# The age of data MAGAZINE
Author:  Pal Sinha, Barnali 
Author URL: https://financedigest.com/author/pal-sinha-barnali
Published: 2017-06-14
Category: BUSINESS
Category URL: https://financedigest.com/category/business
Meta Title: The Importance of Data in Business Growth
Meta Description: Unlock your business's growth potential with real-time data insights and make informed decisions to avoid risks and ensure success in the digital age.
URL: https://financedigest.com/the-age-of-data-magazinehtml

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_**Tim Vine**, European Head of Trade Credit, Dun & Bradstreet_

![Tim Vine](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/tim-vine-head-of-european-168x300-1736843739873-compressed.jpg)

Tim Vine

Every single business is inundated with a new challenge, and opportunity, on a daily basis. Yet, businesses often forget that it is arguably the most important task to ensure [growth remains](https://www.financedigest.com/german-economic-growth-to-remain-muted-in-near-term-imf.html "German economic growth to remain muted in near term – IMF") consistent, and more importantly, central to the business’ operations. It’s a harsh truth that a business without [growth](https://www.financedigest.com/lte-and-lte-advance-market-potential-growth-share-demand-and-analysis-of-key-players-forecasts-to-2025.html "LTE And LTE Advance Market Potential Growth, Share, Demand and Analysis of Key Players – Forecasts to 2025") potential will die off quicker than any potential opportunity. Businesses operate in a real-time [world that requires real-time information,and with real-time information comes a swathe of data](https://www.financedigest.com/the-role-of-intuition-in-an-increasingly-data-driven-world.html "The Role of Intuition in an Increasingly Data-Driven World"). Filtering this data isn’t the easiest of tasks but it is a necessary one.

The emergence of data from non-traditional sources like [social media and the wider web](https://www.financedigest.com/meet-the-founder-of-the-web-3-decentralized-social-media-metaverse-and-on-achieving-guarantees-of-green-for-a-proof-of-impact-future.html "Meet The Founder Of The Web-3, Decentralized, Social Media Metaverse; And on Achieving ‘Guarantees of Green’ For A Proof-of –Impact- Future") has forced the importance of immediacy, and businesses must now use a platform that supports quick decisions and unlocks progression, while also avoiding risk. Data is everywhere and the need to use it to make [informed decisions about compliance and credit is a key part of every](https://www.financedigest.com/repository-of-analysis-and-information-for-every-facet-of-the-hydroxymethylbutyrate-hmb-supplement-market-2021-2031.html "Repository of Analysis and Information for Every Facet of the Hydroxymethylbutyrate (HMB) Supplement Market 2021 – 2031") business. Surprisingly, not all companies embrace this and that is a perception that must be changed. As [firms turn to technology](https://www.financedigest.com/technology-trends-heat-up-for-financial-firms.html "Technology trends heat up for financial firms") for the next step in their natural life cycle, data will become the bloodstream for all successes.

The impact of digitally-led [services and quick emergence of raw data](https://www.financedigest.com/financial-services-and-data-how-do-we-meet-the-challenge.html "Financial services and data – how do we meet the challenge?") go hand-in-hand. Social media information can hold so much weight now because of its instantaneous nature. If there is breaking news it first goes on Twitter, Facebook or other online streams. Crucially, businesses must recognise the opportunity that this offers. Database information is important for digging into the history of a business, but Twitter might uncover an employee issue within the organisation. If one company is considering working with another, finding out the aforementioned information could potentially prevent a damaging financial decision. If it’s not clear yet, financial leaders really [must sit](https://www.financedigest.com/quebecs-elected-officials-must-swear-oath-to-king-charles-to-sit-in-national-assembly.html "Quebec’s elected officials must swear oath to King Charles to sit in National Assembly") up and understand that data courses through every single good strategy.

_Blind businesses in a shifting society_

For years businesses have relied on databases of information that offer the base information and knowledge. The problem with this approach is that it no longer fits the fast-paced, technology-led world that businesses inhabit. Data can, and should, be implemented across the entire organisation – particularly to [aid financial decision makers](https://www.financedigest.com/italian-hearing-aid-maker-amplifon-expects-higher-2023-earnings.html "Italian hearing aid maker Amplifon expects higher 2023 earnings"). The [pressure to continually](https://www.financedigest.com/artificial-intelligence-ai-to-catalyze-the-continuous-positive-airway-pressure-cpap-devices-market.html "Artificial Intelligence (AI) to catalyze the Continuous Positive Airway Pressure (CPAP) Devices Market") succeed is vast and data can be the difference between taking on bad business and identifying new chances to succeed.

