The digital age helped amplify our reach way beyond our imagination. We moved past mass, untargeted broadcasting of messages that ran on gut feelings in the Mad Men era and developed a more concise method of sharing our messages with the right audience at the right time.
But we’ve moved beyond the digital age and entered a new phase with the age of AI. Don’t be alarmed as we’re not discussing Ultron from the Avengers but discussing the rise of data and insights. They became an integral part of the strategy development process across various sectors. Data in itself is merely just numbers and figures but it turns out what you don’t know can hurt you.
Let’s take COVID-19 as an example, governments around the world are taking every measure to contain the spread of the virus. These measures would not be effective if they didn’t have the data to support their efforts or even be able to anticipate the level of catastrophe this virus can cause.
Similarly, if a business does not use data effectively, they face the risk of falling behind their competitors which could in turn be dangerous to the survival of the business.
As the level of competition increases at an alarming rate, businesses need to stay ahead of the curve by adopting data analytics to measure and anticipate how effective they have been in the past to be able to project future trends to help the business not just survive but grow.