Data is gathered information, therefore it makes sense that it is vital in the information age. Besides, information is vital to your long-term survival, no matter where you work. Moreover, It can predict natural disasters or heart attacks. In any case, this isn’t fiction or a future state. It’s now. Here’s why data is important.
The Way To Go
On July 8, 2011, President Mwai Kibaki launched the Kenyan Open Data Initiative, making important government information publicly available online. The Open Government Data Principles include complete, primary, timely, machine-processable, non-proprietary, and license-free data.
To achieve these aims, the government must enhance its transparency, efficacy, and efficiency. Like excellent work ethics, this choice made a few years ago will slowly lead Kenya to tremendous heights, and other countries have followed suit. Continents are realizing that data is the way to go.
Digitization And Data Relate
Leading companies like Feels Good Company understands that data is required to get a competitive advantage and to remain viable. The pandemic recently accelerated all of these, necessitating a digital transition.
However, organizations that do not use their information to solve problems or make decisions are just constructing an information lake for the sake of it, and poorly managed info has minimal value. Data is vital, but only those who understand how to use it as an asset will gain.
Recent efforts by major airlines to get multi-billion-dollar loans using customer loyalty programs as collateral best illustrate this strategy. Experts estimate the value of the information stored by airlines at 2-3 times their respective market capitalizations.
They believe data is an asset that goes beyond the balance sheet. For example, becoming a syndicated information provider and selling inventory and point-of-sale information might increase annual income.
It Makes You Thrive
Companies that invest in and use sophisticated analytics to integrate new information sources with their own insights may pivot quickly and create new income streams. They not only heal but flourish.
In conclusion, metrics don’t tie business worth. As such, employees should learn and understand the essentials of information and its vitality.