DATA INVESTMENT

                         Why is Investment in Data is a Good Investment

In today’s world, it is difficult if not impossible to make strategic decisions without relying on some kind of proof. Large sets of data are constantly generated from various sources. As the volume of data in the world grows, the way we live is modified. It is imperative to centralise and integrate all of these data that come from many sources. As a result of this, businesses and organizations cannot exist without some aspects of data informing their choices.

Data is a channel to get high potential yield with the lowest possible risk. It is power in the digital economy we live in now. The pace and scale of data farming has increased exponentially in recent years due to increased internet presence and as such organizations are leveraging on this tool to get useful insights and make profitable policies.

There is no doubt to the importance and value that data generates. It offers enhanced customer experiences, targeted marketing, streamlined processes to mention a few. With the huge business benefits of data, it is only wise to invest in such a venture.

To fully comprehend the enormous value data generates, lets give a broad picture as to the  potential that data can bring as it concerns investment:

1. Identifying Market Trends:

There is huge data that gives an overview, more like a 360 degree view of customer preferences, needs etc that provides organizations with market trends they can capitalize on to make informed decisions.

Monitoring Competition:

Data can be leverage to know how competitors are influencing customers. Monitoring their social media networks, learning how they engage with their audience are some of the ways data can be used to have an edge to counter competition and reach certain segments of the market.

Mitigating Risks:

It is essential to track current trends and change in market, as these can affect profit making. Investment in data helps businesses forecast potential risks and challenges that can hinder processes and affect profit.

Personalize Customer Experience:

Customer profiles can be created with the wealth of data available and this can be used to tailor or customize their experiences. It helps organizations make informed decisions and to anticipate the needs and preferences of customers to achieve satisfaction.

Better Business Decisions:

Data helps to identify trends in business and as such predict for the future. Although predictions are usually not 100% accurate but with the availability of more data, accuracy will increase.

Cost Reduction:

Real time data helps to channel resources to profitable ventures, find risky scenarios and help identify fraudulent claims. Potential fraud can even be prevented.

An increasing number of businesses are recognizing the importance of data in the competitive market place. All of these business benefits makes data an investment of high returns. Executives are now exploring the data investment possibilities to get ahead of competition. Navigating data now identifies useful trends and perceptions that will affect the bottom line. It is no longer a case of ‘if but when’ to invest. This is because not investing in data early enough will make businesses fall victim to their competitors. Evolving is an important growth dynamic and as it concerns data might be grave for those that don’t jump on the bandwagon soon enough.