Data can be a powerful tool. But the key to data isn’t just accessing it. It’s interpreting it — and using it to make better decisions that benefit your business and your customers. Here are four key areas where business leaders can use data in more meaningful ways to impact decisions:
- Grow your business — Reveal patterns, trends and associations to better evaluate business opportunities and respond to market fluctuations.
- Improve efficiency — Optimize operations and improve use of time to acquire more customers for less.
- Manage fraud and credit risk — The better you know your customers, the less risk you’ll have.
- Validate manually entered information — Determine the best actions to deliver the most effective outcomes for both existing and future customers.
According to Forbes, by the year 2020 about 1.7 megabytes of new information will be created every second for every human being.1 Get the most out of our data-driven economy to remain competitive.