Skip to main content
HomeThe Web Writer Spotlight

- News, tips, inspiration you can trust to thrive in today’s digital age.

Search form

Main menu

  • Home
  • News & Features
  • Business & Economy
  • Tech & Trends
  • Health & Style
  • Arts & Culture
  • Contact Us
 

Latest stories


Best Mac Cleaners for a Clean and Superfast Mac

Ella Brown May 28, 2023
MAC CLEANING APPS
Image for Best Mac Cleaners to Easily Achieve a Clean and Superfast Mac

If you’re having performance issues with your Mac computer, the best Mac cleaner apps can help in optimizing memory, managing data, cleaning malware infections, and a lot more to speed up your Mac.

Email Conversion Rates Optimization: How to Really See Improvements

Ella Woodward May 27, 2023
EMAIL MARKETING OPTIMIZATION
Image for Email Conversion Rates Optimization: How to Really See Improvements

Email marketing is critical for businesses. Yet many brands and marketers fail to see the results they want from their email marketing campaigns due to inadequate email conversion optimization.

How to Protect Your Business from Disasters With a Force Majeure

Julie Hunter May 26, 2023
FORCE MAJEURE
Business Man Thinking - Image for How to Protect Your Business from Disasters, Uncertainties With a Force Majeure

Businesses now more than ever should know how to protect themselves from unexpected events like pandemics, wars, and economic downturns.

7 Simple Tips to Minimize Website Development Costs

Avantika Shergil May 26, 2023
DEVELOPMENT COST
Software Developers - Image for Simple Tips to Minimize Website Development Costs
The cost of a website development can be quite high, which deters many entrepreneurs with low budgets. But there are tips and strategies you can use to reduce the cost of without breaking the bank or compromising on quality.

The Impact of the Gambling Industry On US Economy

Darko Jacimovic May 25, 2023
CASIONS & GAMBLING
Image for The Influence of the Gambling Industry on US Economy

The public has different opinions of how beneficial or harmful gambling is, but there is no denying it’s impact on the economy.

Pagination

  • (Page 1)
  • Next page Next ›

Contributors blogs


Blog here »

Why Property Investment During the Pandemic May Be a Smart Move

Marla Mendoza

 


The Many Benefits of Singing (And Fun Accessories for Karaoke Enthusiasts)

Lydia Lee

 


Self-Publishing Is Key to Attracting VC Funding for Mobile Gaming Studios

Bilal Mahmood

 


With Insolvencies on the Rise, Experts Encourage Future Planning and Closer Attention to Financial Performance

Lee Murphy

 


8 Landscaping Improvements That'll Boost Your Home's Value

Emily Miller

 


Understanding Fathers’ Rights in the Child Custody Process

Dominic Jones

 


7 Best Video Editing Tools for Beginners

Faizan Qureshi

 


 

How to Build a Data Strategy for Your Business (And Why)

Krishna Reddy September 3, 2019

In today’s data-driven world, bulks of data or Big Data are being generated continously by every digital gadget, system and process all around us. However, only a small percentage of businesses are harnessing and using this Big Data to inform their business processes.

The reason very few businesses utilize this data is mainly because of an inability of brands, entrepreneurs and other professionals to gather, organize, and manage all of the available data. But, to experience the real power of data, it is highly advisable that you design a solid data strategy because data is poised to become a key factor for success for businesses of the future.

But what exactly is a data strategy and how can you develop it to position your business among the data-rich organizations that are projected will dominate the market for the next 20 years?

 

What’s a Data Strategy?

 

A data strategy is basically the systematic method(s) of how a company gathers, stores, handles, and shares data along with a plan to put that data into action. The main goal of a data strategy is to use data with efficiency to achieve productivity and business goals.

Now you may be wondering what are the possible challenges involved in this process?

Well, every organization has data, but each business’ data is unique when compared to others. So, knowing what to do with your existing data is what matters when creating a data strategy.

To ensure you create a successful data strategy, it is vital to:

  • Collect and analyze all the available data in your business, including web traffic analytics, subscribers’ actions, sales numbers, and conversion figures.
  • Understand how the available data assets can help you yield better profits when turned into valuable insights and action plans for enhanced productivity and achieving business goals.
  • Outline the expected outcomes of putting data to action and completing the activities required to achieve targeted results.
  • Make any changes within the organization if needed to maximize the value of the data gathering, activities and outcomes.
  • Fix timelines for the completion of all the activities based on the priorities highlighted by data.
  • Discuss suggested data activities and how it benefits the company financially. That entails planning data strategies for using the data insights to raise profits, besides making data a marketable asset for monetizing the business.

Be particular about putting data strategies to action throughout this process, as well as adjust the strategies as needed based on your current circumstances.

The value of managing data in this way and having a solid data strategy in place is great.

 

How Data Benefits a Business

 

Most of the big organizations understand and recognized data is one of the most valuable resources today. And thus only a few organizations, mainly big tech companies like Google and Facebook, leverage new technologies for productive usage of the data in their possession. As such, these are the companies and businesses that experience the real power of data.

