DataBizx
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DataBizx

Data is of great value

The hidden treasure everywhere

Photo by Bruno Martins on Unsplash

Data are facts that can be obtained through observation and research. Raw materials that have not yet been processed, such as the date and amount of an invoice, the number of employees in the company, and the details of the payroll. In a simpler example; Your date of birth is initially a piece of data against your age that becomes information for use after processing and announcing your age. We live in an information economy right now. Despite the fact that most organizations acknowledge this, they can not have a proper translation of it for their business and answer the question of what this means for us. Through data analysis, it is possible to find out what product or service has been sold under what conditions and to which customer, or what is the best time and place to present a new product? Questions like these can have a huge impact on your business, and accurate answers to which require high-quality, reliable data in an organization.

Data has become an integral part of the products or services that your organization provides to its customers. For example, by providing relevant, accurate, and meaningful information to customers when buying a particular product or service from your organization, customers will receive more value. Organizations that operate on a larger scale and generate large amounts of data at high speeds are at greater risk because of old business processes and systems that are running. Be able to manage data floods in their organization to generate value from them. Nowadays, we see the birth of companies and organizations whose business model is not based on traditional attitudes. This type of organization converts information and data directly into a product or products and provides it to applicants. Making money from data has become one of the most important approaches in the IT-based business environment.

Organizations need to manage data as an asset in an agile and innovative way. It can’t be started from the bottom up or from the IT team and it has to be managed from the top-down and this needs to become a major concern for the business. Although data strategy can harness the potential of technology to ensure its success, its focus is on defining business issues, opportunities, familiarity with business data requirements, and other organizational elements. They need to be in the right place so that with the right management, its benefits can be used as a competitive advantage. This attitude requires a fundamental change in the data field. We will not succeed if we seek to solve the problems with the same thoughts that we have created. Solving problems in the field of data and its role in an organization in order to align with the business strategy requires a new look at the data philosophy, its real place in the decision-making and operational system of an organization, and how to use it effectively in line with business goals. It’s work.

References

OECD Glossary of Statistical Terms. OECD. 2008. p. 119. ISBN 978–92–64–025561.

“Statistical Language — What are Data?”. Australian Bureau of Statistics

Siadati, Saman. (2020). Data Quality based on ISO 8000–63 : 2019. 10.13140/RG.2.2.26906.67523/1.

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