A Data-Driven Strategy for Business

The success of any business has always been determined by the strategies it employs to attain growth. In this digital age, the key to the effectiveness of these strategies lies in one important element: data. Data that is accurate, measurable, and relevant to the business.


Through data, businesses are able to understand better the environment they are going into and the market they intend to serve, their demographics, and their needs. With such information, businesses can make informed strategies that effectively engage with their target market while achieving their target growth at the same time.


Gathering and utilizing data

These days, with the amount of data available in the cyberspace, it is important for businesses to sift through all the information to determine what is relevant for its business strategy. Equally important as well is the speed at which data is accessed. Fortunately, the digital age has given us access to more customer insights. Social media, for example, provide information on a more personal level, while various market research applications allow us to collate this data and turn them into strategies.


Having the data needed is just part of the equation. So it is important to invest in the right tools that will help transform such data into opportunities for growth. Whether it is search engine optimization (SEO), advertising, or bots, any business should not hesitate to spend on such resources if they will be helpful in realizing its business strategy.


Storing and securing data

With so much information readily available for the business to formulate data-driven strategies, it becomes a challenge to protect data from security threats. Whether these threats are from competitors who may be looking to get ahead or from hackers whose activities imperil business operations, effective security must be able to block these threats the moment they appear. Otherwise, breaches like these can cost millions to the business that will be hard to recover. For example, an email hack that affected Sony cost the company more than $15 million of financial loss just due to a lapse in cybersecurity.


One solution to ensure greater data safety is to set up high-level security protocols for the business' data center. This level of security involves controlling access as to who can enter the physical data center. It also means that your network is protected by a secure firewall.


Another option is to set up encryption for all data, so information cannot easily be retrieved even in the event of a hack. Fortunately, many companies encrypt data saved in their physical networks. For those who save their data over the cloud, cloud services such as Dropbox have encryption already built in these apps.


The right network

Lastly, any data-driven business strategy is dependent on the speed and reliability of the network infrastructure in place.


Globe Business is a full-service ICT provider for local and global enterprises from a wide range of industries. Backed by the Globe network, our business solutions enable you to have seamless access to information—giving you the assurance of a constant flow of secured data whenever you need it.


SOURCES

Ambasna-Jones, Marc. "A data strategy could help independent retailers to thrive". The Guardian. Last modified October 11, 2016. https://www.theguardian.com/media-network/2016/oct/11/data-strategy-help-independent-retailers-thrive.


Kittur, Mihir. "Big Data: Driving retail strategy for the future". The Future of Customer Engagement and Commerce. Last modified January 23, 2015. http://www.the-future-of-commerce.com/2015/01/23/big-data-driving-retail-strategy-for-the-future.


Subramanian, Sriram. "How Mobile Data Can Change Your Retail Strategy". ShopinPal (blog). April 14, 2014. https://www.shoppinpal.com/how-mobile-data-can-change-your-retail-strategy.

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