Data is the new currency, disregard data at your own peril!
Data is changing the world as we know it and reshaping the future destination of businesses. Being big is no longer enough to determine the business of the future, Big Data is. In a matter of seconds, data can sprout a newbie into a leading juggernaut causing a disruption to existing big players and leaving them trailing behind – recovery may be a challenge and out of reach if the business is not prepared. How organizations use data and focus on building data assets will ultimately empower their business to survive any challenge and propel it to succeed exceedingly far ahead of any competition to override.
Data is the new currency as they say, the organizations who has data get to dictate the rules of the game and dominate the space. It’s the real gold in the dark; organizations need to invest towards big data. Organizations who fail to invest in big data are operating in the dark.
1. ENHANCE CUSTOMER EXPERIENCE
In different sectors, getting to know your target market and responding to their needs before the competition do, can be the only differential that sets your brand apart.
Consumer data collection can help organizations better understand and meet the demands of the target customers and market. It provides such information that help businesses tests customer behavior, preferences, disposition, desires and aspirations. With powerful information organizations can use to improve their service, products, and reaction to meet marketplace demands.
This improve customer experience and personalized brand experience – a key success factor in effective marketing communication and customer engagement.
2. IMPROVE MARKETING STRATEGY
Data enable organizations to explore highly predictive use cases to gain insight into a customer’s need by analyzing a set of previously taken actions by the customer–known as contextualized data.
Contextualized data enables organizations to adapt and adjust their marketing campaigns in consonance with customers’ engagement and response to promotional offers and marketing campaigns.
Armed with this knowledge and understanding of the customer’s reactions and feelings, organizations can personalize the customers’ journey map on different platforms or marketing channels to achieve seamless and convenient experience.
It helps your team easily segment customers and market to them on needs and relevance basis. This way the business breakthrough on hard to reach market and gain easy access.
3. DATA AS A TANGIBLE ASSET
Yes, data is a tangible asset with future value. Investing in capturing consumer data is a good business that yield profitable returns. Already, there are successful businesses that thrive on capturing, processing and selling information in virtually every sector you can think of.
Capturing large volume of data present an opportunity for new streams of revenue. Sometimes, it informs business development decision such as starting a new potentially viable service or product or even partnerships.
In the last decade, the amount of data generated was bigger than the data produced from time immemorial spanning thousands of years. This means data is now a valuable commodity with a growing demand. From data brokers, to advertisers to industry experts and professionals; the usefulness of data, the need and the fluency of its purpose make it a profitable asset to invest in. In addition, the returns are high.
4. DATA TO DATA SECURITY
The growing power of data present the challenge of security. Some data are sensitive, its value is in the ability to protect and keep it away from the preying eyes of fraudsters who may want to misuse it. Sometimes, different layers of data and sensitivity will exist and there will be a need to secure the more sensitive data relying on a less sensitive data.
For example, an instance of customer’s bank information. To protect Customer accounts from unauthorized access or fraudulent activities, Customers may require a pin number, a fingerprint or voice recognition. Using machine learning models, the system learns to match user data with registered activity or interactions to identify and flag possible fraudulent attempts at unauthorized access to your bank information and account. This eliminates the guesswork and human error that goes with protecting you from fraudsters.
New and effective methods are also evolving as technology on data capture, processing and analytic gets better. This means that more contextualized data collection will involve virtually everything and anything you can imagine. Hence, the opportunity for organizations who have successfully laid the foundation today – they will be able to compete, thrive and succeed.
Organizations who cannot invest in data today will rely on a lifeline from those who do in the future – they will have no chance at competition. The insight from contextualized data will become the cornerstone for success in future business landscape. Each minute that future draws closer.
5. DATA AND PRIVACY PROTECTION REGULATIONS
Few years back the European Union EU instituted a new regulation – the General Data Protection Requirement GDPR to serve as benchmark for strict data privacy governance in EU region. This allow users to gain control over how their data is captured, stored, used and shared by companies and recommended punitive measures and penalties including financial liabilities to ensure and enforce compliance.
In Nigeria, the National Information Technology Development Agency NITDA introduced a data protection legislation known as the Nigeria Data Protection Regulation NDPR in 2019. Hopefully, this is a starting point and more robust data protection law to enhance the legal framework for data and privacy protection in Nigeria is in the pipeline by the federal government.
It’s important to state that, the regulations applied last year precisely December 27, 2019; when the Lagos State Internal Revenue Service (LIRS) breach the data protection regulation by publishing sensitive tax payers’ information on its website. While the LIRS respond swiftly to mitigate the exposure, NITDA still investigated the incident but did not make its findings available to the public.
The implications of this for companies looking to invest in big data and have a bite is appreciating the importance of building capacity for data governance: from proper data management to administration and security of data within their environment to ensure compliance with the principles of the NDPR and mitigate against risk exposure.
In conclusion, you can feel the impact of digital transformation and technology disruptions on the business landscape in virtually every sector of the economy. The resulting outcome is data and more data!
Gaining big data capabilities to transform your organization has become a necessity for today and the future. The acquisition and adoption must embrace the readiness to adapt to the laws and regulations that guides data and privacy protection as a top priority.
How do you gain and use data in your organization? Does it have a place in your journey or it’s just another jargon you can’t deal with?
If you would like to discuss your organization’s investment towards managing and maintaining big data, send us a mail at info@itrdntechnologies.com or click here to start your Data Acquisition & Governance Planning.
At ITRDN Technologies, we help businesses leverage digital transformation to accelerate business growth, achieve strategic outcomes and a rewarding experience. Contact Us Today! Complete the form at our website to request your Free 30 Minutes Big Data Readiness Consultation on 0802 660 0125 or email info@itrdntechnologies.com. No-String Attached!
