Understanding the power of data.

As they say, “you can’t manage what you don’t measure.” This means the importance of data cannot be overlooked. Data takes different forms including sensors, updates, images posted on social networks; purchasing styles, web, reviews, and more. But many of the most important sources of data are relatively new. Why data? Data is the engine of innovation. It helps managers measure, and know, radically more about their businesses, and then directly translate that knowledge into improved decision-making and performance.

Consider retailing for example. Previously, booksellers in physical stores could always track which of their books sold and which did not. If they had a loyalty program in place, they could further tie some of those purchases to individual customers. And that was about it. But as time went by, and with the rise of technological advancements, the nature of shopping changed, and suddenly shopping moved online.

This narrowed down the understanding of customers which increased dramatically. Some businesses discovered that they had several target audiences and had to tailor-make or offer a variety of different products or services to sustain their businesses. Online retailers could not only now track what customers bought, but also found out what else they looked at; how they navigated through the site; how much they were influenced by promotions, reviews, and page layouts; and similarities across individuals and groups.

Before long, they developed algorithms to predict what books individual customers would like to read next —algorithms that performed better every time the customer responded to or ignored a recommendation. Unlike before, traditional retailers simply couldn’t access this kind of information, let alone act on it promptly. It’s no wonder the likes of Amazon have put so many of their bookstores out of business.

In conclusion, data has the potential to transform all businesses. Because of data businesses can now measure and therefore manage more precisely than ever before. They can make better predictions and smarter decisions as well as can target more and can do so in areas that so far have been dominated by gut and intuition rather than by data. To better understand what works for our business and what works for you, we are conducting this digital learning survey in Africa to create data-driven solutions that will help change the story of digital learning in Africa. To be part of this narrative and also stand a chance to win free digital training for your team, click here https://lnkd.in/dvbCfjvn.