They say that data is “the new oil.” Undeniably, the World Economic Forum estimates that by the year 2025, the world will generate more than 400 exabytes of data every day.
Never heard of an exabyte? One exabyte is equal to approximately one billion Gigabytes.
So how do businesses cash in on this new “oil” rush? That’s where data-driven technology can help out.
Businesses all around the world are using data-driven technology. Data-driven technology drastically improves their overall effectiveness in their niche markets. We’re about to find out what this could mean for your business.
What It Means to Be Data-Driven
You have data everywhere within your company. Right now, it’s just an untapped resource like gold ore in the ground or crude oil waiting to be refined.
Data can help your business make important decisions based on real, tangible facts—decisions made from facts rather than emotions, pressure from competitors, or instincts.
By definition, a “data-driven” business is one that utilizes data to inform or enhance decision making, processes, and revenue modeling. By creating a data culture within your company, you can tap into the unlimited stream of data that is at your disposal right now.
Benefits of Undergoing a Digital Transformation
In the world of capitalistic Darwinism, many times brute force dominates economic markets. But in this day and age, business and competitive intelligence has begun a new era.
By transforming your business into an analytical data machine, you can make real-time decisions. These valuable decisions can help correct course and innovate when needed. Marking, customer care, customer service, customer support, HR, financing, and accounting are all areas that will see improvement with the proper utilization and integration of data culture.
How Does My Company Create a Data Culture?
According to CSG Solutions, data culture is just as important as building the right data team and investing in data technology. Start-up companies have it much easier when adopting data culture into their framework. This is because they are starting from ground zero.
Companies that are already well established need more planning and restructuring. This can seem like quite a challenge at first.
Giving people within your company easy access to data allows them to make decisions quickly and efficiently. New technology can help collect and analyze data instead of dumping and hoarding it in a data warehouse.
Make your organization’s data FAIR: findable, accessible, interoperable, and reusable. By applying these principles, according to a research team in Europe, your company data culture will grow and thrive.
Data-Driven Decision Making
When it comes down to it, at the very core of decision making, all decisions are made from interpreting data. Businesses have always made their important decisions based on the information given to them.
Today, business leaders are implementing technology to collect and analyze data in near-real-time. By doing so, they are transforming their company for the better.
Is your business ready for a data-driven transformation? If you found this article useful, read more business-geared articles in our blog section.