Graphs and figures it has to be said, can be scary even to the best of us. There is nothing that’s guaranteed to turn off some people better than the sight of seemingly incomprehensible graphs and figures. Yet this does not really have to be the case. Ask any Mathematician and you will told that Maths is what drives the very fabric of the universe. So, what is the importance of data in the digital world in which we live today?
Raw Computing Power
Technology, it has to be said, has simplified the way in which we collect and collate data. Instead of manually wadding through a seemingly incomprehensible jumble of statistics, computer programs, today, make piecemeal of tasks that, hitherto, would have taken weeks, or even years. Data is now readily available on our fingertips. A lot of this comes already processed and you no longer need to be a statistician to be able to exploit the information that’s contained therein.
The Importance of Data
Data tells us, in precise terms, the goings on in the world in which we live today. This, in turn, arms us with the ability to fortify ourselves against potential future upheavals. Nowhere is data more important than in the business world. And today, much of that is now taking place on the digital sphere.
The digital economy has become an important cog in global trade and commerce. You only have to look at how companies such as Alibaba and Amazon have thrived over the past few years to get an understanding of what we are talking about.
Data: Areas of Application
Data puts into your hands all the tools that you need in order to succeed in today’s competitive environment. The following are but a few of the fields where access to data tends to be a matter of life and death.
- Digital Marketing
- Digital Marketing
We have already noted how data is what, today, drives our world. Digital Marketing employs various internet based tools to reach out to people. The Digital Marketing world is largely data driven. Data tells us, as an example, the number of people who are likely to read this blog post. This information is based on past metrics, on similar articles, and this is what determines the very thrust of this blog.
Data also tells us that the world of the World Wide Web is mindbogglingly vast. In fact, there were over 1.2 billion websites in the world, at the time of writing this article. An estimated 571 websites and 70 domains are created across the globe every minute.
The only way through which you can, therefore, make it in this overwhelmingly overcrowded space is through Search Engine Optimization (SEO). SEO is mainly concerned with giving websites and blogs greater visibility on the World Wide Web. Data informs us that 95% of all bloggers soon give up and the actions that you take to give your site greater Search Engine visibility help boost your chances of being one of the 5% who succeed in making a living off their online creations.
All, businesses, it is safe to say, are primarily concerned with reaching out to new and existing customers and making sales. This is another area where the statistics that is collected from various sources is of great importance.
If, as an example, you wish to launch a new product, data tells you that between 70 and 80% of all products that are launched in the Grocery industry actually fail. There are a number of reasons why this is the case. Most new products, as an example, tend to be of poor quality. They also tend to be overpriced, which is why they never really get the chance to compete with well established products.
Having this information on your fingertips allows you, if you are a startup, to take the actions that can help boost the chances that you will succeed. This way, you can avoid become one of the 90% of startups that fail to make it in today’s cutthroat business world.
Politics, it has to be said, is one of the places where the importance and accuracy of data has taken a huge knock over the past few years. Brexit and Donald Trump’s victory in the United States exposed the fact that big data is not infallible. Often, the human factor comes in to muddy the waters, with the result that even the best of researchers are left scratching their heads.
Despite this, data remains important in politics across the globe. It’s what tells you whether or not, if you are a politician, you have the chance to succeed against your opponents. Indeed, politics itself now tends to be data driven. Politicians from all sides are often accused of formulating their agendas based on the various opinion polls that are floating out there.
Research by Pew Research Center shows that around 9 out of 10 Americans are, today, connected to the internet. This data, which was released in January 2017, also indicated that 3 quarters of all Americans now own a smartphone, while access to broadband in homes had increased by 6% from the year 2017. Social Media usage has also grown exponentially, with 7 out of 10 Americans now on platforms such as Facebook and Twitter.
Having this kind of information is important, particularly for business people. Much of the world’s trade is now taking place through the internet, and knowing what is going on gives you the ability to jump onto the bandwagon. In fact, there is reason, based on available data, to believe that the digital arena is fast becoming the go to place for all businesses that wish to thrive in the 21st century.
Data clarifies the world
Far from, as many people fear, occluding the world, data is what actually clarifies and gives it meaning. The SEO expert knows, right from the start, what the stakes are. The metrics that can be harvested using such tools as Google Analytics and the various Rank Tracking tools that are out there show you the number of people who, as an example, are visiting your site on a daily basis. You also get an understanding of the keywords on which you have been performing well. This gives you the ability to refine your Search Engine Optimization strategy to bring more traffic to your website.
The salesperson relies on data to get a better understanding of the market and how it can be exploited to increase sales. This applies whether or not one is launching a new product or marketing an existing line of goods and services. Data also tells you what your chances of success are and gives you all the information that you need in order to better even the odds. This, again, is one of the many instances where the importance of data is highlighted.
Data Measures Progress
In fact, it is safe to say that the world would not be the same without the data that is constantly being generated across various spheres. The importance of data can, therefore, never be overemphasized. It is what allows us to measure progress and gives us an understanding of what needs to be done in order to make the world a better place. It gives businesses the kind of knowledge capital that they need in order to take on the competition and to succeed in today’s complex world.
The digital marketing world is data driven. If you are afraid to navigate around its intricacies, feel free to use the provided article for tips!