Do you ever wonder how goliaths like Google, Facebook, and Amazon have touched the success ladder’s top and have even crossed it? The answer lies in their data-driven mindsets. The winning companies of today’s digitalized world are backed with lots and lots of data. They’re extremely far-sighted when it comes to making decisions using technologies like Big Data analytics and the Internet of Things.
However, many small and medium-sized enterprises still don’t understand the significance of utilizing cutting-edge, real-time, time-sensitive, and accurate data. According to the reports, even the biggest firms like Microsoft, Apple, and DHL rely on heaps of data to introduce relevant offerings. Vates steps in as one of the most credible big data and custom software development firms. We offer a wide range of business technology solutions under one roof.
Our experts urge that, a business cannot thrive in the modern market’s cut-throat competition without data and carefully curated information. And if you’re running an SME, here’s all you need to know about adopting a data-driven mindset and strategy:
What is Data?
Data is the raw form of information consisting of alphanumeric bits and pieces. It’s collected from various primary and secondary sources. Data collection may not be periodical and methodological. Many companies, however, adopt advanced software tools such as a CRM or ERP system to collect, categorize, store, and assemble data in one place.
Data plays a pivotal role in helping business managers take critical business decisions.
It has not just become a buzzword in the modern-day business landscape but is redefining the what, why, and how of business decision-making and planning.
Vates has a strong, unparalleled, and highly qualified team with software developers, big data analytics, IoT, and IT services professionals. All of our team members are data lovers and enjoy working with it to ensure maximum service quality. We can take your organization to the next level using our deep-seated knowledge of data, its types, and various benefits.
Data and Business Decision-Making: What’s the Connection?
As a business manager, you must’ve read and learned about strategic planning, relevant product offerings, long and short-term growth trajectory, and customer satisfaction. The said are a few important aspects of running a business and equally difficult to perfect.
Thanks to today’s data-driven business world, you can easily access and leverage a huge amount of data to set well-thought business goals and employ objectives to reach them. A data-driven business mindset can help you stay focused, develop deeper tech expertise, invest more time in balancing your venture’s finances, and motivate employees.
Hire Vates to take one step further toward the data-driven and digitalized business landscape. Our IT consulting, big data analytics, and IoT/IoB services will surely help your business flourish and expand its customer base.
What Types of Data Should Your Business Rely On?
While it’s easy to understand the different aspects of data and its benefits, you must take time to dig deeper. There are several types of data, each with its unique beneficial side and importance for business growth and prosperity.
Choosing the most relevant data type for your business depends on your venture’s type, market standing, customer type, and industry. The two main types of data that are extremely crucial for business planning, strategy formulation, and automation are:
Qualitative Data: Qualitative data goes beyond statistics, numbers, charts, and graphs. It focuses on a particular research study’s emotional, psychological, and theoretical areas. Interviews, focus groups, and one-on-one conversations are the most common qualitative data collection sources.
Quantitative Data: Contrary to the previous type, quantitative data consists of numbers, statistics, facts, and straight-cut figures. Surveys and cutting-edge analytic tools are used for collecting quantitative data from respondents or other studies. Quantitative data is more accurate for business decision-making.
If you’re looking for a company that can help you turn your startup into an Exponential Organization using the power of data, Vates is the answer.
With our professional and proficient team of Information Technology, Artificial intelligence, Big Data, and software development experts, you can stay assured that your business will be in good hands. Check out our blog section to explore more interesting topics and business planning advice backed with technology and futuristic business tools.
Tips for Adopting a Data-Driven Mindset for Your Business
Now that you know all about data, its types, and its importance for business decision-making, you must be wondering how to adopt a data-driven mindset for your startup.
This section discusses a few excellent tips to fast-track data adaption and decision-making:
- When relying on data for making critical business decisions, be very careful of bias and stay aware of any possible data mismanagement or inaccuracies. Data collected using unreliable sources can be problematic and cause major losses to a startup.
- Develop KPIs – Key Performance Indicatorsto meet and exceed the unique requirements of your business, its shareholders, and customers. Well-developed KPIs help business managers collect the right type of data and its objectives.
- Always hire a dependable IT consultancyteam such as Vates to improve your business’s quality of service and products. We not only offer data-backed business advice but also help startups adopt tech solutions like IoT, Blockchain, and Big Data at an early stage.
How Can Vates Help You Complete Your IT Project Successfully?
Vates is a credible name in the list of the most credible, high-performing, and professional IT services providers. We’re known for our robust IT consultancy, support and management, Big Data, and IoT services, among much more. Our lead is also well-versed in ExO Launchpad processes and can help you take your business to the next level!
We also offer professional software development services, update and risk mitigation, and Internet of Behavior modules. Talk to our team today and hire the best nearshore software development and IT integration team.