In the last two decades amount of data increased monthly, yet there are companies that only use data they found years or decades ago. If managers only rely on old data then their decisions will be biased and unrealistic. Every sales, marketing, and IT manager has a duty to find new data, evaluate it, and integrate it in company decisions. This way company will make realistic and competitive decisions, instead of being isolated in a bubble of old data.
Here are few new data tips:
1) Do not collect data only on customers who buy, but everyone else who influences your performance (press, influencers, investors, employees).
2) Fully analyze the behavior of customers and see which events can be turned into data, instead of focusing only on few interactions.
3) Find data brokers in your industry and evaluate if their data supports your growth.
4) Find market data sources (competitors, regulation, trends, news) and integrate them in your team education.
Companies can not rely anymore on the same data they used years ago. Customer and competitor behavior is highly unpredictable and changes constantly, and tools you use must also be highly flexible and adaptive.
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