"DATA" is the new?"OIL"

To put it in simpler words, data is information. Data in the digital world is quite similar to oil in the physical world. Oil helps in the smooth running of various machines, it is the foundation of certain businesses and can be held responsible for the existence of a few things. Likewise, data helps businesses run smoothly and is the backbone of the Digital Business era. Data is information, usually numerical, that is collected through observation. In a more technical sense, data is a set of values of qualitative or quantitative variables regarding one or more persons, or objects. A datum is a single value of a single variable. This is the Textbook definition but what we need to understand is that without data, businesses will find it difficult to compete, ceasing healthy competition, and thus leading to monotony. Businesses usually use date to figure out their target audience. For example, if we are to open a new business, say Garments, the data regarding the current market situation, a budget of the commoners, current fashion trend, information about the competition, cost of the same products in the market, online sale of the products and much more will be required to shape a business.

Once a business starts and is in its growing stage, it’s still dependent on data for its regular operations to run without being interrupted. Taking the garment store as an example again, data related to its customers and their acquaintances are the prerequisites for a business to grow. We’re in a digital economy where data is more valuable than ever. Data is key to the smooth functioning of everything from the government to local companies. Without it, progress would halt. Data also helps in understanding and resolving the difference in opinions between different people. When business is growing, increasing opinions of people are taken into account, and the required measures are taken. It helps to work with an etiquette that takes opinions and facts into account to increase business and help reach out. Almost everything can be tested, measured, and improved. If you can measure it, you can improve it. It inspires people to come up with new ideas, pick up new opportunities, test it, and see what the impact is. A test that is being measured is never worthless. At the minimum, we get new insights about its function or its lack thereof, we understand the reasons for the results and therefore the insights received help us improve business directly. We make sure we have real-time access to the most important data in business since only collecting data of the total revenue, profit or costs is not enough.

Procuring or collecting data can be very expensive, monotonous, and tiring. At this point, we at BillMe offer you the easiest and cheapest way to collect data. This might sound a little unbelievable. For example: Whenever a customer gets a digital bill from us through your company, the data gets stored with us. This data then helps you to understand the customer’s expectation and conduct and thus generates automated results for you and your company through AI (Artificial Intelligence) & ML (Machine Learning). This helps you market or promote preferred items to the customer, to interpret the data correctly, and take necessary measures.