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Death, taxes and data

Whether you collate it, harvest it, mine it, manage it or are confused by it, there’s no denying that data is the new gold for businesses. It’s also more valuable than ever before.

Data is the lifeblood of modern business. But as well as powering innovation, insight and efficiency, the use of data is spawning entirely new business models.

Unfortunately data is often siloed due to business growth, structure and a lack of effective management. That’s certainly not exclusive to any particular market or industry. The bottom line is that failure to successfully unite and harness business data leaves vital revenue on the table for the competition.

When used intelligently and effectively, data collection and analysis can foster customer loyalty by minimising irrelevant communications. It can be used to price products more effectively and maximise profits. It can also help build more accurate personas of potential customers, better preparing sales teams to engage with them. And customers are happy to help. Ricoh sponsored research found that 80% of consumers are willing to give up personal information to ensure brand communications are targeted and relevant.

From start-ups to enterprises, today’s organisations must utilise data throughout their business. This means streamlining data collection, distribution and management to improve working processes and drive efficiencies.

Ever-changing customer demands, globalisation and the evolving digital landscape will see the value of data continue to soar in the future. The challenge for businesses is to start making use of it now before it’s too late. After all, there are few certainties in life – but the power of data is definitely one of them.

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