Automated Data is the Key to Growing Your Business
Although large corporations have been at the forefront of analytics, surveys conducted by TechRepublic reveal that up to 49% of small businesses now use data to improve efficiency and scalability. This is reflective of the global recognition that data analytics has been receiving over the past few decades as a game-changer. More recently, in the spirit of ever-evolving technology, automated data is primed to become the norm in business strategy for the next phase of industry development.
Why Data is in Demand
Data is a hot commodity because it highlights both concrete and abstract trends. With it, businesses can execute timely pivots and initiatives. These include anything from improving business processes to predicting customer demand. What’s more, in a digitalised world, relevant data is easier to gather than ever before. In his book ‘Everybody Lies: Big Data, New Data, and What the Internet Can Tell Us About Who We Really Are’ , Seth Stephens-Davidowitz explains that internet data can uncover a lot about its users, ranging from the obvious to the more personal. These preferences and dislikes may not even be known to the users themselves. In the business setting, this internet data can be used to reveal what platforms are strong performers or what customers are in the market for.
Recently, a global survey of business leaders showed that 49% of respondents said data helped them make better decisions, while another 16% said it helped them craft strategic business initiatives. On top of this, Entrepreneur reveals that businesses that utilise data in their operations saw an 8% increase in profits. For small business owners, evidence suggests that these returns may be even greater. This is because more modest-sized businesses have the grassroots advantage that lets them enjoy more avenues of data collection and subsequent operational adjustment. That said, with automated data, businesses can multiply these benefits, as tedious processes of data gathering, translation, storage, and dissemination are now fast-tracked on an intelligent medium.
How Automated Data Can Boost Your Business
- It can drastically reduce costs
If data on its own provides valuable insight, then automated data takes this a step further by cutting out extensive costs. This is because automated data can reduce—and in some cases, eliminate—costs related to extra labour, last-minute equipment maintenance, and redundant production processes. Recent data even states that integrating automated data can result in savings of up to 75%, with some businesses seeing their return on investment (ROI) within a few months. Additionally, automation can reduce the risk of human error. This, too, reduces costs as Steve Smith’s previous article on the Real Cost of Human Error explains, it can cause businesses to spend up to several thousand pounds. Since automation works off an intelligent, accurate, and updated database, your business is protected from misinterpretations, misconstrual, and faulty information.
- Your resources are better optimised
To maximise the usage of your data environment, data automation enables triggers that allow any shifts in data to reflect throughout the network, without having to go through each level one by one. Through this, businesses can easily pinpoint any outliers in their data set that require further investigation. Such capabilities in data automation allow for greater transparency and quicker response times. Subsequently, this increased efficiency ensures that crucial resources aren’t overused for multiple tasks. On top of that, user interaction becomes simpler and allows for better data management within a front-end interface. It’s like being able to topple all the dominoes perfectly with just one push of that initial block.
- Operations can be further streamlined
Lastly, complex tasks become much simpler with data automation solutions, making it easier for all users to interact with any data. This can be a real boon to organisations that rely on production time but want to mitigate the risk of human error. Because data automation removes the need for the user to input complicated code, any interaction with data becomes an easy process, with fewer hoops to jump through. Data automation also allows users to focus on productivity-centric end solutions instead of being bogged down by manual execution. In addition, easier access to data and insights boosts employee productivity. According to The Balance Careers, drowning in large amounts of unstructured data is one of the biggest data challenges organisations have to face. But with data automation, businesses can gain access to neat sets of data that’s easier to digest.
These days, data is the lifeblood of any company. It holds countless benefits, but its management is tricky to navigate. But thanks to innovations and improvements brought on by data automation, businesses can take control of their data sets and use them to boost productivity and performance.
Post penned by Jessamy Buckett