The strategic value of data
30th of March 2023
Together with technology and people, data is interrelated through complex processes that enable efficient and agile strategic decision making, in response to disruptive changes. We live in the data era: the volume of data has increased exponentially worldwide, with approximately 2.5 bytes created daily.
Data becomes valuable when it interacts with other data in an appropriate ecosystem, when it evolves, when it is susceptible to being correlated with certain topics of interest to the company or the managing institution. Therefore, it is not in the data itself, but in the presence of large quantities of it and within an exploitable environment where its value lies.
The use of data analysis for decision making that involves taking action is one of the most useful assets for companies today. The analysis of large volumes of data has become a decisive tool in planning and decision-making due to the cost effectiveness, speed and accuracy it offers. In addition, the process of working with data must be goal-oriented: a concrete action to improve a specific business area. Most companies obtain information and usually prepare it, but very few manage to reach the "last mile", where changes are actually analysed, discussed and implemented.