Data is the new gold. From personal records and health records to financial activity and even concepts like thoughts, opinions, preferences, and connections on social media. Every aspect of our lives can now be transformed into data with this process being called ‘datafication.’
Datafication has become widely accepted after its debut in 2013. With almost everything now capable of being recorded as digital data, its importance in businesses and industries cannot be neglected. For businesses specifically, datafication represents the process of shifting towards data-driven operations from all aspects.
Data extraction, collection, storage, and processing were once difficult tasks; but with modern technologies now at our fingertips it has become much simpler and faster to deal with massive volumes of information, helping datafication along the way. Let’s examine how datafication is revolutionizing business operations today.
From Big Data to Datafication: Transforming Your Company’s Strategy
What Does Datafication Mean for Businesses?
- Data Collection
- Data Storage and Management
- Data Analysis
Datafication in Various Fields:
- Recruitment
- Risk Analysis
How Can Datafication Transform Businesses?
- More Effective Decision-Making
- Establish Customer and Consumer Behavior
- Predictive Analysis
- Businesses Must Transition Toward Datafication
Conclusion:
What Does Datafication Mean for Businesses?
Data is everywhere. From healthcare and finance, to education, every industry collects vast quantities of data. But datafication goes further than collecting it; rather it begins from there.
Businesses looking to datafication themselves through three key aspects should focus on:
1. Data Collection
Businesses starting on their journey toward datafication must first find more efficient means of collecting valuable information that ties back into their main goals and is relevant for analysis. To accomplish this successfully, clearly stated goals must be set before collecting relevant and valuable data.
2. Data Storage and Management
As companies begin collecting more and more data, they require appropriate infrastructure to store and manage it, whether that means cloud services, third-party data management solutions or in-house data centers.
3. Data Analysis
Perhaps the foundation of datafication lies in its analysis. Companies can gain vital information and insights that enable them to make key decisions and develop data-driven strategies more efficiently.
Datafication in Various Fields:
1. Recruitment
Reviewing applicant data collected from resumes, social media profiles and past employment histories can assist recruiters in making smarter hiring decisions. Furthermore, tweets or social media posts by candidates can reveal insights into their personality or mindset which help recruiters make a more informed selection decision.
Employee satisfaction may not be tangible for an organization, it can still be measured using metrics like Employee Satisfaction Index (ESI) and Employee Net Promoter Score (eNPS), using information gleaned through surveys, collecting employee feedback forms, creating regular performance reports, monitoring turnover rates, etc.
2. Finance
Companies involved with banking, finance and insurance are collecting consumer and client data in order to create risk profiles in order to determine eligibility for loans, credit cards and insurance policies.
These examples showcase the essence of datafication. Businesses should aim to become data-driven enterprises where decisions and strategies involving large amounts of relevant data can be informed by valuable insights derived through collecting, managing and analyzing.
How Can Datafication Transform Businesses?
1. More Effective Decision-Making
Analyzing large volumes of diverse data enables businesses to gain clear insight into their performance and identify areas for improvement, helping them make accurate, data-driven decisions for company growth.
Higher Organizational Awareness Stakeholders and decision-makers in large organizations often remain unaware of their company’s strengths, weaknesses, priorities, and key objectives. With datafication you will have constant access to real-time business data that will keep you fully aware of all key aspects of their operation.
2. Establish Customer and Consumer Behavior
Thanks to digital technology, businesses now have access to an abundance of consumer and customer data regarding their behavior, preferences, personal characteristics and demographic information – helping them better understand what their target audiences need and want.
3. Predictive Analysis
One of the key advantages of datafication for organizations is its ability to increase accuracy in predicting outcomes accurately. Examining past data, trends and patterns has proved extremely useful in accurately anticipating the outcomes of important decisions, events or strategies.
At the core of most businesses’ goals is increasing sales, profits, and revenue. Businesses that make informed decisions that keep abreast of their strengths and shortcomings as well as gain clear insight into the behavior of their target audience can predict future outcomes more reliably resulting in higher conversion and increased revenue over time.
4. Businesses Must Transition Toward Datafication
Nowadays, datafication has become essential for businesses. All aspects of operations need to be digitalized for greater productivity and effectiveness. And to make things even better, there are already a variety of tools, processes, and big data development services that enable companies to transition smoothly toward data-driven business models. Although datafication might sound technical at first, its implementation doesn’t need to be challenging.
Conclusion:
Digital technology has simplified data production, and collection. There are now plenty of solutions for data management. Datafication can only be done by specialists in data science, and cyber security. The Digi Tech Resource Group, LLC is the only name that pops-up when thinking about Advances in AI using deep learning neural networks have made computers much more capable of processing massive amounts of data at lightning-fast speeds, giving businesses everything they need for datafication initiatives that transform business operations positively. If you want to get a free quote on our services, mail us at info@tdtrg.com.