We hear so much about data, but do we really understand its significance? Data is a collection of different facts, including numbers, measurements, and observations, that are collected for reference or analysis that can be translated into a form that computers can process. Even in our everyday lives, data is used in GPS mobile maps and smartphones, for online shopping, urban planning and energy consumption. Data is everywhere.
Bring IT On looks at how data can effectively change the world we live in and the way that we work.
Data Aids Decision Making
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. Good data will also give you the justification and evidence you need to back up these decisions so that you can feel confident explaining your reasoning going forward. Without solid data, you’re much more likely to make mistakes and reach incorrect conclusions.
Increased revenue – cleansed and accurate data is a reliable and effective way to drive sales.
Reduced costs – accurate and updated data helps you save money that would otherwise be spent on ineffective decisions, strategies, and tactics.
Improved customer experience and increased customer satisfaction – Accurate and up-to-date data about your consumers and their online buying habits help your business by making sure the marketing team conveys the correct messages to reach the right audience.
In short, data can eliminate risk and help leaders make smarter decisions about what direction to take their company.
Data Helps Businesses Identity Problems
The ever-changing nature of business and society as a whole makes it nearly impossible to eliminate problems and inefficiencies. That being said, access to good data will ensure that you’re able to identify significant problems associated with risk and take action to solve them.
After experiencing a slow sales month or wondering why your social media campaign didn’t take off, how do you know exactly what went wrong? Tracking and reviewing data from business processes you have in place, will allow you to break down the performance. Understanding better each part of the process and knowing which steps need to be fixed and which are performing well will set a business apart from the competition as the best run companies are data-driven.
Data Will Back Up Your Argument
With so many opinions on offer, making real positive change happen within an organisation can be a challenge. When a disagreement arises, if you have the backing of sound data on your side, you will be in a much better position to push your ideas forward.
Data can help to set clear goals for what is coming next year based on historic events. Data takes the discussion from “I think” to one of “Let me show you”. It shifts the conversation to one that will get a good solid outcome. It takes emotion and bias out of the equation leading to data-driven and robust business decisions.
Data Saves You Time
Having a smart data collection system in place will save you valuable amounts of time in the future. Resources are wasted going back and forth to retrieve the same information time and time again. An automated smart system will gather and display data in a way that is easy to access and navigate thus saving time.
Effective automation is crucial for improving business processes and saving time. A data analyst will help identify which tasks can be automated and may even be able to assist with the automation process. By automating certain tasks, the focus can move to more complex and valuable goals.
Using the right analytical tools for data can prove extremely beneficial and is a great job for a data analyst to help maximise the potential of all data tools.
Data Tells You What You Are Doing Well
Data gives the ability to see strengths and to implement the same methods across an organisation. Being able to identify high-performers and understand what they’re doing differently will provide a business with the tools necessary to develop strategies and assist programs in under-performing areas.
Data helps understand and improve business processes, therefore, reducing wasted money and time. Every company feels the effects of waste. It depletes resources, is a massive time constraint, and ultimately impacts turnover.