The Reason for Picking up Data intelligence in Business

Posted by Shanker Rungta
March 6, 2018

NOTE: This post has been self-published by the author. Anyone can write on Youth Ki Awaaz.

In God we trust, all others must bring Data for relevance- Williams Edwards.

Data is one of the most important aspects to start, manage and run a successful business today. And in this era of Digitization, data has reached its pinnacle of importance.

Like we gather information of people around us through Facebook and their social media profiles. Companies mine information about us to through our social media profiles, through the information we fill on their contact forms, the amount of time we spend hanging on their website or not. It doesn’t matter whether we make a purchase or not, once they figure out a certain behaviour or something we like. They twist our online experience as per our likings and search history.

Recently,  I was quite busy with packing up as I was relocating to Delhi, so I searched for Hiking bags as they are amazing when it comes to travelling to different places with a good amount of luggage. I did a considerable search and left without a purchase. And then as I moved to other websites, I noticed online bag advertisements popping up everywhere I went.  And I realized the importance of company master data and how online e-commerce companies keep track of your search history and follow you wherever you go. You may see ads for new shoes, suits, laptops, bike or anything by your browsing habits, the specific age group you are in and the likes and dislikes you have. Marketers constantly monitor you and keep putting up their products before you so that when you are in a mood to buy something, you prefer their products over the rest.

Privacy may be an issue today, and it may be a prime source of concern across the world. The world is not the same since digitization happened. Today you can check anything and everything, the internet has made the world that transparent.  Hotels cannot hide their prices; it’s all there out in the open internet space, you can compare and select the best accommodation for yourself.  It is the same when it comes to ordering anything online, the internet offers you a plethora of options, and you can choose as per your budget and needs. The biggest example is earlier people would never reveal the actual price they spent on their house. Today to find a price of a house is quite easy, you just need to check the location, check the size of the house and neighbourhood it is located in, and you can assess on the data available how much one needs to pay for it.

Data today is at the prime of its importance and holds the key to success for any business.

It doesn’t matter whether you are just a startup or an established big company. Almost anyone can milk the benefits of the vast resource of data available if there is proper introspection and one is ready to ask some hard questions to oneself. As an entrepreneur you need to ask the following questions to yourself:-

  1. Do you love your business and how much do you know about it?
  2. How much statistics and raw data do you possess about the business you do?
  3. Have you figured out how many calls it takes to convince someone?
  4. Have you assessed how many appointments it takes to make a sale?
  5. Have you studied how many presentations are needed to seal a deal?
  6. Have you checked the average selling price of the product your company offers?
  7. Do you know how to analyze the sales data available, make the necessary strategic changes needed that could increase sales and help your company register profits?

When you are in the driving seat of your business, being a CEO and founder of a company, you need to know the in and outs of the business. You need to fall in love with your business and understand it from top to bottom. Your business exists because of your customers, understand them and know what they need. Talk to them and figure out the reasons why they buy your product.

  1. Find out what initiates their interests during the sales process, find out those keywords that trigger the call to action.
  2. What is it that get the attention of your customers?
  3. Observe the actions of your customers and analyze what the prime indicators that showcase they want to do business with you are?

When you know about your business, your customers and what it takes to do your business. The more successful your business, the more successful you would be.

Technology has been the most amazing boon to have ever blessed the world, and it has transformed the world like never before. And technology would have never been developed the way it is today without the involvement of data.

A trademark is an image, symbol or name that identifies a product as belongings to a particular company that it is legitimately enrolled to that organization so it must be used by that organization. Trademark infringement is the point at which an organization utilizes an indistinguishable or confusingly comparable mark to the trademark of another organization. A proprietor of a trademark can bring legal procedures against any individual who infringes on his trademark registration.

Humans were in awe when they saw photos of planet Pluto of our solar system. Those pictures were sent by satellite that was launched way back in 2006 under a NASA project named “New Horizons”. After almost nine years, the satellite landed on the orbit, and the pictures it sent were awe inspiring.

How did this whole thing happen that seems almost like an impossible miracle?. That is the power of data. Scientists sat down and worked hard researching working on minute details to make such an upheaval task possible. They planned the trajectory and figured out the best way to aim the satellite into space. And in doing so, they projected and worked on all the assumptions that could happen or may not happen with New Horizons on its one of a kind journey to Pluto. This is how powerful data is, it helps us calculate and project how the future events would unfold, it helps us fix our future, and it helps us take lessons from the past.

When you start breaking down every complex form of data available for your business in its simplest form. The success of your business becomes easier when you understand the key to using data at the right point of time, and that’s how you create a perfect equation for success.

Youth Ki Awaaz is an open platform where anybody can publish. This post does not necessarily represent the platform's views and opinions.