In 2020, there were roughly 44 zettabytes of data in the world. That figure is expected to explode to 175 zettabytes by 2025. From these figures, it’s clear that the age of data has dawned, and it’s here to stay.
The vast amount of data available is a powerful business tool for any company that wants to gain a competitive advantage over other businesses. Business leaders who ignore data or treat it as unimportant do a lot of disservice to their companies.
But exactly what is business data? More importantly, how can business data help take your business to the next level?
Keep reading to find out.
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What Is Business Data?
Business data refers to any information that relates to the running of a business. It includes everything from a list of the company’s members of staff to the company’s accounting ledgers. Other elements of business data include strategic overviews, operational costs, and client contact information.
All sorts of information you save for use in your business operations, company advertising, sales planning, or human resources is technically business data. Given how valuable this data is, it’s critical that businesses invest in strong and secure storage solutions. Cybercriminals know the value of this data and are always looking to steal it, hence the growing threat of data breaches.
Why Is Business Data Important?
Properly utilizing your information assets is an incredibly powerful business strategy. Surprisingly, only 4 percent of companies’ leaders are set up for success when it comes to using business data. Here are three benefits you stand to reap when you make business data part of your overall business plan.
Better Decision-Making
Most top companies are masters at data driven digital marketing. They go out of their way to invest in advanced data analytics capabilities. As a result, these companies can make decisions much faster than their competitors in the market.
With advanced data analytics, the decisions you make are also more accurate. Whether these decisions touch on business advertising or customer relationships, you can always be sure that they’re better as they’re informed by data.
Refined Operations
Business data gives you the opportunity to optimize your operations and daily business processes. You can monitor and enhance everything from inventory control to supply chains to IT resources.
Some online businesses leverage the insights they get from data to recommend items that customers might need even before they think of the products. It’s a subtle way of getting your customers to buy more from you.
New Revenue Streams
A reserve of top-quality, compelling data is a huge business asset. It’s the reason some companies today are being bought because of the data they have. But even if you’re not interested in selling your company, there are still many businesses that’ll pay good money in exchange for some of your data.
Your Data Can Prove a Valuable Business Tool
If you’re a new business or have been around for decades, you need a strong data strategy to stay ahead. When used correctly, data can prove a potent business tool, helping you make excellent decisions and refine your operations. You may even be able to sell this data and earn good money for your company.
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