better way to understand consumer trends, what’s working well, and where funding should be spent. The capabilities of data is only going to keep increasing -- and you never know what may be 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.