What is Business Value?
It’s not straightforward to define “business value.” If you ask different business managers/decision makers, they all have their respective answers when it comes to business value.
So what is business value exactly? Business value refers to the benefits a business generates for its stakeholders. A stakeholder can be anyone ranging from a client to product user to investor. Moreover, business value refers not only to a business’s ability to create long-term revenue, but also to the ability to create products, services, employment, and investment returns.
Therefore, how does data help drive business value?
Data helps you make better decisions
From the largest to the smallest companies, even small startups generate data. Any business with a website, a social media presence, and accepts electronic payments of any kind is collecting data about customers, user habits, web traffic, demographics, and more. All that data is filled with potential if you can learn to get at it.
While there are many influences when making a decision--what’s happening in the company, global news, your gut--there is nothing as persuasive as having hard data to back you up. That’s profit-increasing power you can’t afford to pass up.
All organizations can gain the same advantages as larger organizations when using data the right way. Businesses can harness data to make decisions about:
- Finding new customers
- Increasing customer retention
- Improving customer service
- Better managing marketing efforts
- Tracking social media interaction
- Predicting sales trends
In sum, data helps leaders make smarter decisions about where to take their companies.
Data helps you solve problems
After experiencing a slow sales month or watching a poor-performing marketing campaign, how do you pinpoint what went wrong? Tracking and reviewing data from business processes helps you uncover performance breakdowns so you can better understand each part of the process and know which steps need to be fixed and which are performing well.
Data helps you understand consumers
Without data, how do you know who your customers are? Without data, how do you know if consumers like your products or if your marketing efforts are effective? Without data, how do you know how much money you are making or spending? Data is key to understanding your customers and market.
However, it can be easy to get lost in all the data you have if you don’t have the right tools to help you understand it. An analytic solution designed for them is the best way to access and interpret consumer data so you can leverage it for higher sales.
Today, running your business with the help of data is table stakes. If you’re not using data to uncover insights that will guide your business into the future, you will become a business of the past. Fortunately, DataLakeHouse provides the advances in data processing and visualization to make growing your business with data easier than ever.