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How Data Will Continue to Dictate Growth

Editor's Note: Take a look at our featured best practice, Pathways to Data Monetization (27-slide PowerPoint presentation). We are living in the Age of Data. Every company operating today is essentially a data company. However, only 1 inf 12 are monetizing data to its full extent. For organizations to achieve Data Monetization, there are 2 pathways they can take--one with an internal focus and the other with an [read more]

Also, if you are interested in becoming an expert on Digital Transformation, take a look at Flevy's Digital Transformation Frameworks offering here. This is a curated collection of best practice frameworks based on the thought leadership of leading consulting firms, academics, and recognized subject matter experts. By learning and applying these concepts, you can you stay ahead of the curve. Full details here.

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In the business world, data has always been a critical factor in success. But in today’s digital age, that role is only becoming more important. Here are nine ways that data will continue to play a major role in facilitating business growth.

1. Data will help businesses to respond to changes in the market more effectively.

The business environment is always changing, and data can help businesses to respond to changes in the market more effectively, including being able to scale data requirements up or down as business conditions dictate. By understanding how different factors are impacting business performance, businesses can make more informed decisions about where to allocate resources and how to respond to changes in the marketplace. This can help businesses to stay ahead of the competition and maintain a competitive edge.

2. Predictive analytics.

Using big data analytics, businesses can now make predictions about future customer behaviour based on past behaviours. This allows companies to prepare for future demand and optimize their operations accordingly.

3. Data will help businesses to better understand their customers.

By analyzing customer data, businesses can get a better understanding of what products and services their customers are most interested in, as well as what kinds of marketing campaigns are most likely to be successful. This knowledge can then be used to create more effective marketing strategies and improve customer engagement.

4. Data will help businesses to target their advertising more effectively.

Advertising is a key part of any business strategy, and data can help businesses to target their advertising more effectively. By understanding who their target audience is, what they’re interested in, and what kind of messaging is most likely to resonate with them, businesses can save money on advertising while still achieving better results.

5. Data will help businesses to improve their website and online presence.

A strong online presence is essential for any business, and data can be used to improve website design, create more effective web pages, and target traffic more effectively. By understanding how people are using the internet to find information about businesses and what kind of content is most likely to interest them, businesses can make sure that their website is as effective as possible.

6. Data will help businesses to improve their sales processes.

Sales processes can be improved by using data in a number of ways. For example, data can be used to identify which products are selling well and why, understand customer buying patterns, and identify new potential markets. This information can then be used to create more effective sales strategies and improve the overall effectiveness of the sales process.

7. Data will help businesses to make better decisions.

Making good decisions is essential for any business, and data can help businesses to make better decisions by providing a more accurate picture of what is happening in the market and within the company. By understanding how different factors are impacting business performance, businesses can make more informed decisions about where to allocate resources and how to respond to changes in the marketplace.

8. Data will help businesses to improve their supply chain management.

Data can be used to improve supply chain management by helping businesses to optimize inventory levels, identify choke points in the supply chain, and understand the impact of supplier performance on business outcomes. By using data to manage the supply chain more effectively, businesses can save money and improve their overall efficiency.

9. Data will help businesses to make better hiring decisions.

Hiring the right employees is essential for any business, and data can be used to make better hiring decisions by providing a more accurate picture of what candidates are like. By understanding how different factors impact employee performance, businesses can identify which characteristics are most important for the role in question and find the best candidates for the job.

10. Data will help businesses to understand their competitors better.

Competition is a fact of life for any business, and data can help businesses to understand their competitors better by providing information on what they are doing and how they are performing. By understanding what strategies their competitors are using, businesses can develop countermeasures to stay ahead of the competition.

11. Data-driven marketing.

Marketing is becoming increasingly more data-driven, as businesses strive to target their customers with more relevant and personalized content. Big data analytics platforms allow marketers to analyze massive volumes of customer data in order to identify trends and target specific demographics with precision.

Conclusion

In summation, data will continue to play a major role in facilitating business growth by helping businesses to understand their customers better, target advertising more effectively, improve website design and online presence, understand customer buying patterns, improve sales processes, make better decisions, improve supply chain management, make better hiring decisions, and understand their competitors better. By using data effectively, businesses can continue to grow and succeed in today’s competitive marketplace.

Excel workbook
The Data & Analytics Governance includes a set of best-practice templates, step-by-step workplans, and maturity diagnostics for for any Data & Analytics Governance related project. Please note the above partial preview is ONLY of the Self Assessment Excel Dashboard, referenced in steps 1 and 2 [read more]

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Digital Transformation is being embraced by organizations of all sizes across most industries. In the Digital Age today, technology creates new opportunities and fundamentally transforms businesses in all aspects—operations, business models, strategies. It not only enables the business, but also drives its growth and can be a source of Competitive Advantage.

For many industries, COVID-19 has accelerated the timeline for Digital Transformation Programs by multiple years. Digital Transformation has become a necessity. Now, to survive in the Low Touch Economy—characterized by social distancing and a minimization of in-person activities—organizations must go digital. This includes offering digital solutions for both employees (e.g. Remote Work, Virtual Teams, Enterprise Cloud, etc.) and customers (e.g. E-commerce, Social Media, Mobile Apps, etc.).

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About Shane Avron

Shane Avron is a freelance writer, specializing in business, general management, enterprise software, and digital technologies. In addition to Flevy, Shane's articles have appeared in Huffington Post, Forbes Magazine, among other business journals.


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