Around 2.5 quintillion bytes of data are created every year, and more than 90 percent of all the data in human history was created in the previous two years. Data facilitates processes in marketing, customer service, research, social statistics, and more. But how can business owners structure and scale this data for better decision making in the workplace?
Hiruy Amanuel is an investor that is dedicated to developing the IT sector in Africa. Based in Ethiopia, Mr. Amanuel has co-founded several tech companies, including Gebeya, which is involved in increasing opportunities for Africa’s IT professionals. Hiruy Amanuel is helping bring the best of African tech-talent to the world and impacting countless people’s lives on the way.
Below, Mr. Amanuel shares how to scale and structure data for better decision making:
The Problem with Big Data
Businesses often lack the information they need to make smart decisions at work. With limited data, they are unable to grow their company, for example, or invest in the next business opportunity.
On the flip side, businesses sometimes struggle with too much data. Up to 73 percent of company data goes unused for analytics, according to one study. The main reason? Business leaders just don’t know how to utilize this information.
“Businesses are happy to have more data about their operations, customers, and the results of strategy implementation. The only problem is that, once they have it, they may not know exactly what to do with all that information,” says Inc.com.
Scaling and Structuring Data
Quick access to the right amount of data is key for business owners, but scaling and structuring this information is just as important. Entrepreneurs can no longer rely on manual methods to organize all of their data. This process is prone to human error and could jeopardize the future of a business.
This is where good business data analytics software comes in. “These tools provide business owners with unparalleled insights into their business processes so they can make quicker decisions and solve problems. Entrepreneurs can gain insights into all aspects of their business, from supply chain information through to social media sentiment,” said Hiruy Amanuel.
As the amount of data available to business owners increases dramatically, data analytics tools are becoming even more important. Experts predict a 4,300 percent increase in annual data production by the year 2020.
Other technologies can make this data management even more effective. Data analytic tools that utilize the cloud allow business owners to access information wherever they are in the world. Plus, they can scale this data according to the individual needs of their business. Hiring managers can use big data tools to streamline the recruitment process and find the best talent in their niche, for example.
Data provides businesses with the information they need to make smart decisions in a quick time frame. However, only the latest digital tools will help entrepreneurs scale and structure this information properly…