Shifting from Traditional Data Strategies to Insight-based ones

The connected world makes data even more accessible to consumers and business

The world runs on data, making it one of the most valuable resources. The extent of data strategy is increasing every passing day, calling for better implementation of tools and techniques to create value for the business.

Data is no less than a blessing for businesses. For a business to grow, the firm immensely relies on data. Data about the consumers right from their needs, demands, opinions, etc. plays a pivotal role for the business to flourish. It is because the business can then take action accordingly to market their products and services. The fact that the world today is a lot more connected makes the data even more accessible to consumers, businesses and everyone in between.

The pandemic has served to be a wake-up call to almost all the organizations out there as to how crucial the data is. Though before the pandemic what we got to see was a fair implementation of big data technology, the post pandemic era will emphasise on big data like never before. What needs to be accounted is the fact that the customer behaviour keeps changing. Keeping all this in mind, formulating cost-effective decisions is the need of the hour.

Now, addressing the real challenge here –do organizations have all the required infrastructure in place right from collecting the data to processing it so that the customers' needs are addressed and also aid in growing the business? What can companies do to make the best use of data?

Needless to say, quintillion bytes of data is generated each day. And it doesn't stop there. This data keeps growing exponentially. The businesses can get into action here. They need to analyse the data generated and use it to take business decisions that not just add value for their customer base but also to grow big as a company. But this is exactly where the problem lies. Today, businesses do not question their infrastructure. What we get to see is the cluttered manner in which data is handled. Had it been the case wherein businesses focus on their infrastructure, harnessing data to its full potential would no longer be a dream. Some data strategies can come in handy here –

• Biding adieu to the traditional strategies: It is high time that businesses shift their gear from conventional channels to a targeted model that'll bring in benefits for both – the business as well as the customers. With a central data layer in place, all the customer data is collected at once. Later, this data is connected to all of the leading solutions through server-to-server integrations. A central data layer is associated with tons of benefits. Some of them are –

1. Multiple tasks can be added in parallel. For example, creating a machine learning model and building live data analytics dashboards simultaneously.

2. Ability to identify consumer behaviour

3. Discover new business insights, etc.

• Know your customers better by employing better data collection techniques and tools: Collecting data for the sake of it won't work now. Businesses should now focus on data-driven technologies that bring in the right insights about customers. It is now time that companies focus on insight-based data By understanding the value of the data being collected and how it is being collected, businesses are a step closer to addressing the needs and wants of the customers.

No matter what strategy you bring in, what stands critical in all aspects is adopting the right technology so that it not only aids in the success of the company but also increase the customer base by improving their overall experience using data insights. There's no point in deploying a technology that doesn't meet our needs. Focusing on traditional data strategies will no longer help. Now is the era of data-driven innovation that aligns with the expectations of the customers. All in all, shift from the traditional data strategies to insight based ones is concerned holds the potential to yield results as anticipated.