Question

Based on the materials we covered until now can you tell me in 150 words How has Business changed with so much data available?

Answer 1

Data plays a drastic role in understanding the target demographic and customer preferences. From all interactions with technology, whether active or inactive, we create new data that can explain ourselves. When we capture data through products, video cameras, credit cards, cellphones and other touchpoints, our data profile increases significantly. If analyzed correctly, these data points can explain a lot about our behavior, personalities and life events. Companies can use these statistics for product improvements, business strategy and marketing campaigns to manage their target customers.
Successful business leaders always rely on some kind of data to help them make decisions. Data collection used to include voluntary data collection, such as face-to-face contact with customers or a phone, mail or in-person survey. However, businesses need to manually collect a lot of data to understand their customers and improve the market. Most companies work with limited data due to financial cost, time and difficulty in implementation, etc.
Today, it's easy to collect data to help you better understand your customers and markets. Almost all modern business platforms and tools can provide data lines for your business to use.