Strategically using data within your business to build your competitive advantage
Did you know that 90% of the world’s data was generated in the last 2 years? This is a continuing trend, if you think about 2021 90% of the worlds data will be created in the next 2 years.
The amount of data being generated and collected is astounding and trying to find useful data is harder. There are 40,000 Google searches every second, that’s over 5 billion a day.
There are so many projects being developed to collect data but people are unprepared to use it correctly or leverage it to help make critical decisions within their business. If you are already feeling overwhelmed with the data you’ve collected what will you do in two years time when that becomes only 10% of the data you have?
The best thing to start with is start identifying which areas of your business are being driven by assumptions. Then look at the data you have, can you make informed decisions by using any of it, If not what data do you need to collect.
Using this method will allow you to not only capture data but enhance your decision-making process and systemize it. This is the most important thing you can do to leverage the data you are currently generating and using it ot your competitive advantage.
Without analysing all of the data we are generating most decisions we make are assumptions and educated guesses. To be able to make effective decisions we need to know the facts, which is what data can provide us.
Let me know in the comments below if you think you are you currently overwhelmed with the data you have. If you don’t know where to start or what great wins you’ve had by analysing your data.