Businesses today are already producing an unfathomable amount of data. But in many ways, the data revolution is just getting started. We haven’t even scratched the surface of what the future will bring in terms of information collection and management.
According to one study, the world will produce 180 Zettabytes — or 180 trillion gigabytes — of data annually by 2025. To put this in perspective, in 2015 there was a total of just 10 Zettabytes of data. And in 2020, there will only be 44 Zettabytes generated. So at a certain point, we expect this figure will scale considerably.
One of the main reasons why data generation keeps increasing is because the Internet of Things (IoT) is rapidly expanding. More and more devices are becoming IP-enabled, and in the process they are providing remarkable insight about consumer habits and preferences as well as backend processes.
While almost all businesses are collecting data, though, many are failing to maximize its effectiveness. In many cases, data is stagnating inside of databases instead of being put to use — a situation that isn’t just wasteful, but actually very risky. Simply collecting data and not using it will only eat into your server capacity, increasing operating costs and the chances of getting hit with a data breach.
If this describes your company, then one of your main goals heading into 2018 should be to improve the way that you process, distribute and store information. It’s time to make your data work harder for your company.
So, how do you do this? The first step is to improve communication across the various parts of your business. For instance, your marketing, sales and customer service departments are probably all collecting data in some form or another, from websites, social channels and email marketing systems. But are they sharing this information?
The trick is to stop siloing information between departments. Instead, pump your customer information into one centralized internal database that each department can use to better understand its customers’ needs. The end result should be a system where the right messaging is distributed to the right customer at the correct point in the sales funnel.
Of course, the easiest way to streamline data management is to outsource your customer service department to a third party solutions provider offering data-driven strategy. Third party contact center solutions providers can offer the infrastructure, and experts that are needed to process and interpret the information that is being collected.
With the right team in place, equipped with a data-driven strategy, your business will be able to understand its customers’ needs much more effectively. To learn more about how InfoCision can help, click here.