Sep 24, 2020
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Want To Make Money With Your Data? Do This First.

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Data is like money you may spend again and again. Photo: Susana Gonzalez/Bloomberg Businesses that have enjoyed the greatest success in the net era inclusive of Amazon ebay and Netflix have something in common. They were built from the floor up as data-driven organizations. Yet many business people still inspect data as a cost center just something to be stored as opposed to a valuable asset that fuels growth

 

Today s competitive business environment is driving numerous people to take a stronger inspect their own data and its potential. News stories about Big Data and data-driven decision making abound. But it s something to grasp you must make better use of your data and another to appreciate where to begin

 

First step: treat your data love it was cash. Reflect onconsideration on how you cash in on familiar financial assets like cash stocks and bonds. You keep track of what you have. You stay updated on changes through bank and brokerage account statements and maybe also by tracking financial markets

 

At times you review your assets and give thought for your financial position and how it relates for your goals. In accordance with your review you may make changes to investments take a loan or take the time to earn or save more to help you meet future goals. Data can be as valuable an asset as cash if you use it properly

 

There s bad news and excellent news about that. The bad news is that most folk don t come practically cashing in on their data. The good news is that their loss is your gain. Take the time to apply your data well and you ll be rewarded with an edge over most and maybe all of your competitors

 

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An Important Step To Success For Young People Starts With #WhyApply On September 18 You re probably aware that retailers like Amazon and ebay use data to appreciate customer behavior make offers which are appealing and increase the number and dollar value of purchases their customer make

 

The competitive benefits of these uses are obvious yet they’re very few of myriad applications for business data each with the capability to create competitive advantage often in ways that you will not have investigated before. If what you are promoting didn t grow up data-driven you may still get on track

 

The 1st step is to start treating your data like you treat your cash. Know what data you’ve where it really is and what state it really is in. Review your data and make an objective assessment of its suitability for helping you meet what you are promoting goals. With data as with your finances you may have to make some changes

 

Once you think over your money situation you do so in light of your own goals. You discuss things which are important to you. If your goals included replacing your aging car in the near term and paying off your place before retirement you d pay particular attention to having the money to pay for those things available when you wish it

 

Now it s time so that you can apply similar thinking for your data. So with your own business goals in mind take stock of your data. Of course you re not getting monthly statements on your data assets so you ll have got to take the time to gather information

 

You ll have to outline the data sources that you have available and what s in them for a start. A dollar is a dollar is a dollar but data is different. You ll have to investigate whether your data assets include the styles of information you wish to address what you are promoting goals

 

Perhaps what you are promoting spends plenty to print and mail marketing literature and your goal is to appreciate which mailings are low cost and who should get them. You ll need records of who received which mailings and when. You ll also have to know whether the recipients purchased anything and if so what

 

You may discover that you re not collecting each of the information that you require and that could be a cue to make some changes. What business problems do you face today? Are you already collecting data that possibly relevant? If not could you begin now or obtain useful data from another source? Analytics requires raw data detailed information

 

If for example you like to appreciate buyer behavior it is going to do you no good just to grasp the total sales of each product in a store. You d need data with enough detail to reveal the combinations of goods included in individual purchases and preferably the identity of the purchaser

 

Loss of raw data is without doubt one of the most common problems facing businesses new to analytics. Sadly the explanation such a lot of businesses don t have the detailed data they wish is that some well-meaning person discarded it believing that those details would never be needed. It s a habit that numerous people developed in the days when data storage was so much more expensive than it really is today

 

Fortunately that s a habit which might be overcome with a little education and some additional data storage space. And then there is the problem of data quality. This can be tricky. Ideally each piece of data that should be collected would be collected and the data would be correct

 

In real life such perfection doesn’t exist. If the data source you wish is far from complete or if much of the data is not correct you’ve a problem. Not just will you be unprepared for analytics but you ll have got to take the time to appreciate what data quality problems you’ve what s causing them and what corrective actions you may take

 

In many ways taking stock of your data is more difficult than taking stock of your finances. You could have to work harder to get information in the first place and then you must evaluate the relevance level of detail and quality of the data available for what you are promoting goals

 

It takes effort and time to complete the process. Nonetheless while you may only spend each dollar in one place you may use data over and over. When ten projects need cash funding everybody s competing for the cash! When ten projects need a similar data you’ve the basis of an exceptionally productive working partnership with everyone working together to address common needs

 

You may discover more valuable uses for that same data along the manner or even find opportunities to sell the data or some new information that you develop from it. If taking that first step sounds like plenty to take on understand that it s OK to get help. No business would do without the help of specialists inclusive of accountants and attorneys to manage financial issues

 

It s just as rational to involve data management and analysis experts to help you get a handle on your data assets. Today s the day to take that step forward. Review your own data assets and put them to work. In spite of everything your data is like money you may spend again and again

 

Can you afford to disregard it?

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