It is estimated that the entire digital universe will generate 44 zettabytes of data by 2020 and 463 exabytes of data generated daily by 2025, as revealed by staggering statistics shared by St. Bonaventure University. It has been.
So while the prospect of using large amounts of data to inform corporate strategy may seem daunting, a study cited on the Entrepreneur website found that 91% of businesses are making data-driven decisions. It categorizes the decision as critical to the business. How can you use the data profitably?
Increase employee engagement and retention
Research shows that integrating corporate data with human resource management systems (HRMS) results in improved employee performance and increased engagement.
Using HRMS in this way can also help business owners recruit, train, and organize staff from the start. Overall, if you’re eager to retain and attract top talent to your company, the strategic use of data can do wonders for all of this.
Strengthening cyber security
And you may not realize how much data analytics can contribute to cybersecurity risk identification, mitigation, monitoring, and reporting efforts.
Data scientists can detect potential risks and build analytical models that can assess their impact.
These models are therefore particularly useful if, for example, you run a large company that accesses both internal and third-party data. Remember, if you can’t prevent your customers’ data from being leaked, it can cause lasting damage to your brand’s reputation.
Learn where you can streamline your operations
Many of your organization’s existing processes can be somewhat inefficient. Especially if you have just opened a business or a particular division of it. However, data analysis can help remove such “teething problems”.
With the right data at your fingertips, you can evaluate existing workflows, analyze their results, and automate new workflows when and where you need them. The data can also show which processes in your company are wasting your budget or are difficult to use.
track customer behavior
Many businesses now have access not only to internal data about customer interactions and transactions, but also to third-party data that reveals customer attitudes and preferences.
Suitable sources of this third-party data include social media sites such as Facebook, Instagram and TikTok. By the way, the Pulsar social listening tool lets you quickly browse all three sites. The results can influence corporate strategy.
monitor market trends
One of the special benefits of social listening is that you can see exactly how, if any, your target customer’s needs and preferences are actually changing.
As a result, we may be able to identify demand for certain products and services that do not yet exist. At least not in the way members of your target audience primarily need or want. Your company could then be the first to bring this popular product or service to market and be financially rewarded for it.
