The Power of Data
From our phones to our refrigerators, the world is getting smarter all the time. And a by-product of the integration of technology in our lives is a sharp increase in the collection of large-scale data, also known as Big Data. And with data collection starting to occur at an unprecedented rate, now is the time to learn how to leverage your data to ensure your company’s success.
Personal data has become a key business asset, in almost every industry and sector imaginable. In other words, regardless of the line of work you’re in, you’re also in the data business. This shift in the way we view personal data isn’t just giving an ‘edge’ to savvy companies, it’s revolutionizing the way we do business.
Get strategic
There’s an overwhelming amount of data available to you as a company, which is why settling on a strong strategy ahead of time is so important. Deciding early on how you plan to use your data, and what you want to achieve with it, will help you to sift through what you have, and maximise the effect it can have on your business.
The first thing to do when creating a data and analytics strategy, is to ask yourself a few questions:
1. What do you plan to use your data for?
There’s a misconception in many sectors of the business world that data analytics is just an ‘IT thing.’ This attitude leads many higher-ups and company visionaries to sideline data collection in favour of more traditional growth strategies. However, there are countless ways that data strategies can help achieve goals that are not possible with other avenues, and lead to unprecedented growth within your company. Decide early on what kind of results you’re hoping to see from your new data strategy.
2. Where will you get your data from?
Make a goal-based decision on the best ways for you to start collecting data. You have a lot of options in how you approach this step – perhaps you already have a collection method within your company, something that can be expanded upon to increase its scope. You can also look into purchasing external data from other sources, or work on leveraging the data you already have for more valuable insights.
3. What will you learn from your data?
For most, the million dollar question with regard to Big Data is how it will be used to grow the company. In most cases, the insights you get can help you to understand the decision-making process of your customers, as well as get a better grip on current trends, helping you to generate value for your client base.
4. Are you set up to make good use of your data?
When expanding your data operations, it can be easy to overlook a crucial step: setting yourself up for success once you have the data you want. It’s important to establish systems to turn your raw data into valuable insights, and to do that, it’s a good call to work with experts in data and analytics, ensuring you’re making the best possible use of what you collect.
5. Are you keeping your data safe?
At the end of the day, you’re getting into data and analytics to keep up with the fast-moving trends of today’s business. It can be easy to think about data and its insights only in terms of potential profit, but there is another, equally important side to this coin. Federal and provincial regulations regarding the secure storage of personal data should be at the forefront of your mind. There are several regulations that will apply to your business, depending on the industry and the type of data that you’re working with. Compliance with these regulations is a must, which is why working with professionals is the best course of action.
At Cartika, secure data storage is our bread and butter. Our dedicated team of data experts has the knowledge and expertise to turn your Big Data into valuable consumer insights. Our data storage solutions are reliable, customizable, and 100% compliant with all relevant data laws. If you still have questions about Big Data, analytics, compliance, or anything else Cloud, don’t hesitate to get in touch with Cartika today.
