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Data As The New Currency

Posted By Praveen Joshi on 29 July 2020
Data As The New Currency

 

Data has become an essential commodity over the years. There has been a lot of data coming in from different directions and avenues, such as CRM, ERP, manufacturing, retail, and logistics. Most businesses are not able to make sense of all this data. On the other hand, many companies can use this enormous data available at their disposal to build lasting relationships with their consumers by offering them personalised recommendations and experiences. And over the years, many consumers have come to expect these tailored interactions from the companies that they do business with.

The internet is indeed an innovation that has transformed the way that businesses operate in the modern era. It has been the catalyst for success and growth for many companies across the world. Consumers use the internet for different reasons – shopping, entertainment, social sharing, and education, amongst others. The internet has put a lot of power and made things a lot simpler for consumers looking to use it for any purpose mentioned above. The information about different products and services no longer rests in the hands of businesses. Consumers are now informed enough to get into transactions with all the required information handy. It helps them in determining what they want as well as the price they should pay to buy it.

Data is one of the most significant assets in the hands of businesses today. Companies have started using data to gain more power in different transactions. So the companies that are doing better than others in the modern era are those that are utilising data optimally. The winners and losers in today’s times are differentiated based on how successfully they use data. It is the reason why the likes of Apple are doing so well. These companies know how to use data to create tailored experiences.

Big data, not so long ago, was only available to the big players for analysis and use. The volume and complexity of big data played a crucial role in this. However, things have changed drastically over the years. Even small businesses nowadays have the means to harness the power of big data. Analysis of data is now an automated task, also when you consider the data available to the consumer. Facebook provides its users with analysis reports that give them several insights into how they and their friends are using the social media platform. On the other hand, Netflix provides its viewers with suggestions based on their favourite genres. It gets this information from the automated data that reveals the amount of time that a user has watched content of a specific style.

Business intelligence can work wonders with big data if appropriately utilised. Embedded BI platforms can help businesses to look at vast amounts of data and use the insights and finding for business development as well as offering more value to consumer and employees alike. If you integrate BI analytics and reporting into your applications, you will not let any data go to waste.

Conclusion

Businesses that make smarter use of the data available to them won’t have too much trouble related to their growth in the future. Like companies govern and leverage their money and other resources, they should do the same with their data.

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