Data, in technological terms, refers to information that has been gathered, transmitted or stored to be analyzed, translated or contextualized. With the advent of the The internet of things (IoT)—a system of interrelated devices that transfers data over a network without requiring human-to-human or human-to-computer interaction—data is used to make sound business decisions when it comes to marketing, advertising, budgeting, building infrastructure and improving their bottom line. A data-enabled world has improved virtually every industry from healthcare to the finance. Data connects people, ideas and technology, powering new ideas and inventions by gathering strategic insights, key metrics and analysis. Data allows organizations to access information quickly and efficiently, which before the Information age, was either unable or took eons to locate.
In today’s world, the term “Big data” is commonly used to describe the large, complex volumes of information organizations use to fuel business. Big Data powers artificial intelligence, Machine Learning and algorithms that mine to trigger actions in real time. Analyzing big data draws a clear picture of customer habits and behaviors to derive trends and patterns which can streamline operations, improve processes and create efficient marketing strategies.
Organizations use data to:
- Connect with customers. Marketing data builds user profiles, outlining the like and dislikes of audiences. This information is imperative for organizations to use for business targeting and strategies.
- Measure success. Without in-depth data analysis, organizations are hard-pressed to determine how successful their endeavors are and plan for future growth and improvements.
- Innovate. Good data can help organizations imagine new strategies, products and ways of working. It can even lead to new discoveries of products and services.
- Enhance sales. Today, data is the foundation on which sales and marketing plans lie. Big data provides insights into trends and patterns which organizations use to plan financial success.