In today’s digital world, data is the new king. Data is the new currency of business. And if you’re a tech company, you know that you need it to power your products, services, and operations. But in order to get the most out of your data, you’ll need to unlock its potential, and that means rethinking your approach to analytics governance.
According to Gartner, four out of five organizations looking to scale their digital business won’t be able to do so as they are not willing to adopt a fresh approach to data and analytics governance.
The reason for this failure is that most tech organizations are still stuck in the old school of thinking. They have not yet learned the true potential of data. This article will walk you through some of the potential benefits that organizations reap once they unlock the full potential of the available data.
Provide Visibility Into Internal Processes
Organizations are drowning in data. But that’s not a bad thing.
As per the Seagate-sponsored “Data Age 2025” whitepaper by IDC, the data ecosystem will touch 175 ZB by 2025 from 33 ZB in 2018. This is an astronomical increase.
But this massive increase in data also means that tech organizations have access to more information than ever before about their internal processes, and they can leverage this information to improve them.
Using data analytics tools like machine learning, artificial intelligence, and advanced analytics can help tech organizations gain insight into their internal processes and identify areas that need improvement. This helps them optimize their operations and maximize productivity while reducing costs associated with manual processes.
The first step is to create a centralized data warehouse that can store all of your organization’s relevant data, including transactional and operational information, as well as machine-generated content. Then, you need to analyze it to gain insights into your different business processes. By doing this, you can easily identify areas of improvement and work on them before they become major issues.
Help Improve Customer Satisfaction and Loyalty
In today’s fast-paced, digital world, customer service is a key differentiator for businesses. In fact, according to Forbes, 58% Of customers are willing to pay an extra amount for improved customer service. What does this mean for tech organizations? It means that they need to think about improving customer experience, and that starts with the data they collect.
By using data effectively, you can help improve customer satisfaction and loyalty. For example, if you have a product or service that relies on users’ input, then you can use this information to improve your products or services.
You can do this by giving customers what they’re asking for or providing them with better support based on their feedback. This will ultimately lead to happier customers who will turn into more loyal and repetitive customers.
Moreover, data can help you understand your customers and provide them with a better experience. By analyzing data from social media and other sources, you can learn how your customers feel about your business and identify areas where they need help or improvement. This insight can help you create better products and services that meet their needs.
However, today’s tech organizations are also under pressure to protect their customers’ sensitive information. This is because of the growing cases of forged customer credentials, making tech companies vigilant and motivated to embrace solutions that can help them tackle this problem.
Verifiable Credentials solutions help companies like yours solve these problems and more by providing you with a way to verify customer identities without compromising data security or privacy.
With a Verifiable Credentials solution, tech organizations can expertly tackle privacy concerns, data liability, and other customer-identity issues, which makes this product a must-have for today’s tech organizations.
Improve Employee Productivity
With the rapid pace of technology adoption, companies have been able to access a lot of data. This has led to an increase in the number of employees who are being assigned tasks that involve working with data. The more these employees work with data, the more productive they become.
According to research by Tableau, 70% of employees will extensively use data by 2025. This is a huge number, and it means that there is a huge opportunity available for tech companies to improve employee productivity by providing them with the right tools.
In order to do so, you must ensure that that data is easily accessible to everyone. Employees should be able to access data from any device at any time. For example, if someone needs to analyze sales data from last quarter, they should be able to do it from their phone during lunch break without having to go back to the office first.
Another step is making sure that all data is stored in one place so that you don’t end up with multiple copies of the same information, which are difficult to maintain and keep track of.
Provide a Competitive Edge
Data analytics can be a powerful tool for tech organizations to gain a competitive edge. A survey conducted in 2021 found that 34% of organizations in North America viewed data analytics as a highly valuable tool to get a competitive edge.
One important way that data can give tech organizations a competitive edge is by helping them identify opportunities and threats in their marketplaces.
For example, if you’re an online retailer and you want to expand your product line, you can use data analytics to see what products are most popular and which ones are doing poorly. This will help you determine what kinds of new products might be worth adding to your inventory and types of existing products that might need improvements or even removal from your lineup.
Another way that data can give tech organizations a competitive edge is by helping them understand their customers’ needs better than their competitors do.
If you’re an online retailer selling electric cars, for example, you’ll want to know who your target market actually is. Are they men or women? Do they live in rural areas or urban ones? Do they have children at home? Knowing these things will help guide your marketing strategy so that it reaches out specifically to those groups who are most likely to buy from you.
Tech Organizations Can Succeed by Turning Their Data Into Value
In the end, tech organizations need to look at data as a tool that can be used to transform their business. By unlocking the potential of data, they can transform their organization into one that is better able to understand its customers and deliver a more tailored experience.