Data is essential to driving progress and growth for businesses; It allows them to see where they stand and identify the major challenges that remain for them to accomplish their business objectives. As companies continue to invest in new technologies, such as artificial intelligence and video analytics, their success rate and ability to differentiate themselves from competitors will depend on their data management skills, and how quickly they can derive insights from their data.
Why companies don’t trust their data
Having accurate data to obtain valuable information and quickly derive actionable insights on your customers and business operations is what allows you to develop a sustainable competitive advantage. A report created by KPMG shows that only a small minority of companies trust the data they capture on customers (38%) and their business operations (34%). This is mainly due to companies still using their outdated technology for data analysis, or investing in new solutions, without carefully evaluating the quality and accuracy of the data and insights. Failure to ask such questions will leave companies with inaccurate information, partial insights and ineffective business strategies that fail to generate any ROI.
The consequences of inaccurate data
Unwillingness to invest
With a lack of trust in data quality, the confidence in the results diminishes and so does a company’s willingness to invest further in digital technologies and analytics.
No competitive edge
Competitors that have more accurate data than you will have deeper insights on key demographic groups, allowing them to identify new business opportunities and increase their market share.
Inaccurate data leads to decisions being made off estimates rather than actual performance, leading to ineffective changes and low ROI from the implemented initiatives.
Why data accuracy is important during an economic downturn
As we continue to navigate through the economic crisis being led by the global health crisis, Covid-19, companies are putting an emphasis on maximizing operational efficiency to build better margin headroom to tackle any challenges. Unlocking these efficiencies is what will allow companies to drive business growth during and after the economic downturn, which is why it is critical to invest in comprehensive and accurate data analysis technologies.
The benefits of accurate data
Make effective decisions
The better the data quality, the easier it will be for decision-makers to identify a business challenge and properly address it, increasing the level of confidence in their decisions and its potential outcome.
Maximize operational efficiency
With a reliable data analysis solution in place, companies can spend less time validating and fixing data errors. Focus on developing data-driven strategies to effectively increase revenue and rapidly generate ROI for key business objectives.
Identify new revenue streams
With better insights on customer behavior and business operations, you have a better understanding of customers’ need, helping you uncover new business development opportunities for new revenue streams and increased growth.
One data analysis tool that is rising in demand is AI video analytics, which uses video assets to capture standard metrics, such as footfall traffic and dwell time, while also introducing the notion of visitor journeys in physical spaces. For businesses operating in the smart city and transportation, intelligent safety, commercial real estate industries, the solution of choice for AI video analytics is C2RO’s privacy-aware and biometric-free solution, C2RO Perceive™.
Trained with real-world images from large scale deployments world-wide where people traffic is intense, the ambient conditions, image resolutions, camera type and angles vary, our proprietary AI models self-adapt to different customer deployments and needs, allowing us to uphold our commitment to high data accuracy and quality standards. With accurate data and reliable insights on customer behavior and business operations, businesses can develop data-driven decisions that effectively drive business growth and increase market share during and after the economic downturn.