Every business owner regardless of proficiency in technology, wishes to conclude a profitable business. And for this purpose, they are highly dependent on accurately procured data sets. Most of these data sets include customer and market information such as market share expectancy, demand for a certain product or service, etc.
Evidently, the complete process of making decisions based on data are driven by the accuracy of the same. As long as the procured data is highly accurate and has close to zero errors, the corresponding decisions would also be more likely to succeed.
Data-driven technologies come handy wherever there is a need for collecting and arranging the data to the highest level of accuracy. However, you cannot simply choose just about any technology.
1. Tolerance Error of the Technology
As already mentioned, the accuracy of the data is one of the most crucial aspects in data-driven decision making. At the same time, however, it is impossible to eliminate errors completely. Instead of looking for an error free technology, you should be looking for technologies with minimum tolerance. The tolerance value represents the variation in percentage or units that you can expect in your data. Usually, a highly sophisticated technology can offer as minimum as 0.0001% of error in data.
2. Choice of Channel for Data Collection
As important as it is to collect data with minimum error, collecting the data from the right source is equally important. For example, you cannot expect to make decisions for production by using the data from marketing groups. As explained by the experts from CSG Solutions, choosing the right source of data collection can impact the accuracy of the data for any given purpose. Therefore, you should inquire about the sources and methods that your technology would be using to collect the data for your particular need.
3. Possibilities for Automation
A common misconception with data-driven technologies is that all of them are used for automation purposes. On the contrary, only specific technologies enable you to convert and automate your processes (data-driven decision making). It is wise enough to know the possibilities for automation, particularly if you’re looking for a technology to help you with production and quality control.
4. Ease of Integration with Other Technologies
It needs no saying that data-driven technologies do not usually work independently. However, they do not integrate with many technologies at the same time. For example, you cannot integrate a data-driven technology to a bale plucker in spinning mills, however you can integrate the technology with the steps that follow. Evidently, you must inquire if you can easily integrate the technology that you’re about to buy with the technology you currently use. Answers to this question should help you know how much it’s worth investing in the technology.
5. Future Upgrades
Like every other technology out there in the market, data-driven technologies are also upgrading at a very fast pace. The costs associated with frequent upgrades could be alarming, unless your service provider or the technology provider offers you free upgrades. Therefore, you must also inquire about how long your technology partner would offer free upgrades to their technology. Choosing the one with the maximum time on offer would be the best choice.
So, now that you know what you must be looking for in a data-driven technology, it is time you start looking for one. Good luck with your shopping adventure.