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 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 in financial loss just due to a lapse in cyber security.
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.