Data Is The New Gold: How does it drive innovation in every business?
When data is recognized as the new gold, it’s not the matter of carrying the same allure of gold! Rather it is how the data holds its power in driving innovation to scale up the growth of businesses.
But, data isn’t powerful as soon as it is acquired. It should be manipulated and analyzed to extract valuable insights. And when the manipulated data accompanied with the insights are shared across various departments of the organization, right from the marketing team to customer service, and IT, it outlines the challenges and new opportunities to rise.
The statistics also prove that Marketing technology is the key area of investment among labor, paid media, and agencies. It accounts for a massive rise up to 29% from the marketing budget of 22% in 2017. In addition, many organizations are recruiting for a special position known as “Chief Data Officer (CDO) to get the best out of the data collected. Business experts predict that almost 90% of enterprises will have a CDO in place very soon to lead the charge. And according to the CMO Council, 56% of Chief Marketing Officers stated that prioritizing the data and intelligence analysis is one of the top skills essential to achieve business growth through delivering the outstanding and personalized experience to the customers who add value to their business.
How does data impact business growth?
Though data has a shorter history than gold, it can have a greater impact on global businesses irrespective of their sizes and domains. In the ever-evolving world of technology that advances at a lightning speed, digitization has become an integral part of every business. And those who embrace it in their operational models will reap the rewards and ensure the long-lasting well-being of their business.
It is evident that digitization has changed the face of business with greater productivity and increased efficiency. It has made the world more interconnected than ever before and makes the global community feel local on the scale. In this digital world, every click, like, and share on the internet creates new data, which contributes to business growth when combined with the right strategy. And in today’s data-driven world, every business needs to realize how the strategic use
of data benefits their growth. Here are a few points, which makes businesses
understand the importance of data:
● It streamlines the internal processes
● Enables timely and effective communication with the potential customers
● Helps to make out the right marketing strategy with relevant information
● Drives to Identify the needs of customers and thus increases the value to the
audience
● Brings down the efforts and reduces the operating costs
● Creates a customer base and presents the management with a clear picture of
challenges and new opportunities.
Why does the quality of the data matter the most?
To create reliable business models and insights, high-quality data is the most essential aspect. And businesses need experts, advanced technologies, and the right skills to extract the insights in order to make smart use of the acquired data. Also, everyone should realize that, no matter how good is their business model, it cannot be impactful if the data is either incomplete, inaccurate, outdated, or biased.
It is proven by many global companies that high-quality data is highly powerful and how it impacted business growth when implemented with the right strategies. To be precise, Google, Amazon, Facebook are the top most examples which aimed at collecting data and using it to outperform their competitors. But, while it is crucial to collect the data, it is equally important to analyze and protect it for the future.
Conclusion:
By now, we hope you have understood why the world recognizes the “Data As New Gold”! But, what matters the most for businesses isn’t how huge the data is, but the insights that are extracted by analyzing it. So remember, it is not the big data, but the big insights from the data are the new gold.
