Data Value: Are You Missing Out?

We’re not in the 60s anymore. Companies don’t have room to simply guess on important decisions, so put away that dart board and get ready to make an important change. You need to focus on data value! Data value is the marketable and obtainable value of data, both data you possess and data you need to obtain. If you look at some of the largest companies on the market today, groups like Apple, Google, or Microsoft, some or all of their value comes from data collection and sharing. By taking advantage of this data you can grow your company with greater certainty and less cost. To understand this, you need to realize two things: 1) Your data has value. Whether you sell cars, work in an office, or simply mow lawns, all the data you gain has direct and indirect value. 2) There are countless sources of data available to you. Through the internet, finding information about your area demographics, target price points, or competition is a few clicks away. Even more, once you have the data, it only goes up in value. By having information dating back over longer time periods, your data is both more proven and more actionable. Would you prefer a study covering 3 months or 3 years? The answer is obvious, so there is no better time to get involved than now. In fact, the longer you wait to get started, the more data value you lose. Each day you spend guessing about what to do, making uninformed decisions or wasting potential data for the future is tangible, trackable money being sent away. The companies getting in early are the ones who are truly growing. Data value is a relatively new idea, especially in terms of business, so there is still a chance to be a trendsetter. That won’t be true forever though, so make your mark now, not later.

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