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Leverage the data you already have, says Shadi Bakhour
With the growing threat of security breaches and insidious entities gaining access to organizational data, there’s been much written about how to protect that data and mitigate risks. But for all the dangers new technology brings, its positive benefits far outweigh any negatives.
Consider how the rise of big data and the Internet of Things are revolutionizing day-to-day operations for companies across all industries. Business leaders are becoming more connected to their customers through acquired data, they are monitoring their competition with analytical reporting through their business intelligence (BI) solutions, and they are parsing big datasets in-house to predict future trends – a major step forward for critical and strategic decision-making.
Today, businesses are privy to more data insights than ever before – the trick is how they are able to harness that data. When the right software is employed, data scientists and chief data officers can leverage new learnings and use those insights to tailor their offerings and services to a wider customer base.
There’s no arguing that the amount of data that’s been created in recent years is more than in the entire history of mankind. If that already boggles the mind, consider that in the next three years the amount of stored data we hold will triple.
Data is altering our world, but rather than always focusing on the negatives, such as security threats, it’s crucial that business leaders recognize its positive impacts and how it is able to connect communities – only then can they fully utilize the power of data to make informed, strategic decisions. Consider these simple ways data is connecting everyone and everything:
No matter the industry, business leaders are finding that harnessing their own data – and data from disparate sources – is helping them break from the norm and embrace new paths to profitability. In fact, almost two in three (64%) businesses say that big data is changing “traditional boundaries.”
So how can analyzing data draw out the type of results to promote company growth? And, arguably more importantly, how can business leaders use those results to personalize their client offering for greater profitability?
It can be achieved in four easy steps:
The amount of data organizations store and analyze will only continue to grow. In order to get the best possible insights that can feed into better internal decision-making, you need to harness the power of your data today.
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