Data is potential information, a fact that can change the course of direction when processed. In its raw meaning, data transparency is both focused on data accessibility and data accuracy. First, data transparency entails that data should be accessible from any location where it is stored. Second, it also implies that data sources should be able to present accurate data, not just numbers.
Either of the perspective one takes, data will have massive influence on the growth of businesses, especially the small and medium enterprises. Present and future business leaders will analyse, utilise and maximise data if they are to prosper in business. Small and medium businesses will depend on data projections and accuracy of these projections if they are to boom or bust. Every sector of a business organisation – marketing, sales, advertising, and product development – will be fostered through genuine data collection and analysis.
Why does your business need to incorporate data transparency? Why do you need data transparency as a core to your marketing strategy?
- Progress is Good; But, People Want Numbers
You want to tell your consumers how your organisation has been able to deliver great products and services. It is a vital component of marketing. Consider using a line like this “74% of our clients have received a 53% boost at work while using our product,” rather than saying “Our clients have received a boost at work while using our product.” The first statement resonates an organisation trying to sell a product while being transparent about its data. The latter shows you’re just trying to sell anyway. People will only put their money where the numbers are.
- You Want To Know Your Position In Your Industry
As a business leader, your grand motive should be to accelerate your organisation to the top of your niche. The job is that simple. How do you do this? In the past, shareholder value and revenue were the only key indicators. Today, it is much more than that, especially for the small and medium business owners who haven’t gone public. Since a business is really about satisfying customers, you can use transparent customer satisfaction index/data to know where you are, where your competitors are, and what you have to do to reach the top of the industry.
- It Helps You Identify and Fix Problems
The business world moves with blazing pace. Marketing is even much faster. One mistake and the news is all over. Every enterprise tries to avoid this. When data is made transparent, teams are given the leverage to identify problem areas within the organisation and fix such problems before it is blown into a crisis.
- Data Transparency Accelerates Decision Making
When you combine all the other three reasons, what you get is an edge in terms of decision making. People want the numbers, you want to know how positioned your organisation is, you want to identify and fix problems as fast as you can. In the short and long run, you will make data transparency a core of your business no matter how big or small it is. Your decisions will be based on the trends your genuine data source is presenting. That’s how you drive your business into the future landscape.