According to a Gartner survey, over 75% of companies worldwide are either investing or are planning to invest in big data by the end of 2018!
With every passing day, large sets of data are constantly being generated through multiple data streams from a variety of sources. With the amount of global data growing at a tremendous rate, it is no surprise that it is now being used as an actionable business element. Today, numerous organizations worldwide are seeing the value of investing in data, as it offers numerous benefits such as targeted marketing, streamlined processes, enhanced customer experiences, etc.
All these business benefits make data one of the high-return investments, which keep the organizations competitive in their sectors. Managers and executives are tirelessly exploring all the data investment possibilities to cut through the competition. Resources are being trained to leverage data to identify useful trends and insights that impact the bottom line. However, not making investments in data early will only make businesses fall victim to their competitors.
8 Reasons to Invest in Data
Huge sets of business data can be used to derive valuable insights, which can be used to optimize business processes. Although data holds the key to new business possibilities, businesses are still lagging in taking advantage of all the opportunities that data offers.
If you are still thinking "why to invest in data", then here are a few important reasons to invest in data -
Identifying Market Trends
Analyzing huge sets of data will reveal the changes in customer preferences, social behaviors, purchasing patterns, customer needs, and various other important market trends. This provides organizations with the chance to come up with highly impactful marketing campaigns or develop products that customers seek. Therefore, leveraging data to identify market trends can be a great option. By making data investments businesses can also provide superior customer support, make customer onboarding easier, and keep a track of limited-time guarantees.
Apart from identifying the market trends, data investments also enable businesses to forecast potential risks and business challenges. Forecasting future risks which might hinder the business and using those findings to improve business strategies will help organizations to efficiently mitigate risks. As changes in the market affect the business bottom line, it is essential to track the current trends.
Data can be used to analyze how competitors are influencing consumers. Monitoring competitor's social media networks, learning how they engage with their audience, and knowing how frequently they contact influencers for brand support can be achieved by investing in data.
Analyzing New Trends in Social Media
Data can also be used to analyze what is going viral on social media and also discover what content gets the maximum number of shares, likes, and user engagement. This information can then be used to build a strong content strategy to make better social influence.
Personalizing Customer Experience
Businesses can now leverage data to customize shoppers' experience. Quantitative data can be used to identify why customers lose interest in the products, solve the problems in the products, and then reach out to old customers with the updated information to get them back.
Optimizing Internal Operations
Organizations can use data to improve internal operations by finding gaps in businesses processes, identifying time-consuming duties, and detecting ineffective procedures. Revamping the way in which your business functions can improve customer satisfaction. In short, data helps businesses to smartly process refund requests, customer complaints, live demos, etc. within a short span of time.
Preventing Potential Fraud
Real-time data can be used to develop predictive models to foresee risky scenarios. This helps companies to quickly identify fraudulent claims. Using historical data, organizations can identify patterns, which help in minimizing fraud. Therefore, businesses can now make use of data to prevent potential fraud.
Making Better Business Decisions
Investors can easily spot business trends with the help of data and make better investment decisions by investing in areas, which a traditional method would never let you know. Therefore, big data is a great way to predict what the future holds. Although the predictions are not 100% accurate, with more and more availability of data its accuracy is expected to increase.
The Future of Data Investment
Data investment is only poised to drastically increase over the next few years, as the major business benefits offered by data are difficult to ignore. Below are some of the predictions that entitle data investments to become the next big thing -
According to a Gartner survey, over 75% of organizations worldwide are either investing or are planning to invest in big data by the end of 2018
International Data Corporation (IDC) estimates that the global revenues for big data and analytics will grow from $130.1 billion in 2016 to over $203 billion by the end of 2020, at a CAGR rate of 11.7%
Data monetization is expected to become one of the major revenue sources, as the data volume is predicted to rise from mere 10 zettabytes in 2015 to staggering 180 zettabytes by 2025, according to IDC
Forbes reported that approximately 83% of the companies across the globe are actively prioritizing data initiatives with high importance
The above stats imply that in the future, data and analytics will not just be a competitive advantage but it will become a competitive necessity. The overall adoption rate for data is also rapidly increasing, as investing in data certainly improves the business portfolio. If you are still thinking "how to invest in data", then the best way could be to begin by mining the existing assortment of data to get some insights such as your identifying competitors, getting a financial picture of your business, etc. therefore, the sooner you invest in data, the higher will be your chances of staying ahead of the competition.
Partner with Flatworld for Efficient Data Management Services
Flatworld Solutions is one of the leading outsourcing companies offering efficient data management services to global clients. We have successfully served numerous businesses across various industry sectors with their data management needs. Being in the industry for over 12 years now, we provide quick, accurate, and cost-effective data management solutions. With data investment becoming one of the major business trends, we have equipped ourselves to help businesses in leveraging data to stay competitive in their sectors.
If you are ready to act and invest in data, then please reach us right away to discuss your business needs with our professionals.