BLOGS

Why is Data Important

For Your Business?

Data is the new oil.
-- Clive Humby

If the customer is king for businesses, data is God! Before we delve into understanding what data can do for your business, let’s do some numbers talk:

  • In a survey conducted by Deloitte, 49% of respondents said that data analytics helped them make better decisions.
  • 52% of the organizations today are leveraging the insights they get from predictive and advanced analytics. This also helps add contextual intelligence to their work processes.
  • 71% of the organizations predict that their business investment in data and analytics will increase in the next three years.

That’s how important data is for businesses!

Traditionally, ‘data’ was defined as a collection of facts or stats that one could reference or analyze. Today, data is a tool to scale for organizations. It’s meaning has transformed from just ‘information’ to a ‘source of knowledge’.

If you haven’t already started a data-driven culture at your organization, read on to know 5 good reasons to do so right away

Why is Data Good For Business?

Here are five quick points:

1. Better customer engagement:

You can tap into data insights to boost customer engagement and improve customer experience. You can get greater insights into understanding how your products or services are used by the end consumer and allow you to tailor those to your need.

2. Solving business problems:

Data helps you solve business problems by helping you map the performance of each business process. You won’t have to guess what went wrong but will be able to pinpoint it immediately.

3. Improved organizational efficiencies:

Data can improve overall organizational efficiencies by helping you understand what works and doesn’t work. You can get access to actionable insights.

4. Enhanced decision-making:

Data supports better decision making. Instead of taking shots in the dark, you can make informed decisions that will help you scale quickly and create a positive impact.

5. Optimal resource utilization:

By using data you can get a clear picture of the wasted resources on multiple tasks within your organization and then optimize those processes. 52% of organizations use data to improve their organization’s financial performance.

Here are some more ways in which data can take your business to the next level:

  • Predict sales trends
  • Track social media engagement
  • Improve customer retention
  • Streamline your work processes
  • Improve your marketing strategies

and more.

Reach out to us at Thinking Solution for all data-related services! We can customize a data strategy unique to your organization, help you decipher data through our data science services, and do a lot more. Contact us!

THINK. SOLVE. GROW.