Data Dilemma: Breaking the Restraints of Analysis Paralysis and Avoiding Death by Data
It’s a cutthroat world out there for businesses. 90% of all startups fail! The survivors are constantly threatened by disruptive innovation emerging from obscure corners of the world — something that’s true for large, established enterprises too. They take it if businesses can find even a sliver of an advantage over the competition. And data can give them a substantial competitive edge. So, data collection has become the latest trend among businesses of all sizes. At the same time, information and misinformation are published and pushed through all channels (traditional and nontraditional) faster than ever before.
With an estimated 14.4 billion IoT devices active worldwide, businesses have access to unprecedented sources for harvesting data. They play an indispensable role in creating 120 zettabytes of data by the end of 2023 — an explosion of data. But what are businesses doing with so much data? In today’s environment — it is only being multiplied by the world of AI — where everyone is working with the latest information and insights to make the next decision. Whether it is writing an email, building out product requirements or test cases, or working with an AI-powered tool to revise an academic assignment, the list and opportunities will only continue.
How Businesses Use Data
Businesses use data to make more intelligent and effective decisions. Some of the purposes for which companies use data include:
- Understanding their customers better, finding new ones, and retaining existing customers better
- Identifying inefficiencies in the operations — from payments flow to supply chain
- Designing and executing more effective marketing campaigns and engagement
- Predicting the trends of customers, channels, and competitors
In short, data helps businesses do new things that can open up new sources of revenue and do whatever they’re already doing more effectively, from the basics like cost management and profitability to identifying unmet needs and insights.
The Unraveling Nightmare of Data Paralysis