Data is at the heart of every business or organization these days. Each passing day, companies, organizations come in contact with their user’s data. However, it is sad to note that about 73% of that data goes to waste. What’s worse, the remaining 27% of data that is eventually analyzed, isn’t always resulting in quality business insights. A number of companies still struggle with identifying the best data in order to make the right business decisions.

In talking about business data, something that is very key, and cannot be overlooked is getting the right tools in place to effectively help in breaking down, analyzing data, in order to drive business growth for your company.

Taking it a step further would be identifying the right metrics to track, and also the kind of value that would be derived from such data.

New digital technologies such as Machine Learning (ML), Natural Language Processing (NLP), and Artificial Intelligence (AI), can be used to turn your company’s data into insightful decisions.

This then begs the question, How can your business get value from your data?

1. Data Helps In Improving Processes

Data helps to better understand and improve business processes, which in turn cuts down on wasted money and other excesses. Your data can go a long way in setting you in the right direction, as regards the decisions to be made, and which steps to take to guarantee a rewarding ROI.

2. Data Gives You A Better Understanding Of Your Users

Without relevant data in place, knowing your consumers can be an herculean task. Knowing what they want, knowing if your efforts at marketing a new product is getting to the right audience is what your data would do for you. Hence, rightly analyzed data would give your business an edge, because it can help your business predict consumer behaviour, improve decision-making. Data is very key to understanding your consumers as well as the market.

3. Data Helps You Solve Business Problems

A data-driven company is more likely to solve problems faster than a company that is not data-driven. This is because tracking a past failure is easier when looking through and reviewing data from business processes. It helps you understand what must have gone wrong, while at the same time, makes you better understand the process better, and know what steps need to be taken moving forward.

4. Data Serves As A Catalyst For Innovation And Product Development

In order to improve the quality of product performance, businesses have to collate and rely on data. In order to compete and stand out from the crowd, businesses need to come up with a means to track their products, the market, their competitors e.t.c. This can only be done when existing data has been properly and effectively analyzed, so as to come up with products, and innovations that the market wants.

Conclusion

Gone are the days when businesses relied on their intuition or gut feeling, when making decisions. These days, it’s safe to say that Data makes the world go round, and more importantly, properly analyzed data is sure to put your business in the right direction. At Data2bots, our dedicated Data Engineers are ready to lead you, and also hold you by the hand while you make informed decisions with your data.

Contact us via email, mailto:info@data2bots.com or visit www.data2bots.com today. Making your data work for you is possible!