Becoming and Remaining Data Driven In The Cloud
Data and analytics are constantly growing. However, did you know that only roughly half of businesses regard data as necessary in corporate strategy?
There is a great impetus on businesses becoming more data-driven and data-focused in the modern age. However, research suggests the tide may turn on how corporate sees data as an asset in only a few years. Further studies indicate only 5% of firms are unwilling to continue investing in analytics.
It is proven that smarter data use may help firms gain an edge over the competition. Gartner’s research, for example, shows that businesses are only unlocking 3% of their data for use. Only 13% of these businesses can effectively analyze it, too. Your own company’s digital transformation depends on how you handle your data. So, what could help your company become more data literate and be one step ahead of your rivals?
Why is Data Literacy Important?
Data literacy is more than just about being able to read numbers, it helps us to understand where our businesses are travelling. It is also one’s ability to decipher the numbers and retrieve insights into the needs of our consumers.
The digital economy is revolving around business value built on data analysis. Without concrete information and projections, a business is open to risk. Understanding data more clearly allows us to plan for future performance and improve our product offerings. It allows for unlimited business agility!
How Can Cloud Adoption Help?
Cloud adoption is increasing across the world. In Singapore alone, around a third of health services, and a quarter of business operations, are cloud-based.
Cloud computing helps us access data and ensure we are all working from a playing field. Cloud-based data allows us to access information from almost any platform at any time.
The cloud can support us by:
- Allow businesses to store their data off-premise
- Expand data storage via cloud
- Providing access to data in real time via login and internet connection
- Providing disaster recovery services and backups
Businesses continuing to pool and use data through outdated means are at risk of slowing down or stagnating this process.
The cloud may also support businesses in the following ways:
- Analytics help to improve planning accuracy; therefore, with lower risk of revenue downturn
- Insightful data is instantly available in real-time, on-demand
- In-house data supply can release pressure and thus become more efficient
- The cloud can ensure businesses are ‘future proof’ and ready to scale with any further advancements
You may even create entirely new data ecosystems via the cloud. It is getting easier to transfer data collaboration off-site completely.
How Can Data Accumulation Support Businesses?
Here are some reasons why storing data in the cloud will help corporate growth.
- Being data-driven allows business managers to understand their customers’ needs more closely.
- Enhanced consumer insights equal better-quality products and the ability to support service KPIs.
- The more valuable data becomes, the quicker we can improve our services and upscale our deliveries.
- Decision-making in the digital age grows in confidence and efficiency with competent data analysis.
Without data, business owners are disposed to make potentially dangerous assumptions. That is, not only about their audience but about their internal capabilities, too.
Data Analysts Can Help
Unsure how to handle data & analytics? Ahead of upskilling your team, be sure to invest in data science. Data scientists work hard to extrapolate complex information and to build predictive plans.
If your data or ongoing virtualization seems confusing, consider hiring an expert trained in its broader analysis.
The next step is to encourage data literacy company-wide. While data specialists can help initially, it is cost-effective to upskill agents.
Final Thoughts
The cloud is growing. Cloud-ready solutions enable all users in-house to see the same information and to collaborate more freely. However, data stored on fixed, outdated systems is at risk of being lost forever.
Focus less time worrying about IT management by providing reliable tools that automate performance monitoring, compliance management, backup recovery, and much more for them. Finding the right cloud provider is imperative. No one wants a costly mistake that would cost time, money, and business reputation.
Here at iWV, we understand that getting the right cloud solution for your business will ensure business agility and save money. It will be a worthwhile investment offering stability and security for years to come, ensuring your business is ready for this digital age.
