Data is everywhere in society and while big data is predicted to grow ten-fold over the next seven years, it brings a raft of opportunities and challenges for businesses across a variety of sectors. When used effectively, data facilitates opportunities for businesses to gain an advantage in a continuously competitive market. Below Evangelos Tzimopoulos, Senior Manager at Brickendon, discusses the various benefits of prioritising data.
Before the modernised inception of data, businesses had to gather information, run analytics and conduct primary market research to make informed decisions. The key benefits of data analytics – speed and efficiency – give businesses the ability to work with increased productivity, greater accuracy and a more targeted approach to meet customer demands.
The Importance of Data
The ability to analyse and make informed decisions based on data is essential to daily business operations. In an increasingly competitive industry, it is imperative businesses are able to react quickly and make increasingly complex decisions to changing demands from customers and market conditions.
By harnessing data, businesses can identify new opportunities which leads to smarter business decisions, more efficient operations, increased profitability and improved customer service.
Having worked with clients to develop tailored data solutions for their operations, our data team has identified the considerable benefits and opportunities inherent in the successful implementation of data analytics processes. Some of the opportunities include:
- Velocity; the speed of data allows for real-time results, enabling quicker business decisions.
- Streamline Business Operations; data helps understand, streamline and improve business processes, reducing cost and time.
- Track Performance; collecting and reviewing data allows businesses to continually track performance.
- Problem Solving; tracking performance enables businesses to better understand each part of the process. As a result, businesses can understand which areas aren’t performing well and take the necessary steps to rectify.
- Market; data helps businesses understand consumers and the market.
- Variety; data comes in a variety of formats, which may be structured to best fit an organisation. Businesses can tailor the data in line with their business objectives.
- Value; the usefulness of data will continue to be explored, bringing infinite possibilities to businesses.
As the number of businesses that recognise the array of possibilities generated by data increases, so will the adoption rate. Consequently, the ways in which data and analytics are used will become increasingly more advanced and pave the way for previously unattainable results and increased capabilities.
The sheer volume of available data has grown profoundly, allowing analysts to develop more sophisticated algorithms. The inception of data trends is now driving rapid technology developments and facilitating business disruption. The key for all businesses is to keep up with the evolution of data and understand how best to utilise its capabilities to become the disruptor not the disrupted.