“Data is the new oil.” If you haven’t heard this phrase at least a dozen times, please know that we didn’t invent it. While catch phrases can be fun, and obviously viral, the true meaning is different to everyone. As business owners and operators, what exactly does that mean for us?
Well, let’s take a step back, what is data? Data is a very broad term. Developments in hardware, software, and internet connectivity keep generating more and more data every day. Current estimates believe that we generate 2.5 quintillion bytes of data a day. That’s 2.5 followed by 18 zeroes.
While tech has been pushing this number higher every day, data is not just for tech companies anymore. Every business can make use of their own, proprietary data in order to strengthen their core.
Unfortunately, there’s no short answer to how you can leverage data in your business. One thing the oil analogy gets right is that raw data is going to be a lot like crude oil. It’s going to take processing to extract real value. Processing data can be loosely translated to “making sense” of that data.
Like anything in business, it takes a lot of discipline, and knowledge, to develop a data driven decision making process. We are not so arrogant as to presume what you need, but we’ve written this short guide on the ins and outs of data. Specifically to demystify data, help identify key data for your business, and how to think about and implement data driven processes leading to help you make even better decisions in the future.
Click here to find our white paper
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