DATA: THE OXYGEN OF EVERY BUSINESS
Adedeji Ajayi
6 years + experience working with data|Data Analyst & Scientist|Machine Learning Engineer| Maths Researcher (Modeling)|Founder @Edupady (SDGs 4)| Helping businesses win with informed insights from data.
The business world has dynamically transitioned in the way it formerly operate. Virtually every part of the world has gone digital and for any business or corporate organization to keep relevant , and keep abreast in the market competitively with other businesses of the same line, there is a need to make right, timely and informed decisions.
Decision making is an important part of every business, but the type of decision made is what tells the latter story of such business. A lot of business have collapsed because they did not really embrace the heat wave of change in the way they operate.
Inarguably, a lot of businesses are still doing things the old way and of course if you do something the same way you are expected to get the same result but who is to be blamed? The business frontiers or the architecture?
What is the point of my story? what is the bone of contention? Businesses are suffering because they are ignoring the leverage they have to survive. For a business to thrive there is a need for it to tap into the power of?data.
Yes it might seem visible that your business is booming, or that you are gaining ground in the market, but the interesting thing is that things can sporadically change in the twinkle of an eye without you getting a glimpse of what has happened. This of course is the sad reality of so many businesses.
For a business to work well at fixing it loop holes, and ensuring strategic growth, evolvement and development irrespective of whatever sector it is operating or corporation size there is a need for it to structure its foundation on DATA.
One beautiful thing about data is that is that it does not lie. It gives you a clear picture of what is happening , most possibly why it is happening and then can itself proffer a way to make positive solution to whatever negative occurrence in the business.
Before you make any decision as a business man or as an organization,?consult your data. Your data allows you measure the performance of your business at any point in time.
How do you know you are making profit or not running at break even or at loss?
How do you know your business profitability ratio for difference here is at a positive level?
How do you know you are short of staff in a particular department in your business
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How do you know the number number of employees working over time?
How do you know if your marketing campaign made a significant impact?
How do you measure sales, unit and profit relationship?
How do you know there is high demand for a product type?
How do you know there is a need for you to open a new branch at another region of operation?
I have an important information for you, Can you guess why Meta , 谷歌 , LinkedIn and other sites provided you with an analytics menu to measure your ads conversion, post engagement and the likes? It is because these organizations understand the importance of measurability of important factors that are only made available in data.
The answers to all your?“HOW DO YOU KNOW”?questions can only be attended to effectively by?DATA.
So many business have large volume of data that they are under-utilizing while some do not even have. If your business or organization falls into this category, I need you to start utilizing the knowledge I am giving you for free.
Give your business the boom and boost it deserves, get actionable insights from data, make informed decisions and see your business perform at it maximal best.