It’s an organizational culture where data collection and analysis underpin more precise decision-making.
Data collection and sources
Collecting data is the starting point of the process.
Data collection can be simple or more refined, utilizing available data from surveys or Google Trends, for example, and more complex sources.
This year, Brazilian investments in information technology and telecommunications (ICT) for machine learning and artificial intelligence grew by 14.3% compared to 2021.
Everything becomes data
In the Data Era: consumers leave traceable information wherever they navigate. This information can range from their purchasing preferences to data about mouse movements on the browsing screen.
Data treatment
Data treatment rules have been created to safeguard user privacy, a concept present in the LGPD, or Lei Geral de Proteção de Dados (General Data Protection Law), a data protection law in Brazil.
The term encompasses any operation that uses personal data to identify a person. According to the LGPD, some principles should guide this use:
- Purpose, adequacy, and necessity.
- Free access, data quality, and transparency.
- Security, prevention, and non-discrimination.
- Accountability and accountability.
Data in Hand. What Now?
It’s time to analyze, identify patterns, generate insights, and reach conclusions. However, for it to be well executed, all areas need to be involved.
Where the data-driven culture is still in its infancy, there is a long way to go because:
- Only 3% of collected data is effectively used for something.
- Professionals can spend up to 37% of their time looking for the needed data.
- 23% of the time is spent managing data.
Results
In 2020, data-driven companies had 20% higher profits.
Most organizations fail to analyze up to 68% of the data. Companies that don’t fully explore their data lag behind their direct competitors, who may have up to 165% more profitability.
Sources: Zendesk, Convergência Digital, IAB Brasil, Opinion Box, Celere, CNN Brasil.
