5 Reasons why data is the new soil.
5 Reasons Why Data is “the new soil.”
A few years ago, British mathematician Clive Humby famously stated that “data is the new oil.” While data has become a valuable asset in today’s economy, we at Data Sutram believe that there is a more apt comparison to be made. But if not oil, how do we look at it?
When we consider data as an entity, it becomes clear that it provides a strong foundation for businesses to build upon, much like soil for agriculture. In the same way that soil is essential for the growth and cultivation of crops, data is essential for the growth and success of businesses. It can be used to analyze customer behavior, streamline operations, and identify new growth opportunities. But data, like soil, must be carefully tended to and managed in order to remain fertile and productive.
Today, companies like Data Sutram use this data to help businesses optimize operations, drive growth, personalize customer experiences, provide a competitive advantage, and generate new revenue streams.
Let’s look at five reasons why data is essential for businesses and how it can be leveraged to drive innovation and improve decision-making:
Data helps businesses make informed decisions by analyzing data and identifying trends and patterns. Remember how Motak Bank had low-depth information on NTB and NTC customers? And using sales intelligence, they targeted more geographies. Similarly, data allows businesses to make more informed decisions about allocating resources, strategic plans, and capital allocation.
Data about customer preferences and behavior enables businesses to personalize their products and services better to meet the needs and preferences of individual customers. This data-driven targeting leads to increased customer satisfaction and loyalty.
Efficiency and productivity:
A primary facilitator for data has been analyzing and processing this data at the organization’s disposal. Analyzing data about business processes and identifying inefficiencies improves business efficiency and productivity. Furthermore, businesses are able to reduce costs and increase profitability.
We all have known Sharma Ji and how he grew his business with data. Data helps businesses remain competitive by keeping them up-to-date on industry trends and customer preferences through data analysis. This enables companies to adapt and stay ahead of the competition, helping them maintain a competitive edge and find new growth opportunities.
New revenue streams
Businesses could map and understand consumer behavior across geographies using Data Sutram’s parameters, such as transactional behavior, mobile pings, footfall, and affluence. Collecting and analyzing data about customer behavior generates new revenue streams for businesses. This helps companies to diversify their revenue streams and increase profitability.
Just like fertile soil is essential for a farmer to grow healthy crops, data is vital for businesses to make informed decisions and identify new opportunities. By leveraging data to personalize products and services, businesses can effectively meet the needs of individual customers and stay ahead of the competition.
That is why we believe that “data is the new soil.” This metaphor extends beyond the BFSI sector and can be applied to businesses across industries. By recognizing the value of data as a foundation for growth and optimization, businesses can use it to their advantage and thrive in the modern economy.