Sadly, most small businesses and entrepreneurs are not completely sure of how to use the data they have properly or how a data monetization strategy can benefit their work and startups. And then they wonder how it is that they are not really making an impact in their market.

Unlocking the real value of data can raise your profits to dizzying heights, although that is exactly the biggest challenge for any business. How do you unlock the power of your data?

Organizations - big and small - may know how to collect data and store it safely. However, once the data is collected, the challenge arises of how to convert that data into a usable format. Keep in mind that the privacy of the data is paramount, even when sharing data within the organization and drawing insights from that data.

And that is why having a data strategy is essential to drive the possible best actions and ensure data safety and consistency throughout every step of the way in every single action.

If you want to know even more why having a data strategy is important and why data can benefit your business activities, you only need to look at some of the key statistics of Big Data.

 

Statistics to Understand the Massiveness of Big Data

 

The world's recorded knowledge is growing much more rapidly than ever. According to the U.S. Chamber of Commerce Foundation, an affiliate of the U.S. Chamber of Commerce, digital information is now being created, analyzed, and stored at an astonishing rate. Over 90% of the world's data has been produced in just the last two years, per the commerce foundation. This explosion of information is known as “Big Data,” and it is completely transforming the world around us. 

“The main driver of Big Data is the nearly incalculable amount of transactional data being produced by companies, financial institutions, and online intermediaries, writes Leslie Bradshaw for the foundation. “This includes trillions of bytes of information about buyers, suppliers, and operations of critical interest to businesses and financial analysts.”

The fact that the world is revolving around Big Data means that it is critical to plan strategies for handling and managing these massive volumes of data. And the ratio at which Big Data grows means the challenge to handle and manage the massive data is not something to take lightly. You need to implement a solid data strategy to keep up with the fast data flow and manage it properly.

Instead of resolving issues related to data with an on-point temporary solution, it is vital to fix it more efficiently with a permanent solution. That will ensure efficient data management.

The data strategy you create therefore must be designed with the particular organizational needs in mind, and with various secure modes of access. This type of data management approach guarantees better data security and avoids accidental loss of data.

 

Practical Usage of Data Resources

 

Having a data strategy can save lots of time. Besides resolving any data issues or breaches within a short time or immediately after detection, the data is available in a usable format and becomes a marketable asset that can be accessed or retrieved when needed.

To leverage this usable form of data, a business owner, entrepreneur or marketer should first know how to use their existing data assets profitably. For instance, a marketer should be aware of:

  • how to gather data,
  • how to use the collected data,
  • how apps leverage data to make money, and
  • how websites use data to make money, and other similar data-related strategies.

The outcome of any data strategy should therefore be aimed at increasing business profits. This type of plans can be included in the Data Strategy under a category like Uses of Data Resources.

Some of the principles and tactics for building a solid data strategy you may need to incorporate in the planning phase, include:

  • Integrate Data Management platforms to avoid data duplication and improve accuracy. After that, involve data-driven technologies to use the data efficiently.
  • Follow pre-determined Data Strategy or method to collect and share data with more consistency.
  • Collect data from reliable sources, besides deriving the real value to it through data structuring and ready-to-share and use data format.
  • Maintain a business glossary and metadata with information about the existing data like location, folder name, size, type and other help to retrieve the data file easily on searching.
  • Define relevant goals for data management along with its usage. These goals drive the drafted data strategies with activities enhancing the process handling the data resources.
  • While achieving the goals, it's crucial to monitor the progress besides having a vision through updation of information as per the Data Strategies. Make sure to set goals for each component of data strategy, which includes data gathering, storage, maintenance, sharing.

With all the principles and tactics mentioned above considered, you are now ready to create your Data Strategy

 

How to Create Your Own Data Strategy

 

You can follow these steps to create a solid data strategy for your business or startup and improve your marketing processes:

  1. Proposal to develop a Data Strategy to the management of the organization, where applicable. Explain to them how Data Management becomes feasible with a solid Data Strategy and get approval.
  2. Select a team to allocate resources and draft policies for regulating any data issues that may or are expected could arise in the future.
  3. Segregate the audience based on certain unique factors to identify and use those audience segments in future. If needed scale the audience data by buying 3rd party data, 2nd party data or collaborating with a credible 2nd party data partner.
  4. Know which audience segments have higher demand and use them further for future campaigns.
  5. Outline goals and plan strategies that’ll be used to implement processes and technologies that are needed to grow profits for at least the next 5 years.
  6. Estimate and plan for Data Storage Requirements, including a reliable Data management system and strategy to access, share, and use data quickly whenever required.

a-data-strategy-roadmap-graphic.png

 

Conclusion

A solid data strategy can add immense value to your business and creative career. It can help grow revenues through the actionable, shareable, and monetizable insights you manage. So, build your data strategy to turn your business into a future-proof, data-rich and data-driven success.


Krishna Reddy is passionate digital marketer and writer, banking on his ability to find marketing insights from everything around him. Currently, he writes in-depth articles on digital marketing and content marketing passing on his knowledge and expertise to marketers.


 

Related stories

 

How to Uncover What Your Data is Really Trying to Tell You

Simple Ways to Keep Your Client Accounts Safe from Cybercrime

IT Outsourcing: What Are the Risks?

