The quantity of data present in the world today amounts to about 3 Zettabytes. Every second, 42 terabytes of data are exchanged by 3.5 billion internet users. It is safe to say that in this internet age, money doesn’t rule the world, data does!
The industry is growing exponentially; engendering possibilities hitherto unheard of. The process of collating and analyzing data might be recondite, however, the impact of big data and analytics on your organization isn’t. Some of the ways in which your firm can aptly tackle the challenges we face today are outlined in this article.
What is a Data-Driven Organization?
For an organization to be data driven, data must be drawn from a myriad of sources, both within the company and outside. The data gleaned, should then be subjected to thorough analysis using several business analytics tools. The outcome of the processing yields further analytics; how, why, and when success or failure was achieved.
Data Driven Businesses Save Money
A survey including several Fortune 1000 companies, asking about their investment in big data technology reveals an astounding success rate. 50% of these companies have decreased their expenses as a result of big data and analytics, even though 29% are yet to invest in the technology.
Data helps you identify patterns of sales and expenses; high-converting products, seasonal goods, effective ads, etc. With this leverage, you begin to save money, and your expenses are channeled to more profitable ventures.
Minimization of Risk
Apart from cutting costs, big data helps businesses take calculated risks which pay off in the long run. As they say, any generation that fails to study the mistakes of its antecedents is bound to fail in a similar fashion.
Automation has made the process of collecting data seamless. Now, events which occurred years ago are recorded and reproduced exactly as they were, giving us an accurate knowledge of those happenings.
When large data sets are analyzed, companies can understand the reason for failed projects in the past. With a wide range of metrics and parameters, short-term and long-term businesses are studied and your organization is equipped with the knowledge of profitable and wasteful ventures. The time it takes to get returns on investment is also considered, helping your business be more productive.
Utilization of Big Data Engenders a Clear Path of Growth
The business industry is highly volatile; the competition is such that slight slips often have grave consequences. One major mistake companies make is their failure to plan for expansion and Progress. With reliable data sources, you can measure the outcome of certain business practices and subsequently assess the Return on Investment.
With access to industry trends, sales data, and user experience reports, business analytics provides information on the future of your business. According to Harvard business review, 57% of the companies with appreciable investments in big data have launched new products and services based on the information gleaned.
So this extract must necessarily culminate with questions for your organization. It would be generic to ask if your organization is data driven. The question can be quite rhetorical in many cases, but to step beyond the rhetoric lies the challenge, that is, to understand your organization in the truest possible sense with regard to your relationship with the data you own or hope to own.
In our association with several companies of varying magnitudes, we have realized that the questions companies face and the ones they pose to themselves aren’t really the same. We also might concur that there needs to be a linear relationship between the two in order to build your data driven processes with the ultimate goal of maximizing the impact of your data.
We at Biztruss love data and the endless possibilities it brings to you. We love to identify and unearth ways in which the data would effectively answer all the questions that you pose for the present health and future growth of your organization. So go on this journey to discover the truths offered by data We’ll hold your hand and walk alongside.
And the data will set you free! Till we come back with another blog from our stables, Stay Data Driven.
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Title: Why Your Organization needs to be Data-Driven to Meet Today’s Challenges
Meta Description: The industry is growing exponentially; raising possibilities hitherto unheard of. The process of collating & analyzing data maybe recondite, but the impact of big data & analytics on your organization isn’t. This article looks at the ways in which firms can tackle the challenges encountered towards being data driven.
