WHEN JUST HAVING MORE DATA JUST ISN’T ENOUGH
Businesses today tend to be obsessed—often justifiably so—with the concept of Data, and what it can mean to their bottom lines. Savvy business owners realize that there is a science to acquiring Data, just as there is a way to interpreting it, and to properly storing it.
For any business to most effectively take advantage of Data, with all of its power, the business might be better served by focusing less on the acquisition of Data, and more on the concept of what it is trying to accomplish. What’s the end purpose of the Data you gather? How will you best implement that Data once it has been obtained? And how can you make sure the end result will function to the best advantage of your specific enterprise?
Only after you have addressed these individualized issues can you begin to understand what type of Data you actually need. Perhaps you need to initiate a custom program that will drive the capability you wish to initiate. Or maybe it’s a safety concern that needs amelioration, a metric of performance for update, or a regulation which requires compliance. In short, what’s the best way to funnel that Data and optimize it into a business model that will best benefit all of your operations?
Once you’ve probed the question of demand, it becomes more facile to pinpoint the Data that carries the greatest relevance. Going forward, you can focus on on how best to obtain that advantageous Data, a task basically achieved in a twin approach: firstly, capturing it in the workaday process of conducting business; and, secondly, effectively utilizing that which is obtained through an outside channel, whether via an exchange, a broker, or an alternate arrangement.
Creating “A Cycle of Benefit.”
After the outcome of the business has been identified, and once the Data Asset has been finalized and put into proactivity, the benefits practically generate themselves. The Data can be leveraged, and launched into practice.
When we once spoke of this Cycle, we began the dialog by suggesting you gather all the available Data, use that to acquire insights, reasoning that the more such information you’d get, the more Data you would need.
That has evolved in a way that has again shifted the spotlight, to business results, and not a glut of Data that may be of questionable worth. Consequently, rather than having Data feed into insight—which requires a greater appetite for additional Data—attention can be directed to results that are more sharply defined, and that Data can help deliver more desirable outcomes. It’s a new, and more advantageous Cycle.
It’s A Brave New World.
The time has come for the Modernization of Data. When a forward-thinking business tracks supply to demand, rather than the other way around, it facilitates the delivery of that Data to where it is needed most, and to where it can do the most good…in the all-important function of decision-making. The time has come to unleash Data from the confines of constrictive, limiting consistency—which may appear to be a comforting and familiar way for a company to do business, but which, in actuality, often holds a firm back from realizing its greatest potential. It makes far greater sense to work to ensure Data can get to where it should go, where it can do the most good, rather than to dwell stodgily on the topic of static storage. The business that is most likely to thrive today is the entity that realizes two tried-and true aphorisms: “Less is more,” and “Work smarter, not harder.” It’s not how much Data you amass that will give you an edge, it’s how best to put it to work for you—and drive a more attractive bottom line for your business.
The Marketing Professionals at nSightful are experts in the business of Data…as it applies to assemblage, customization, analysis, and more. We offer decades of Data analysis experience in studying emerging trends; we examine in detail those tactics in fashioning a customized marketing approach for what will work best for an individual company. We can help make sure your Data will do more than just take up space—all while it works smarter, and to the best advantage of your specific business.
Contact us, we will show you the better Data way.