There is also the failure to see the value of data in nontraditional places or for nontraditional players. At a recent conference I attended, one of the speakers talked about how fishermen in a small village were using collaborative technology and data to not only help find fish but to negotiate with the restaurants they were supplying to in advance, ensuring a more efficient supply chain. Even relatively unsophisticated technology users can, with the use of smartphones, devise a means of gathering and using data to help their businesses.
Many nonprofits are recognizing the value of capitalizing on information. On my most recent birthday, I received a Facebook message from a nonprofit asking me whether I wanted to let my friends know that in lieu of a gift they could donate to the organization in my name. Facebook had my permission to share the date of my birthday. And I am sure that with a little data gathering, this charity was able to discern I was a supporter of its organization and its cause.
No business is too small to have a data analytics strategy. All businesses need to think about the relevant information that is available, and devise a plan to capture data and understand its implications. While no one can predict the future, data analytics can certainly help to narrow the possibilities. And that is the true value of data!
Other articles by Andrea:
Context is Key to Customer Engagement
How Important is Defining Your Digital Identity?
Making the Leap to Small Business
Extend Your Social Reach
Social Media Prep
Andrea Goldberg, Ph.D., is president and founder of Digital Culture Consulting, LLC, and an expert in market intelligence, social media and change leadership. Reach Andrea at AndreaGoldberg@digitalcultureconsulting.com.