A data-driven organization is 162% more likely to surpass its revenue goals. A non-data-driven organization company is only 58% likely to achieve revenue goals.
More often than not, marketing executives talk of being data-driven. However, how do companies achieve such a status? You can either form a data department in your company or contract a company to do it for you.
Unfortunately, forming a data department will take a lot and might cost you a fortune. Several data firms are available online. They all offer similar services, although it’s vital to discern the genuine from the fake.
Guide to Choosing the Right Vendor
Here are several things to consider before settling for a data vendor:
Compare the vendor’s data with data you have
Every company has some data about their customers, big or small alike. You may not be as updated on digital data, but physical data collection is usable across the board.
When acquiring the services of a data vendor, you might require foot traffic data. If the data they provide matches what you have gathered, the firm is legit.
Get some referrals
Vendors with a good reputation have no issues referring you to their previous clients. Allowing you to speak to companies they have worked with proves that they have nothing to hide.
A data firm can convince you that they have the right services for your company. However, their clients drive the point home even better. Ask the clients about how the services benefitted their companies, and ask about the firm’s level of service.
Monitor their transparency and potential biases
Transparency is a pillar in any customer-client relationship. In this case, the vendor must be open about the nature of its data.
Inarguably, most datasets have bias. That does not compromise their value. However, it’s vital to know when analyzing the data if any information is biased or exaggerated.
Ask for a Test Period
Once you choose a data firm to work with, the contract might last longer than 12 months. That is a long time, especially when you are unsure of its credibility.
Ask the vendor if they are willing to give you a test case to see what exactly they can do. If they cannot offer it for free, check to see if they can do so at a subsidized cost.
Check if it is customizable or scalable
It is vital to find a data solution that is customizable to your company. Companies have various needs, and getting custom data solutions goes a long way.
On that note, a data provider that can grow with your company is great for you. As you progress, they must adjust effectively. That’s scalability.
See if the vendor is willing to educate you
Providing data is not the end of good service from a data vendor. The work doesn’t end with giving the data. You should find out if the firm is willing to teach your team about data analysis. This will be helpful, especially if you’re new to it.
Guiding you further helps the organization be more comfortable dealing with data.
A data firm must add value to your organization by providing accurate data and guiding you on utilizing the data. There are over 300,000 data companies in the U.S. Although some are money-thirsty, the majority are credible and result-driven.
Big Data Analytics is changing the way businesses work by using predictive analysis which helps to gather insights related to improving ROI and provide seamless solutions.According to research, it is found that about 1.7 megabytes of data will be generated every second, and there will be 3.5 billion search queries on Google every day by 2020.
The humongous data is a clear indicator of the importance of better opportunities that businesses will get with Big Data.
Also, companies are expected to spend over 57 billion dollars this year for Big Data to become more competent in their craft and stay ahead of the competition.A brief history of Big DataWhile the term ‘Big Data’ seems to be relatively accurate in the business scenario, the concept of collecting data in large numbers started years ago.
In the early 2000s, industry analyst Doug Laney coined Big Data as the collection of three different things.Variety: For businesses working in different domains, data can come in various forms from various sources.
Previously there were only databases and spreadsheets that were considered as data sources, whereas emails, videos, and monitoring devices form the new age data sources.Volume: As business organizations have data coming from a variety of sources, the storage of data in a synchronized manner can be a problem.
The tools will identify effective manners in which the data can be stored, and businesses can have better opportunities.
The global data classification market size is expected to reach USD 2.44 billion by 2025, expanding at a CAGR of 25.7% over the forecast period, according to a new report by Grand View Research, Inc. Increasing stringency on regulatory compliance, generation of large data volume, and the introduction of big data and machine learning technology are some of the major growth drivers for the market.
Moreover, the data-driven decision-making for sales, rising product launch, and increasing number of enterprises are some of the factors providing impetus to the growth.Data classification offered as a standalone and integrated solution is changing the way the information is generated, stored, and processed.
The homogeneously tagged information with industry defined classification is vital in generating actionable insights.
Hence, enterprises are inclined to opt for integrated data security platform for data classification as well as protection.
Moreover, repercussion of non-compliance can lead to huge financial and reputational losses.
Hence, the adoption of data classification solution is vital to address the data security concerns of the organizations as it classifies the information based on the nature of content.Data classification solution is anticipated to witness high adoption across major developed countries such as U.S., Canada, Germany, and Japan.
Over the two decades, we have observed many technology replacements which totally astonished the human race.
From screen touch smartphones to the VR technology, there are number of advancements that define the new era of the tech-driven world.
The startup invented a new way to transfer the data from one smartphone to other more efficiently with a single touch and named it ‘KIss connectivity’.
The Kiss connectivity is the fastest channel to transfer the data between the devices with the speed of 6Gb per second.
Consider, you need to transfer data from one smartphone to another and both the devices have kiss connectivity chip inbuilt in them.
The chip embedded in both device let them connect magnetically and create a channel to transfer the data instantly.
Lawyers would clearly articulate new things you had to start doing, old things you had to stop doing and help sort through the shades of grey in between on the parts of the new regulation that weren’t clear.
Instead, it proved to be a painful, somewhat messy process for our Product team.
We would often receive impractical requests, asks from partners that couldn’t be seen to fruition, all on impossibly short deadlines.
Considering the obstacles we faced, it is with some pride that I recognize what our teams were able to accomplish and that they ultimately completed the job.
Once our policy agenda was finalized, we created a number of internal practices to ensure our Products and Services are not only compliant, but in line with the high ethical standards we have set for ourselves and are demanded by our clients.
There are three key components:Senior leadership review board: A collaboration of leadership across all functional areas of the company that together consider challenges and major policy decisions related to uses of data and technology.
