How To Make Smarter Business Decisions with Data?
We are surrounded by data. No matter which website you visit, you will collect different data and at the same time you will leave a trace of the data that companies use to get to know more about users and get a clearer picture about who they are, what they want and even why they are visiting that website. This data can help them provide more unique content aimed towards that customer, suggestions about what to buy next, or even what to watch next based on the previous experience. Did you know that current output of data is around 2.5 quintillion bytes a day? Not only that we are generating that much data on a daily basis, but that number is continually growing. There are more people than ever accessing the internet, and generating new data so the number is only going to get higher.
By using these data in the right way, businesses and organizations can make smarter business decisions. Having actual data can make a difference between having to guess what your customers want and actually knowing it. Truth is, it can be used to optimize every aspect of the business.
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How to collect the right data?
The best tool for collecting data that can help your business is called data enrichment. The name says it all. This process is used to enrich original raw data by collecting additional data from internal and external databases in order to create a unique customer profile. Data you can get from just one customer is limitless, not only that you can discover what and how they purchase or even what time they usually access your website, but you can also get their device fingerprint and use it to confirm their identity. This can make all the difference for your business in more ways than one. Not only will you be able to create a targeted marketing strategy for each customer, but you can also use data enrichment for cybersecurity protocol and protect your business and your users against cyber attacks.
How to make smarter business decisions with data?
Truth is that not everyone knows how to correctly use data in order to help their business. There is so much data that it is hard to know what is important, and what is not. According to the recent research by MIT Sloan Management Review and SAS Institute, 42% of respondents said they “frequently” or “always” have the data they need to make key business decisions. That means 58% of businesses don’t know how to use data to help their business. This is where data enrichment comes in handy.
By using this process you can:
- Learn more about your users – This can make a significant difference in the marketing and advertising area, but it can be even more crucial in reducing fraud
- Simplify the process for users – They won’t have to fill dozens of fields in order to access the website. This can result in more sales, as the customers are more likely to go through with the sale if there are not many obstacles in their user journey.
- Real-time results – By using data enrichment tools, you can get results in real-time which is extremely useful in the area of cyber security.
Having the right data, and knowing how to use it is essential for every business. Data enrichment can help to decide what information is useful for your business and what data is just unsubstantial. Industries where data enrichment is already in use include ecommerce, fraud prevention, banking and finance, marketing, healthcare, and even manufacturing.
- Ecommerce – it collects data about users previous behavior to suggest similar products or to upsell some other product that will compliment something you already bought. Some of the businesses are even using it to predict trends so they can lead and not simply follow.
- Marketing – by using data enrichment businesses can get a clearer picture about the users and target them with relevant offers which results in increased revenue.
- Fraud prevention – by creating unique profiles for each customer, companies can more easily spot a cyber attack like an account takeover or identity theft and stop them before they even happen.
Gathering data and knowing how to use it is the only way businesses and organizations can stay competitive and secure in today’s world. They all need to start to take a more proactive role and use all the tools at their disposal to make smarter business decisions.