The transformations that companies have been going through lately are evident. After all, they have been forced to break paradigms in their data management and analysis due to high competitiveness and the need to deal with major challenges imposed by the dynamism of a market increasingly driven by technology.
This leads to a continuous search for differences and the emergence of great anxiety throughout the competition network to meet the needs and expectations of the new consumer profile. Companies know that consumers are now demanding, connected, and interactive across several different sources, and that they need to understand the signals they give.
Due to this interaction and other reasons arising from french email address list disruption, information is now reaching companies in very large quantities and at very high speeds. According to reports such as that of the McKinsey Institute , the amount of data is expected to double every three years in companies, precisely due to digital growth.
In other words, companies can expect more challenges in such management and must be prepared for them. The new scenario changes the “traditional” concept (if you can call it that) of business data and places it on a more strategic level than ever before.
Therefore, in this special content we will provide an overview of data analysis in companies, showing the importance it has for the direction of the business and how it can be used to create a competitive advantage. Check it out!
What has changed in companies regarding the concept of data analysis
Today, business data refers to a much larger (and sometimes even difficult to define) set of information that a company can collect than before. We can say — with a bold attempt — that it was more relative or restricted to, for example, customer contact data, sales records, price and service descriptions and the like.
Information now has a much broader scope. It refers to everything that can become intelligence for the company (everything that is perceptible and can generate knowledge for it). Business data is not only predictable data, which is part of the known nature, formation and very existence of the company itself.
They concern everything that, based on a collected indicator, can say something about a company — about what it could still be, even. Today's access, not only to information of internal interest but also to information about competitors — and the market — has given rise to a new analytical field. It concerns itself with business data in a much more strategic sense than just an operational one.
In a contextualization ofmodern management, business data can be any and all information that the company collects, analyzes and uses through its systems with the capacity to become a source of support for decision-making, growth and new actions.
The data may also refer to investments based on concrete knowledge of a specific scenario that the company faces (shown by analyses of indicators that are not always explicit, and which must be extracted from powerful tools). In other words, anything that can represent power for the company, transforming into a competitive advantage.
Data refers to all the intelligence that a company has through information, everything that is important to it, that makes up its arsenal of action and its intellectual property. This set of information will allow it to confidently analyze the best directions to follow.
Thus, in this new vision, data can be seen as one of the company's most important assets, something of extreme value (which aggregates and transforms efforts into tangible returns). It is what the company has at its disposal to act or to seek what is necessary to take more appropriate paths.
Data is like a “map”, as it guides your path towards the best result, the objective set (through them, in fact). They are the resource that shortens the path to victory in relation to the competition.
Business data is, therefore, the entire set of information that allows the company to act, the means it has to understand the public, the business, its performance, its market and the opportunities and/or threats it presents, as well as its potential or errors that must be observed/corrected for continued sustainability and growth.
The impact on organizational scenarios
With the ease that new digital interaction has provided to relationships between customers and companies, contacts have intensified and information has begun to reach companies in ever-increasing volumes. As a result, they have inevitably started to create increasingly robust and complex databases.
The issue now is that management capacity needs to keep up with the evolution of this factor. The search for clearer and more optimized processes in data management has been constant.
It is no wonder that, according to a survey by Ovum, carried out in 2016,the global Big Data market generated R$ 1.7 billion dollars in the same year and should move up to R$9.4 billion in 2020.
This proves how concerned companies are and how much they are investing in tools to generate market intelligence in relation to data. They recognize the relevance of this measure for business success. After all, data can change the course of business (for the better).
Of course, this is provided that there is analysis and adequate management. Data, in itself, represents great potential for the company, but it will be useless if the company does not know how to use it. Stale data, which is not used for decision-making, represents a great deal of parked weaponry that could do a lot for the company.
This means disadvantage, wasted time, effort, money and potential. Therefore, more and more managers have realized that it is necessary to reverse these cases. Awareness has become the number one step in the search for a better future in companies.
Therefore, data must be converted into intelligence. Want to know how to do this? That’s what we’ll cover in the following topics. Stay tuned!