Data ‘can save businesses millions’

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Any business hoping to succeed knows that taking full advantage of all the resources at its disposal will give it as strong a chance as possible of achieving its goals – and given that realising potential is usually dependent upon the ability of a company to make full and effective use of its various tools, Oliver Arscott, conference manager at Big Data World Europe, believes that the proper use of data is a vital component for all businesses, in terms of saving money and connecting with customers.

“Big data is increasingly being seen not just as a problem encountered by academics, but also as something that most businesses are now dealing with,” he said. “Within their data, businesses are able to find value that can fundamentally change their processes – saving them millions and bringing them closer to their customers.”

As companies go about collating, storing and editing growing volumes of information relating to everything from market forecasts to consumer behaviour, it seems that those who react to the data they’re storing effectively can use it to their advantage. However, on the flip-side, there’s also the danger that businesses could take a lax approach to their records and rather than organise them in an efficient manner, fail to realise the benefits that analysing content and responding accordingly can bring.

What’s more, organisations that do not take the details they store seriously also risk having them exposed if correct security measures are not in place – data protection is important for any company, even if it does not frequently refer to the information that it has as its disposal.

Considering the financial rewards associated with effectively coordinating the use of files and the positives that can result in terms of connecting with customers, a growing number of companies are deploying backup software and taking advantage of document scanning services to better organise their data.

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