Data Value, What is it and how does it help business?

Data Value What is it and how does it help business? | Qaleon blog

Data Value, What is it and how does it help business?

Data Value What is it and how does it help business? | Qaleon blog

Data Value is a growing field, and it is noticeable in the demand for employment of professionals in the field of data science. In this technological revolution that we are living, it is especially important to take into account data and its value to make better business decisions. Data Value will improve the bottom line.

What is Data Value?

The Data Value refers to the analysis of data and how to get the most value out of it. In other words, data is analysed, sorted and presented in such a way that valuable conclusions can be drawn from the data for a project.

It is an integrated term within the 5 “V” of big dataspecifically that of Value. A corporation may be obliged for compliance reasons to capture and store large amounts of data that have no value. However, in the case of Big Data that is collected voluntarily, a company must review exactly what data is collected and how it can be valuable to the business - this is where the Data Value lies. If such Data has no value now or in the near future, it is better to stop collecting it.

This combination of business and analytics, that data is useful to make it profitable, is the key to the importance of Data Value.

How does working with data help a company?

Data professionals such as data scientists and data analytics are the people who help to get the most out of a business' data. These professionals try, through data engineering and computational techniques, to build an IT system so that data can be visualised correctly and optimally.

The benefits of applying Data Value to your business or other organisation are manifold:

  1. Personalize the customer experience: the data we use to create customer-centric experiences through the valuable information they provide.
  2. Informing business decisions: the information is of such value and so clear that it can be used to make better business choices.
  3. Optimize operations: internally in the company, it generates such in-depth knowledge of the processes in place that it allows for the maximum improvement of operational plans. In turn, it improves the processes of the company's departments through Data.
  4. Mitigating risk and managing setbacks: due to optimisations in the business, possible future circumstances can be predicted. In this way, it reduces risks of failure and helps to be prepared for these circumstances and setbacks through predictive data.

To ensure success with Data Value it is of particular importance to work in a highly data-rich and data-centric business environment, known as Data Governance. Also, it is vital that the quality of the data is optimal for the data to help a business grow through decision making.

 

What can we offer you?

One of our services in which we specialise at Qaleon is that of Data Value and our competences include these:

  • Data Management & Governance: we build a trusted environment to ensure that critical data is centrally managed, maintained and governed.
  • Platform and Data Architecture: we help you build a secure database and cloud architecture. All to gain deeper insight and meet today's needs with the flexibility to scale in the future.
  • Operational model: we apply the principles of a product-based operating model. The aim of this is to structure the team and processes appropriately, facilitate execution and accelerate business growth. 
  • Strategic vision: we use data and AI to drive a culture of data value. We work with an analytics mindset to improve decision making and business insight.
  • Value Contribution: we measure execution, data insight and impact on business results on an ongoing basis.