The Implications and Benefits of Real-Time Data Use

Data and talent are necessary for the future of companies. Access to quality information in real time and which is specific and easy to understand is vital for decision-making. This is complemented by attracting and retaining the best talent. The synergy of both elements can break down barriers, overcome challenges and catalyze financial and social results.  

The speed at which information is transmitted, transported, and processed today is impressive. Let's look at recurring elements in modern work: e-mail and the use of internet search engines. 

Every minute, 231.4 million messages are sent globally, and Google registers almost 6 million searches. Faced with this, it is difficult to imagine everything that is "floating in the cloud," what is searched for, what is found and, above all, how this infinite amount of data is used for the benefit of a company. 

Quality of Information 

The importance and positive impact of data management and analysis for a company is undeniable. Organizations, large, medium, or small, and in any market, need to use them to adapt their products and optimize the service they offer to their customers. From avoiding actions taken by intuition to setting more accurate goals, improving decision-making, engaging teams, and helping to target key consumers, bBig data has the potential to transform a business. 

In fact, many leaders believe that post-pandemic it became even more important to refine the quality of their organization's data (65 percent) and two-thirds of them believe it is vital to their future success as a company (67 percent), according to Dun and Bradstreet's The Future of Data Report 2021. 

However, there is a consideration: Just because you have access to tools that process data does not mean that they are being used intelligently in an enterprise.  

If we do not know what to do or how to process the data to convert it into knowledge, we can infer that the data will not be entirely useful. This can lead to erroneous decisions because of a biased interpretation. 

The Inevitable Talent Factor

Human talent is the next element in the equation of how to use information for a business. 

This asset is key in any leadership team. Therefore, it is necessary to have skills in the use and management of data, at least in the sectors where each person works.  

Only 47 percent of employees surveyed by Forrester said they have been offered training in exploring, understanding, and communicating with data. However, nearly 8 out of 10 respondents confirm a greater likelihood of staying with a company where they receive ongoing training to increase their data management skills, which will help them in their day-to-day work. 

The same consultancy details that, by 2025, seven in 10 employees are projected to use data heavily in their work, up from 40 percent in 2018. 

Such projections make two points clear: continuous learning, through a combination of supervised and unsupervised methods, ensures that competencies remain relevant. The second is that, in terms of talent, data knows no hierarchy. Job roles function without traditional boundaries; there is no definition due to the changing environment, so they are continually defined and redefined. 

Therefore, talent requires the ability to learn and to adopt analysis. Leaders must also provide an environment in which these habits can be developed and, at the same time, where the CEOs or other managers themselves can acquire these skills because, as is well known, information and the use of data are becoming more critical to the trajectory of employees and leaders. 

Data analytics has caused  a revolution in many departments, such as human resources, which are part of the transformation to the digital world of the 21st century. 

In human resources, data analysis is a key tool that adds value to personnel management. As a result, companies are investing in artificial intelligence, software and software bundles that boost the search for talent. 

Having the right information helps to minimize failures. In this regard, data analytics is an excellent technological ally that data managers can use to respond to the acceleration brought about by digital changes. Companies with a view to long-term growth must make the most of the potential of data; in this way, they can improve decision-making and predict results. 

In addition, having human talent with qualifications in data processing significantly boosts a firm's reputation, which we know is an invaluable intangible in the corporate ecosystem. According to the most recent study by the consulting firm JeffreyGroup, 75 percent of the leaders surveyed believe that the prestige of their company is a priority. 

Ignoring or minimizing the importance of talent can have major repercussions. It is estimated that by 2030 there will be a global shortage of human talent of more than 85 million people, equivalent to the population of Germany.  

Left unchecked, that talent shortage could result in about US$8.5 trillion — more than eight times Mexico's economy — in unrealized annual revenue, according to consulting firm Korn Ferry. 

Bringing Factors Together for Better Solutions

Having a better understanding of data helps companies to formulate better solutions, and they can benefit from adopting a smarter strategy. What do I mean? Thanks to data, it is possible to evaluate what could be holding the business back and, based on these insights, have the possibility to change and plan optimal investments and processes. 

There are steps that all companies can take to better leverage data and enhance the management of available talent, and even of a business. First, however, companies must be aware of the need for both employees and information to work as a team. In this way, companies will be pioneers in innovation, causing, by extension, better livelihood opportunities in the future through a continuous and progressive transformation. 

The use of platforms that provide data to companies is one of the indispensable steps for business development. Websites that provide clients not only with information about their counterparties but also customizable tools are invaluable when making decisions based on reliable information. 

In addition, this technology adds more value by advising clients on their operations and risk models. Therefore, the company delivers information and tools, while showing how to use them and how to optimize their decision-making process and portfolio management. 

One element depends on the other. If there are only quality personnel, but no data, it is difficult for a company to be a pioneer in its field. The same happens if we have the best data in real time — like that offered by Dun & Bradstreet — but we do not have anyone to work with that data, to understand it and to take advantage and interact with the client or within the company based on that data. As a result, the data lacks value and, therefore, there is little chance of future or desired growth.