DATA IS THE NEW GOLD

          It seems every decade or so, a new "gold" emerges. Oil. Solar energy. Wind. Even silver. All promised to be of similar importance and worth to the little shiny coins and nuggets themselves.  Data is not only becoming this new gold, but unlike oil for instance, data is not a one-hit-wonder type of product.  The value of data, if managed correctly, is constantly growing and improving at the same time. Data is nearly limitless.  This renewable force of information can be used in any industry, at any time, in any place.  Maybe we should be hoping data is at the end of the rainbow these days, and not those shiny little coins...

          A major challenge nearly all business owners have and have always had, is specifc insights into their business, and the ability to use that insight to their benefit.  Sales history, Customer Relationship Management (CRM), industry predictions, even competitor insights, could be so beneficial to a business that it's almost scary.  Well, I have some good news. That challenge has finally met its match.  Data is changing not only customer intelligence, but the overall eficiency of a business ten-fold.  So, now when that customer reaches out to your company and says, "Don't you remember me?"  You can kindly smile and say, "We sure do."

          Now, utlizing the full potential of data is easier said than done.  The expertise it takes to really access data and constantly learn from that data is almost second-to-none.  Data itself is learning from its own data (if that makes sense at all).  But seriously, to really maximize the potential of data, a company must take these things into consideration:

1.) How will we create our data?

2.) How will we edit our data?

3.) Where will we store our data?

4.) Who will analyze our data?

5.) What do we want out of our data?

*Note - Only a few examples of what to consider

          

          Data can have a value nearly priceless, but only if managed correctly.  IDC anticipates that comapnies will increase spending money on Big Data to nearly $17 Billion by 2016.  However, close to 85% of those comapnies will fail to use that data to its full potential.  So, how can we avoid spending all of that money for nothing?  Here's how - 

• Work with a partner or organization that actually specializes in data (even industry specific data)
• Set goals - short term and long term
• What do you want to get out of your data?  (Write it down)
• Know how often you want to make changes/edit your data
• Make sure to tie this plan in with your overall business strategy

          Think about how connected the world is today.  I mean really think about that. The advancements we have made in technology has turned the entire world into something that seems nearly local.  Weird right?  So lets learn from it.  Think about how many clicks you alone are making on a daily basis - data.  The social media platforms you just posted on - data.  It's everywhere.  And when utilized and managed correctly, data has the capabilities that are literally infinite. 

          Marketing is probably the most beneficial department when it comes to data. Consumer data can help target a certain audience like never before.  But it doesn't stop there.  What that audience is saying, where that audience is saying it, and by what means they're saying it, is now right in front of you.  Talk about helpful.  Marketing accounts for a sufficient amout of a companies budget, and the efficiency of that marketing can have effect on not only that company, but the economy as a whole.

          So, how are you benefiting from data? Are you benefiting from data? If not, why? At first, it will be a little overwhelming, I'm not going to lie. But see the big picture.  So this year when that customer calls and says, "Do you remember me?"  Your response will now be, "We know exactly who you are."