5 Key Things to Understand About Business Data

By | December 10, 2020

Did you know that big data has created 6 million jobs in the United States alone so far?

If your company is in the process of creating a new business strategy, it’s time you give big data a chance. Business data will give your company the edge it has been looking for.

Read on to learn about these key things about business data.

1. Look Into the 80/20 Rule for Data

If you want to understand business data better, you need to look at the 80/20 rule.

The science behind this rule states that 80% of the effects derive from 20% of the causes. For example, 80% of the results of a project from 20% of the time invested.

Once you understand the 80/20 rule, you can focus on the things that will move the needle.

Data infrastructure is a big component if you want to focus on the 20 percent and unify data sources. Focusing on customer service will also help create a solid foundation that will give results in the long run. Putting an extra 20% on marketing efforts will also give you 80% results.

2. Give Priority to Small Data Over Big Data

Although many businesses prioritize big data, this is too much data for anyone to handle. The problem with big data is that no one can process or store much data on their hard drive.

Rather than focusing on data as a whole, you can focus on having various data at your disposal. Analyzing data at a smaller scale will also lead to fruitful results.

3. Graphical User Interfaces

For your vendors, data are just a bunch of numbers until they see it displayed in a way that they can understand. One of the best tools to handle business data is by using graphical user interfaces (GUIs).

With GUIs’ help, you can drag and drop data into graphs to it’s easier to analyze and predict. These tools are a great resource for those who are not tech-savvy and want an easy way to analyze and interpret data.

If you want to know more about data tools, check out these FAQs.

4. Data Strategy

As we mentioned before, it’s not about how much data you collect; it’s about you collecting the right data. Sorting through essential data, however, requires a focused strategy for collection and analysis.

To build a strategy, you need to focus on a vision for the analytics, create a strong foundation, and display timely data.

5. Business Data Is a Culture of Empathy

Although analyzing data is about the business and taking the company to the next level, it’s important to keep in mind how it impacts stakeholders.

A company is not only about the numbers, but the people it affects.

Are You Ready to Follow These Business Data Tips?

Now that you know these key things to know about business data, you’re ready to take your company to the next level.

Remember collecting data is about data strategy, creating a culture of empathy, the 80/20 rule, and GUIs.

If you enjoyed this article and would like to learn more, check out the rest of our blog.

Also Read: 5 Benefits to EDI Outsourcing

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