Today’s market leaders leverage the potential offered by data and consider it a number one factor in high-impact business decisions. Data can drive business development in various areas, for example optimizing operational costs or designing new, profitable business models. Those who take advantage of the power hidden in data will succeed.
The amount of data is certainly growing and this trend is also fuelled by the effects of the pandemic on everyday life. According to a recent finding, “the amount of data created and replicated experienced unusually high growth in 2020 due to the dramatic increase in the number of people working, learning, and entertaining themselves from home. However, less than 2% of this new data was saved and retained into 2021.The rest was either ephemeral (created or replicated primarily for the purpose of consumption) or temporarily cached and subsequently overwritten with newer data.”
How to tap the hidden potential in data?
Understanding the exact ways of extracting valuable information hidden in raw data is the beginning. Companies need to think of their business processes as data-driven operations, which will affect people and technology. Ultimately, it has an impact on the core foundation of any organization. If companies are willing to change from the inside out for promising opportunities, they can eventually generate significant results.
What can be achieved with better utilization of data?
Exploiting the available digital insights and embracing the power of business intelligence contributes to informed decision-making. As a result, new potentials can be unveiled that can accelerate future growth. The right reporting tools and the understanding of data analysis and measurement could provide new source of information that can be utilized throughout the whole operation. In practice, it can mean:
Understanding customer behavior by observing transaction flows, use of products and services
Collecting information from surveys to realise revenue trends, customer retention, and proactively address retention issues
Collecting data at control points of business processes to identify opportunities to improve operational efficiency
Detection of fraud
Optimization of employee productivity
How to begin?
One of the most important pillar of an efficient data strategy is promptness. The real-time delivery of data for quick decision-making is quintessential in supporting business operations successfully. Then, predictive and prescriptive models are necessary to apply, so they can optimize operational processes. Besides, when working with data a self-service infrastructure attributes to improved quality and security.
Behind it all, of course, lies technology, from storage to analytics with dashboards, as well as clouds, security, machine learning, artificial intelligence, and more. All of this requires planning to continually discover, analyse, and use data to generate actionable ideas for business improvement.
To get an understanding on how your business can benefit from data analytics and data-driven decision-making, contact Softline’s experts using the form below. Our colleagues will explore with you the possibilities and provide an understanding of the value carried by your data.
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