Who would have thought that the way we store information would change in just a few decades? Information stored on paper for hundreds of years has now become digital and accessible at a touch of a button. The invention of digital storage and the internet transformed the way data is created, viewed, stored, and shared.
Data accumulates at a growing pace. Every day enormous quantities of information are created and recorded by companies all over the world. We continuously produce data while shopping, making phone calls, sending emails, or just surfing the web.
According to the IDC’s study of the digital universe, by 2020 there will be 44 trillion gigabytes of information available to us, comparing to this year’s estimate of 25 trillion gigabytes.
Data is everywhere today, and our reliance on it is continuously growing. No matter whether it is for work or personal use, to meet our goals, it is important to gain a deeper understanding of the insights provided by data analysis.
Importance of Data
Data should be at the heart of any successful business, whether it is a multinational enterprise or a startup. However, the importance of data is not the amount of information your company can collect but how it will be used that matters.
Peter Sondergaard, executive vice president at Gartner Research & Advisory said:
“Information is the oil of the 21st century, and analytics is the combustion engine. Turning that data into value is the challenge and an opportunity for all organizations”.
Tips to Successfully Embrace Data
Data matters, even to entrepreneurs at the very early days of launching a business. Of course, finding ways to use an enormous amount of information can seem especially overwhelming for startups and small businesses who are already working around-the-clock to stay in the game. But then again, data gives you an edge over competitors and helps to identify the strengths that can take your company to the next level, making it worth embracing.
To grow into an industry leader, start with establishing your business objectives. Having these will help you understand what data to collect to achieve your goals. Continue by making sure you analyze different sets of records to obtain a clearer view of your business and the industry you are in. The results of your analysis will enable you to come up with innovative future strategies and make more effective business decisions.
To avoid inaccurate or duplicated data, connect all your data sources into one integrated system, and give access to everyone in your team. There are thousands of analytics tools out there. These include Microsoft Power BI, Tableau, Domo, Google Data Studio, and many others. All of them will help you gain more understanding of where you are standing and will evaluate key metrics you need to accomplish your goals. Some of these tools are free to use, therefore affordable for companies on a tight budget.
Data-driven metrics are also crucial when you are working on moving your company forward. The world is continuously changing, and so is the data it creates. By regularly analyzing that information, you can optimize your strategy to deliver even better results.
From a Startup to a Data-Driven, Constantly Evolving Business
According to EY research on analytics-driven organizations, 81% of companies understand that data is a vital tool of the decision-making process. Many realize that well-interpreted data can help their business reduce costs, become more time-efficient, develop new offerings, and make smarter business decisions. At the same time, only 31% of companies in the U.S. are using big data to monitor their marketing efforts.
Learn how to use data to guide your decision-making process to eliminate any barriers your company may have. Successfully adopt data analysis and develop actionable insights to make your startup the next data-driven giant like Spotify, Uber, or Netflix.
ITIRRA’s experts are happy to help your team with any questions related to making your business data-driven.To find out more or to discuss how a straightforward solution can grow your business, contact us today or arrange a meeting with Michael.