One of the biggest challenges founders of a company face is how to become profitable. In capitalist societies the incentive to create a business is great. Unfortunately, most people will fail to ever become profitable and will end up losing a lot of time and money trying. Statistically only two out of every ten new businesses will succeed. With odds like those it’s a wonder even the most ambitious take the risk at all. Winners in the marketplace having been focused on finding a way to be profitable will often fail to see the data value generated naturally from customers or clients as a part of operating their profitable business.
Big companies usually have high numbers of customers or clients, all of whom interact in various ways, to varying degree. They may interact through point-of-sale systems, swiping credit cards, or they may interact through online portals. In all these cases some record of the interaction is logged, and it’s here businesses often overlook the fact the collected data can be used to increase profits.
Continue reading “Businesses Can Leverage Existing Data to Increase Profits”