Data are pieces of information that collected together serve for reference and analysis. Data allows people and businesses to know where they are going and what do they need to do in order to get there. In a world where globalization is at its peak, companies and even people are required to react quickly to the changing demands of clients and environmental conditions. Data helps in identifying growth opportunities, customer preferences, and increase competitiveness.
Data is only important if it can be turned into information to make valid decisions. Here are 3 reasons why data can be considered a valuable asset for businesses wanting to achieve high performance:
Data allows you to know your customer
Collecting data from customers is probably one of the biggest resources for a business because you are getting information from the people you are trying to serve. This data will allow you to refine your value proposition coming up with better products and improving your value proposition.
Data allows you to take educated risks
The more information you have about trends and the industry, the more educated risks you can take when developing new products and penetrating new markets.
Data allows for more effective project management
Planning, executing, and control are the three main core stages of project management. 90% of effective project management is communication and it all starts with having the right information at your fingertips to make better decisions.
What other reasons would you mention about why data should be considered a business asset?