The Critical Role of Data
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Data plays a vital role in every industry. By making good use of the data they possess, organizations across all industries can gain an edge. However, it’s common for companies to not use the precious data they have. This primarily happens due to a lack of knowledge of the importance of data, the role of data, data harvesting, and data analytics. Learning about the importance of data in an organizational context should be the starting point for any company that wants to create better business outcomes using data.
What is the Value of Data?
Data is extremely valuable, but why? First, data is plentiful. It is literally everywhere, just waiting to be harvested and analyzed. It is also reusable. “Generated once, it can be reused multiple times for a variety of uses: information analysis by business analysts, analytical models, etc.,” an article by SDG Group explained.
The article pointed out that the value of data is also related to the fact that it is easy to replicate and transmit, isn’t subject to tax when transferred, and boasts powerful business benefits like increased sales and better organizational decision-making. The Importance of Data by Truyo cites the other benefits that support the high value of data:
- Data gives companies a better understanding of their market
- Data collection improves consumer databases
- Data improves marketing strategies
- Data enables companies to create more personalized customer communications
Small data is just as important as big data. Key Data Trends Shaping Businesses in 2022 and Beyond explained that this year, companies are looking to make use of small data analytics in an effort to create highly personalized experiences for their customers and to better understand customers. Ultimately, this can and will drive sales and promote better decision-making.
Business Analysis Professionals and Data Scientists Help Companies Derive Value from Data
When organizational leaders understand the value of data in a business context, they are much more likely to leverage it. Business analysis professionals and data scientists often work together to help companies see the value of data and make sense and use of it.
Business analysis professionals and data scientists share commonalities but have distinct job duties. Data scientists tend to have a statistical viewpoint when it comes to business, whereas Business analysis professionals take a more integrative approach to business. Also, business analysis professionals focus on the business model more so than data scientists do. Both professionals have a thorough understanding of the value of data for businesses in every industry.
Business analysis professionals collect, communicate, and evaluate data, and are experts in writing reports. On the other hand, data scientists “are data experts, not field experts, and instead of evaluating a business like a doctor or business analyst, the data scientist is more like a heart rate monitor,” Discover Data Science stated. “Data scientists take the current pulse of the market.”
By working in tandem, these two professionals ensure organizations derive value from the mass amounts of data they possess.
Prove Your Business Data Analytics Skills
Businesses are experiencing an increased need for data specialists. By earning IIBA’s Certification in Business Data Analytics, business analysis professionals can effectively inform employers of their competencies in performing business analysis on analytics initiatives. The credential helps organizations find skilled business data analytics professionals, and helps Business analysis professionals with in-demand skills distinguish themselves. Get more information about the Certification in Business Data Analytics here.
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About The Author:
Shyra Wells is the Communications and Media Relations Specialist at IIBA® and has 10+ years of communications experience across Academia, Fintech, Government and Renewable Energy industries. She contributes to the growth of IIBA’s ecosystems through marketing and communications efforts and is passionate about IIBA’s global reach. Originally from Edmonton, but now living an east coast lifestyle in PEI, she enjoys travelling, interior design, Barre and exploring with her two pups Keira and Hank!