Data: The New Gold in the Market

Hey, everyone! Hope you all are doing great. The last article, I explained the fact that how a website can help your business grow in a great manner. It helps in getting more visibility for your brand and also makes your business reach to a global level (If you haven’t read the article, don’t worry, click here to view it now). Today I’ll be focusing on how data is increasing each day, each second and how it has become the new gold in many industries?

Data is a record which can be either be of an individual or of any organization or of some. A record that contains some information and/or some value associated with that person or company/organization. It helps in identifying various other things related to any individual or business. Initially, it was less and it had very less information, but today it has increased to a next level and the more data you have, the richer you can be.

Only data can’t help you get rich, but the way you understand data and the way you organize it and manage it is very important. The process on how you manage your data is crucial and if you get that right, you can gain higher value and turn your business into huge profits. The data that you get commercially or which is freely available is majorly unprocessed and noisy. Noisy meaning, the data contains null values, values which might harm the overall system and other spam values too. So to overcome this, data management is really very important.

Why is data important? And how does it create value for the business? To understand this, consider an example. If you have records of consumer purchasing products and services from your business, then based on that you can analyze and understand what another customer will purchase based on some similarity between them. Considering that customer A is young and is of the age 20 and he/she has purchased an electronic product, it might be a high chance that another customer of the similar age group might buy an electronic product as well. To make this more obvious data analysis is necessary.

This example is quite small, as it contains only two scenarios, but if the data of the consumer’s increases, then at such moment data creates value for your business and lets you achieve more profits. Of course, it might lead to incorrect and wrong results, but that solely depends on the way you manage and organize it. Management meaning it needs to be understood, segregated and organized in a way that helps you now and in future as well to understand your customer and their needs. Once you and your business understand the consumer’s need, then it is bound that your business will turn out to be more profitable and gain higher credibility.

Data is the new gold, why do you think it is? As explained and stated before, it gives you some important information about your consumers, or about the people who are searching for you, wanting to do business with you, and/or wish to buy your products or service. Once you get an insight about such information which might include, which customers are looking for what product and from where these customers are, what are their likes and dislikes and much more. Gaining this information, a consumer can get better service and once the consumer gets better service, your business bounds to increase. It helps you make money and that’s why more the data, more the money you make. But the only constraint is that you need to know how your data is? What it infers? And what value can it bring? Once you understand the how what and why of the data associated with your business, you can make millions with it.

Information can be gathered through various mediums. It can be either through brick and mortar system that is by using paper forms and sending those forms to your customers. This is time-consuming and also requires a lot of energy and money. So now information is collected or gathered from the online medium. Through the online medium it becomes easier, better and faster. Also, there might be a chance that if you gather the info through the online medium, the data might already be organized (structured) and you just need to then understand and analyze it.

It is not easy to get 100% out of the data if you don’t understand it and thus it is very important to manage and organize the data. Once you manage it, the context of the data needs to be understood, as to why it will be useful and how it can be useful. Once these questions are answered, you tend to understand your business consumers in a much easier manner. As new products and services are available each day, it is very important to know and understand the consumers with their recent likes, dislikes, their favorite set of products/services and much more. And data lets you do that. With changing demand and supply, if you are able to embrace the consumer’s changing needs and requirements, you are bound to achieve more and stand apart as compared to other business.

Thus, data is important. It is valuable and it is the new gold. Gold has tremendous value and now Data is also not anything less than Gold. It is the new gold. If you or your agency/organization has huge data, you can make the most of it, by analyzing it and organizing it in a way that will help you understand your customers in a better way.

Agreed by the fact that some it is highly confidential and private, but other than that too there are many chunks of data, that will help you and your business grow. Also just a quick suggestion, you can also get consumer information through a website, through surveys and other online medium and thus it has also become very important to be part of the online medium.

So to sum it up, be it any kind of data, store it, save it and keep it safe. You never know how useful and productive it can turn out for your business/organization.

To get your business to the online medium, to manage your data, to analyze it for your business, you can get in touch with Techno Code LLP. Techno Code LLP provides services that help you simplify your business operations and also reach to potential clients by Techno Code LLP’s digital marketing strategies. To know more about them, you can click here and request a quote for the same.


Article written and submitted by: Akshay Rakesh Toshniwal

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