Businesses must focus on analyzing data in a data-driven world to make informed decisions. Companies can use data-driven strategies to improve efficiency and accuracy while reducing costs.
For example, a recent study by Forbes Insights found that data-driven businesses are 23% more likely to have increased revenue over the past 12 months. These businesses are also 2.5 times more likely to be profitable than their non-data-driven counterparts.
The increasing availability of big data is driving this trend. According to a study by IDC, the global big data market is expected to grow at a compound annual growth rate of 26.4% from 2016 to 2020. This growth is fueled by the increasing demand for big data solutions from enterprises and service providers.
As businesses continue to adopt big data solutions, they will need to focus on hiring employees with the necessary skill set to analyze and use this data. According to recent research from Burning Glass Technologies, the number of job postings requiring considerable data skills has tripled in the past four years.
Thus, to stay competitive in today’s business landscape, businesses must focus on data-driven strategies and ensure they have the right personnel to execute them. However, the changes will be significant and drastic for some companies, so they should not wait to make the shift. Here are a few tips to prepare for it.
Planning for Storage
As businesses increasingly adopt big data solutions, the need for secure storage of this data becomes more important. Collecting and storing data is critical for companies to make informed decisions, and it is necessary to have a secure data center to protect this information.
A data center provides a secure environment for businesses to store their data. It also allows companies to access their data from anywhere in the world. And most importantly, it keeps data safe from unauthorized access.
However, businesses must invest in creating the establishment, which should also be within the area. You can read more about this topic in our guide on choosing the best data center for your business. The first step is to get data servers to hold and manage the company’s data.
Businesses must also plan for data center cooling to keep these servers running smoothly. When these systems overheat, they can cause data loss or corruption.
Every part of the data center needs attention, especially the flooring, which must be able to support the heavy equipment. You can partner with a company with reliable data center flooring solutions to ensure your business’s data is stored safely.
Data Analysis and Management
Once businesses have collected and stored their data, they need to focus on analyzing it to make informed decisions. Data analysis inspects, cleans, transforms, and models data to discover useful information, suggest conclusions, and support decision-making.
Data management is the process of storing, organizing, and maintaining data. It includes developing policies and procedures for managing data and providing storage and backup facilities.
Businesses must have the right tools and personnel to manage and analyze their data effectively. They must invest in data management software to help them organize and store their data. And they need to hire employees with the necessary skills to use this software effectively.
The goal is to make data-driven decisions to help businesses improve their operations and bottom line. To do this, companies must clearly understand their data and what it means for their business.
They should also develop KPIs (Key Performance Indicators) to track their progress and identify areas of improvement. By monitoring these KPIs, businesses can make informed decisions about where to focus their efforts to achieve the most significant impact.
Data Security and Privacy
As businesses increasingly collect and store data, they must also focus on protecting this information. Data security involves protecting data from unauthorized access and unwanted risks, while data privacy ensures that personal data is not shared with unauthorized individuals or organizations. Small businesses on the way to success might have plenty of vulnerabilities, which is why it is essential to have a data security plan in place.
Businesses must implement security measures to protect their data from cyberattacks. They should also develop policies and procedures to ensure that only authorized personnel can access their data. And they should encrypt their data to prevent unauthorized individuals from reading it.
They should also have a plan to recover data in a disaster.
Making the Shift
Many businesses are already collecting and storing data. But to stay competitive, they need to focus on making data-driven decisions. They must invest in the right tools and personnel to manage and analyze their data effectively. And they must focus on data security and privacy to protect their information.
