One of the most amazing things I’ve experienced over the last few years is the ever-increasing rise in how much we as entrepreneurs depend on data. It seems that I can now track almost every metric imaginable, which helps me get a better pulse on how things are going for my business.
But while this offers many opportunities for me and other entrepreneurs, getting the most out of our data isn’t always easy. After all, if you have too much data and don’t know how to use it, you’re really not much better off than if you didn’t have any data at all.
The good news is that new technologies and opportunities continue to spring up in the realm of data. These trends can make a meaningful difference for all entrepreneurs, regardless of industry. By taking advantage of some of the data trends on the horizon, you’ll be able to set your business up for success in 2020 and beyond.
1. Automation and AI become even more commonplace.
AI already plays a key role in many industries by helping businesses cut costs associated with mundane tasks. The collection and analysis of data is no different.
Because I work with e-commerce, I’ve seen firsthand just how time-consuming manual data entry can become. It’s also all too easy to type in the wrong numbers when inputting data yourself. A minor typo may not seem like a big deal, but for e-commerce brands, it could mean not ordering enough stock and missing out on sales opportunities because you miscalculated demand for a particular product.
More and more businesses are linking their systems to software programs that automatically upload, record and organize data from various sources, such as website sales or warehouse information.
Automated data capture ultimately allows businesses to become more efficient by