In 2017 alone, every minute, there were over 456 000 Tweets, 46 740 images were added in Instagram, and Google handles 3 607 080 queries according to Shafique at www.fusioncharts.com
The digital age have reached a major turning point where lives of people were being digitized. Companies have invested from millions to billions of dollars to compete in the ever-changing needs and wants of their consumers. The problem is even if they have poured huge amounts of resources, only few a percentage were being analyzed and turned to useful information in making economic decisions. This is amplified by the ‘Silo Mentality’ where some departments are not willing to share data to others leading to more unprocessed information and folding which could cost the overall profit of a company to decline or stagnant. What can we do then?
Introducing democratization of Data through DATAVLT
DATAVLT aims to empower businesses by providing democratized data to those who are looking to grow internal capabilities cost efficiently. It is an on-demand, self-service, behavioural analytics platform that tracks, analyses, integrates and correlates data, enabling users to make more informed business decisions (http://www.datavlt.com/whitepaper/).
Democratized data means that even lower level managers and other employees of an organization will have access to specific information previously not available regarding day to day operations to enable faster response in delivering products and services of a company and be able to fulfil and exceed their customers’ needs and wants.
Big Data expert Bernard Marr suggests that, “The easier and faster your people can access the data to get the business insights they need without help, is the goal of data democratization.”
In turn, superb utility of institutions’ goods leads to value creation for partners in businesses. Such value creation may come from reduced storage costs outweighed by the benefits of bigger percentage of data being processed and used to achieve vision and goals.
If its payback is superior, then why many companies will not apply this concept?
Concerns with data democratization
Data analytics tools providers including DATAVLT primary focus on consumer behavior that draws basic data using parameters derived from fields such as economics, sociology, and anthropology. Correlating the data with behavioral inputs like profiling, tonality, and sentiment, allows for deeper and more meaningful analysis of the data, because these parameters have the potential to create an infinite number of analytical scenarios that goes beyond primary utility tracking (http://www.datavlt.com/whitepaper/). This is the start of data democratization.
However, there are two major disputes with implementing data democratization; cost constraints and data scalability and protection.
Data scientists will cost heavy cash flows and it could drain financial resources for SMEs. That is why they necessitate affordable data analytic tools crafted or tailored for their business needs and this can be achieved through blockchain based platforms such as DATAVLT.
The second concern requires great attention and there can be two ways to solve this; assigning data custody to members of the organization required by their roles and the ability to expand when greater volume of data enter the system resulting from increased business transactions.
First, employees of the company, to prevent using information for their own benefit should be allowed to handle the information they only need to perform their task. Also, the employee once promoted should also be asked to surrender all information they have at hand to be replaced by new set of processed data fit for his or her different position.
Finally, scalability issues draw some concerns for it may affect important things such as data protection, usage, and company reputation. Since some blockchain powered tools like DATAVLT employs the new technology where SMEs may alter some market variables to tailor their needs, they will have greater control and flexibility data management. Having said that, they can set policies regarding data accountability such as the one mentioned in the first point, data ownership, and security risks. In addition, to secure company reputation, a business may pattern the rules and regulations of data usage to the means on how to achieve organizational goals.
How can data analytics platform DATAVLT be able to integrate all data in network of systems?
Essentially, DATAVLT is an end-to-end data/information management platform. An end-to-end data management system allows linking of different types of storage across the global system. It includes systems of their customers, suppliers, cloud storage, and all other storing sites.
What are the benefits from using data analytics?
DATAVLT listed some benefits but we will be discussing two of them in brief. First, tailored consumer experiences, it allows businesses to gain insights on their products much like ‘crowdsourcing’ and execute some modifications to satisfy them. Finally, intimate understanding of customers/consumers for segmentation, this is very important for businesses especially if they want to reach more market participants. They will gain wisdom on what are the target market niches and possibly gain more revenue turning their negative cash flows to positive.
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The Key to Business Success: Behavioral Analytics was originally published in Data Driven Investor on Medium, where people are continuing the conversation by highlighting and responding to this story.