Optimizing Organizational Growth through Data-driven Business Models
May 13, 2020
Business Information Services
There were times when businesses could leverage data to gain a competitive advantage and deliver better products and services. However, moving with current times, if a business doesn’t become data driven, it will become obsolete. There have been numerous classic examples where valuable companies built on data have transformed the entire industry, like Amazon in retail, AirBnB in the hospitality and Marketo in the Sales and Marketing.
Why does business data matter so much?
While looking at marketing to another Company, or selling to, partnering with, working for or investing in, businesses and sales professionals have always struggled to identify suitable resources to get valuable data and news that’s up to date. Actionable business data at the right time is essential to help prioritize sales efforts and identify key buy signals in the market. Availability of such data allows users to follow investment trends, identify growing industries, and streamline sales and marketing efforts by discovering the companies that will be driving their business objectives and impacting their bottom line.
While Data about public companies are more readily available out there, the same cannot be said so for private companies. Information about such companies is scattered and unverified, making it hard to track. A simple Google search might not be enough to find the kind of data that is required in such situations, that often results in incomplete and fragmented data, subject to inaccuracies.
This means, decision makers must be able to first identify the right kind of data, derive meaning from it and drive decision-making that can be translated into specific action to be communicated to others. Confronted with vast amounts of data, businesses must isolate those bits of data that provide information leading to actionable knowledge. This is no easy task because the environment is constantly changing.
Essential elements needed to generate actionable knowledge include:
Having valid and timely information
Making informed choices
Monitoring of both the validity of input information and implementation of decision
In a world that is characterized by rapid change, having valid and timely information is not necessarily an easy task. Information that may be valid, meaningful, and useful today may not be so a few days or months down the line. Changes in the internal or external environment can make valid, meaningful, and useful information from today for the questionable value of tomorrow. Therefore, it becomes critically important for Organizations to constantly monitor both data and information as well as output in the form of results and make adjustments as needs change. The result of not doing so will lead to decision-making based on flawed information. Actions based on invalid or flawed information may lead to negative outcomes. This process ultimately is critical to the success of organizations of all size, type, and industry.
Inability to get this type of data and information that is both broad in terms of coverage (number of companies) and deep (rich in type of company information), as well as easy to find and use is a problem that could be addressed well by companies providing business information.
Right Information at the Right Time
Such companies by providing accurate, up-to-date business information, help business professionals around the world outsmart their competition and uncover the latest industry news and alerts. Even for such companies, staying ahead of the game can be a bit of challenge in terms of the huge amount of data mining, research, market analysis and number crunching involved. Tracking news about events like funding, acquisitions, product launches and leadership changes for Companies and updating the database is crucial for sharing such insights and key alerts to clients who are interested in a particular company or industry.
Knowing when to take the right action is the key for empowering teams with actionable data at the right time. From market research to data enrichment, comprehensive company data helps businesses make strategic decisions at the right time by facilitating ease of spotting opportunities before the competition does.
If Data drives your business, then let it be the real data. Update your existing database with 100% hand-curated data having >99% accuracy with lessburn. We are a team of vibrant market researchers on providing accurate, timely, predictive and handy data to the Business Information Service Providers with faster Turnaround Time with quality deliverable. With a penchant for data-driven business decisions, lessburn capitalizes on its superior data-mining capabilities, which factors a lot of intelligence from the market, the competition and your potential.
Reach us at firstname.lastname@example.org if you’ve got a quick question or you want to run through the details of your business data service requirement. We’re always on our mark for a longer run!