How to Use Instagram Analytics Insights to Boost Your Business

The Impact of Technological Changes & Digital Transformation in Business

 

Share this article

  • facebook
  • twitter
  • linkedin
  • pinterest
  • pocket
  • email
  • hackernews
  • reddit
  • tumblr
  • whatsapp

bg_carousel_header_0.png

GET OUR FREE DAILY NEWSLETTER  newsletter icon.png

Subscribe for new content updates, tips, & inspiration in your inbox.

bg_carousel_header_0.png

 

You might also like...

couple-happy-home-clean-tidy

How to Get a Messy Work-at-Home Professional to Clean Up After Themselves

6 Easy Fixes & Solutions for Common Small Business Problems

Must-Try Virtual Team-Building Activities for Remote Workers

How to Improve Communication Within Your Organization

woman exercising while using wearable technology Image for Tracking Health & Wellness in Real-Time: Place of Wearable Tech in Healthcare

The Place of Wearable Tech in Healthcare: Tracking Health & Wellness in Real-Time

Mobile Commerce: The Stats & Future Projections

 

Join over 20,000 Subscribers!

Follow for new content updates, tips, & inspiration delivered straight to your feed.

twitter.gif linkedin-gray.jpg email.gif RSS feed

 

 

 

 

 

 

Most read this week


The Importance of Ethics While Implementing Digitalization
Sweta Sharma

How to Protect Yourself from Skinwalkers. Yes, They May Be Real
George Mathews

Former Executive editors of the New York Times
20 Highest Paying Media Sites for Freelance Journalists
Editorial Team

Image for Millennials and Marriage: How They’re Changing the Game
Millennials and Marriage: How They’re Changing the Game
Miles Oliver

 

Got a story or tip for us?

 

Tips_0_0_0.png

Here's how to submit it →

 

 

 

Like this content?

Subscribe for new content updates, tips, & inspiration in your inbox.

 

EXPLORE MORE ...

black-nav-bar1.png

News & Features ›


What the Retail Industry Can Do to Reduce Unemployment

Can Catholic Bishops and Joe Biden Reach a Solution on Abortion Rights?

Americans Are the MOST Skeptical About 5G in the World, Study Finds


How to Protect Your Business from Disasters With a Force Majeure

How the Internet Has Revolutionized Industries and the Way We Live

Ed Sheeran’s Guitar Makers ‘Sheeran by Lowden’ Range Launch on Amazon in U.S

Benefits of a Second Citizenship (Plus Best Countries for 2nd Citizenship)

The Royals With the Most Fake Followers - Including King Charles and Camilla

Big Tech Earnings Are Out This Week. What Investors Are Looking to See

hor-line-light-blue.png

Tech & Trends ›


opening-gifts_chris-waits_flickr

10 Excellent Gadget Gift Ideas for Tight Budgets

When It Comes to Online Searches, Who Decides What Good Is?

Why Cybersecurity Alliances Are Being Formed (And Their Value)


Best Mac Cleaners for a Clean and Superfast Mac

7 Simple Tips to Minimize Website Development Costs

5 Best Entertainment Apps for Android and iOS This Year

The Household Robots Making People's Lives Easier

PC Clean Up - 3 Tips to Free Up Disk Space on a Mac

Ethics of Quality Assurance Tech Companies Need to Follow
 

horizontal yellow line

Arts & Culture ›


Image for 10 Writing Contests And Why You Should Enter Them

10 Best Writing Contests And Why You Should Enter Them

Best Jewelry Items for Various Types of Celebrations and Events

How to Protect Yourself from Skinwalkers. Yes, They May Be Real


Why Achieving Creative Success Is a Process - Not an Event

5 Things Successful Writers Do That Are Rarely Discussed

8 Brainstorming Strategies for Generating New Writing Ideas

Self-Motivation: 5 Things I Do to Motivate Myself to Keep Writing Every Day

Vinyl Revolution - Why It’s High Time You Bought a Modern Turntable

5 Productivity & Time-Saving Hacks for Writers

hor-line-brn.png

Business & Economy ›


How Security Monitoring Firms Can Help to Address Your Security Concerns

Need Emergency Funds? 5 Ways to Earn Quick Cash When You're in a Pinch

Signs a Customer Is Not Going to Pay You on Time


Email Conversion Rates Optimization: How to Really See Improvements

The Impact of the Gambling Industry On US Economy

8 Best Pizza Ordering Systems (And Tips to Choose Your POS System)

Freelancers Will Take Home Half of Companies’ Dollars in 5 Years

8 Things Strong Leaders Do That Make Employees Satisfied

Top 5 Personal Traits for Successful Entrepreneurship

Home | About | Contributors | Write for Us | Advertise | Disclosure | Privacy Policy | Contact Us

Follow Us:

twitter_e.jpg linkedin-pg.jpg email-updates_icon.jpg

© 2023 Copyright, The Web Writer Spotlight.

Committed to quality content and journalistic ethics.

RSS rss

Search WWS search-icon-trans_0_1.png

Webwriterspotlight.com. All rights reserved.
x
x