A Guide to Data & Its Viability in Business

No matter who you are and what you do for a living, you’ve probably heard people talking outlandishly about data. “Data is the new oil,” they might say. Or “data is digital gold.” While these statements take out the context and are a little extreme, the importance of data can’t quite be overstated.

It has become currency for all kinds of digital, social media, and technology companies. As it turns out, people’s information is very significant. It can help inform all kinds of business decisions, even the creation of new products and services. Data shapes our digital world with algorithmic results. Whether you are interested in advancing technology or just want to get a better grasp on it all, below is a guide to data and its viability in business.

What is Data?

Essentially, data is any piece of information that is collected for analysis and reference. In the digital world, it is more complex. Every time you visit a website, data is created. When you post on social media, data is created. Data, in the sense of cyber security, is the digital information that shows where the person was, what they did, and how they did it online. It is also the information that people give to companies when they make a purchase or sign up for a purchase. Data is any number of digital information that is compiled, stored, analyzed, and traded amongst companies.

Why Data is So Valuable

Data is valuable because it can be used to make profit. Whether it’s by gathering that data that shows which ads people are responding to on social media or data that shows what people in a specific region prefer about a product, data can inform businesses and provide new ways to analyze the information. It can help a business get to know their customer base. For example, properly analyzed data can be put into software, composed as graphs, and categorized carefully to make precise representations of people’s wants, needs, behavior, and desires. It can reveal a lot to a business about what is working and what isn’t. It can help them create new products, services, and branding.

Data Accuracy vs. Data Integrity

Of course, the data that is used for these purposes needs to be valid. There is a difference between the accuracy of the data and its integrity, but both are vital. Data accuracy is the quality of the data a company collects. If the quality is high, the business can base pivotal decisions on it. Accuracy means that it reflects reality. Accurate data will prove its worth by showing up correct in the tangible operations of a business.

On the other hand, data integrity is how consistent and relevant this information stays over time. Data could be very accurate when it is initially gathered, but as time goes on these numbers change and the integrity of the data could be compromised by failing to remain accurate or significant to what the business is doing. Both data accuracy and integrity are instrumental, and there are third party companies that provide services to help you understand the accuracy and integrity of data sets.

The Future of Data

As more and more data is collected by businesses both large and small, it will become increasingly effective. Businesses will buy and sell data legally whether it is moral. Data will be analyzed not just by humans with software, Excel, and graphs, it will be analyzed by artificial intelligence. AI can organize and deeply analyze large sets of data in seconds. It can create accessible images and graphs to work with. It can even provide direct solutions to problems and ideas for new revenue streams. The future of data is not fully known, but one thing is for sure. It will remain incredibly vital to business and technology.

Whether you are skeptical about this technological future or are excited about these incredible changes, there is no way to stop it. Data has been used to make profit for businesses for years already and it is only becoming more sophisticated. However you feel about it all, it is important to watch as data usage evolves and determine how it can best be used to benefit humanity—not just a handful of wealthy investors. 

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5 Ways to Advance Your Digital Marketing Career

Everyone wants a fulfilling career. If you are a digital marketer, you need to work hard to stand out. Making a successful career as a digital marketer has never been easy, and there are numerous frustrations along the way. However, you’ll get there eventually with some hard work and determination. Below are five tips to help you advance your digital marketing career.

  • Continuous learning

With changing technology trends, continuous education is necessary. A digital marketing leadership graduate certificate on top of your marketing degree cert is a great place to start. Continuous learning equips you with the skills and knowledge you need to serve better. If you want to grow, you must embrace learning. Be sure to take courses from accredited schools to make your resume more professional. If you decide to take an extra course, here are some factors to consider:  

  • Where to take the course
  • The cost of the course
  • The reviews on the school
  • Your availability

  • Keep up with the trends

Staying current on trends helps you become a better marketer. If anything, trends are here to make work easier. When you are up to date, your clients get assurance that you are offering them the right services. You can keep up with digital marketing trends by following blogs, podcasts and following opinion leaders in the industry.

  • Have a strong digital presence

If you cannot market yourself, you will never convince anyone that you can market them. A strong digital presence will help you convince prospective clients that you are the best candidate to market their services or products. Update all your social media pages with decent images. Add strong content and make meaningful posts. Avoid unnecessary comments that may be offensive. You also need to regularly post about your services on your social media. 

  • Personal branding

Personal branding is one way to stand out from the crowd. Grow a personal brand by showcasing your abilities in digital marketing. You do not have to post on every social site available. Find one where you have a great following and use it for your gain. Post consistently, and grow your following as much as you can. Do not forget to engage your audience by answering questions and attending to your inbox and comments. 

  • Understand and make use of data

When you understand data, you can make better decisions. Data analysis can be a hard nut to crack for many. However, you must understand data so you can decide what that means for you and your career. Clients want to see ROI and metrics when they hire you. If you cannot prove that there has been an improvement after campaigns, they will have a hard time keeping you. Learn how to collect and analyze data. Consider taking a short course in data analysis. 

Endnote

You can grow your digital marketing career with the simple steps above. If you want to go further, look for a mentor and network. Everything is always easy when you have the right guidance to see you through.

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