The [modern day](https://www.financedigest.com/who-is-the-modern-day-cfo.html "WHO IS THE MODERN DAY CFO?") financial decision maker must drive a business’ data-led approach.Long-gone are the days where the chief financial officer is tasked to deal with simple [balance sheets](https://www.financedigest.com/ecb-policymakers-back-jumbo-rate-hike-differ-on-balance-sheet-cut.html "ECB policymakers back jumbo rate hike, differ on balance sheet cut") and the finances of the business. As data becomes even more accessible firms must recognise the doors it can open.Data leads to growth but only if it is harnessed, and it cannot properly enable [business growth](https://www.financedigest.com/euro-zone-business-growth-slowed-in-may-as-factories-struggled-pmi.html "Euro zone business growth slowed in May as factories struggled-PMI") without the correct application.

Understanding that a data-shy business is a blind business is crucial.The explosion of big data has placed an even heavier emphasis on the need to embrace the digital age. The UK is undergoing massive shifts with the impacts of Brexit, and similar global, politically-driven impacts. [Data can ensure that businesses continue to prosper in times](https://www.financedigest.com/data-time-for-some-levelling-up.html "Data – Time for some “Levelling Up”") of uncertain economic shifts.Figures from November last year compiled through our [Brexit study](https://www.dnb.co.uk/perspectives/economic-insights/brexit-survey.html) found that the Brexit vote had severely impacted business opinion. 72% of the financial decision makers claimed they were planning for change post-Brexit to [manage expected market](https://www.financedigest.com/food-waste-management-market-expected-to-expand-more-than-three-fold-through-2032.html "Food Waste Management Market Expected to Expand More than Three-Fold through 2032") and business fluctuations. Recent statistics from [Eurostat](http://ec.europa.eu/eurostat/documents/2995521/7844044/2-31012017-AP-EN.pdf/61446dd7-81ce-4345-9848-d568238ec26f), the official statistical office of the EU, offered positive figures (GDP figures were revised up in the Euro by 0.5% QoQ) but that is simply a testament to the global fluctuating markets and uncertain business sentiment.

_Striking the perfect balance between [traditional and non-traditional](https://www.financedigest.com/growing-exports-of-non-traditional-jamaican-crops-creating-sustained-opportunities-for-ackee-market-sale.html "Growing Exports Of Non-traditional Jamaican Crops Creating Sustained Opportunities For Ackee Market Sale") data_

[Trade credit](https://www.financedigest.com/why-is-trade-credit-insurance-important.html "Why is Trade Credit Insurance Important?") – the purchase of goods and services – is a common transaction and businesses must continue to make the right decision.Identifying the smart risk by drawing insights from data is vital to this. The latest [analytics can help financial decision makers access and analyse data to accurately decide how much credit](https://www.financedigest.com/enhancing-credit-exposure-management-through-graph-analytics.html "Enhancing Credit Exposure Management Through Graph Analytics") can be extended to potential business partners. Meanwhile, traditional data provides the background information, [payment receipts and board-level history needed](https://www.financedigest.com/instant-payments-and-the-need-for-standardization.html "Instant payments and the need for standardization") to do this.

Digitally-native, millennial businesses will not offer the in-depth background information that some longer-lasting FTSE 100 [companies](https://www.financedigest.com/passendo-partners-with-leading-media-company-audienzz-to-revolutionise-its-ad-offer-in-a-portfolio-of-over-70-premium-newsletters.html "Passendo partners with leading media company, audienzz, to revolutionise its ad offer in a portfolio of over 70 premium newsletters") can offer. Calling on non-traditional, programmatic contextual data like premiere news publications, periodicals and online sources from across the globe, social media, top business publications, government and regulatory agencies, blogs and commentary, in-depth industry-specific sources, research and expertise-oriented sources, local and region-specific news to give businesses real-time financial updates based on societal and [cultural news will become even more important](https://www.financedigest.com/tissue-cultured-date-palm-market-pegged-at-us-4-5-bn-value-pool-in-2027-import-export-activities-take-a-downturn-amid-coronavirus-outbreak-future-market-insights.html "Tissue Cultured Date Palm Market Pegged at US$ 4.5 Bn Value Pool in 2027; Import & Export Activities Take a Downturn Amid Coronavirus Outbreak: Future Market Insights"). [Integrating both of these approaches together can help create a single vision](https://www.financedigest.com/tmwi-appointed-by-zeiss-vision-care-to-drive-integrated-paid-social-campaigns.html "tmwi appointed by ZEISS Vision Care to drive integrated paid social campaigns") of a business, and identify where the growth is.

_Data can also mitigate potential [risks in the increasingly volatile business world](https://www.financedigest.com/world-at-rising-risk-of-recession-as-inflation-hits-consumers.html "World at rising risk of recession as inflation hits consumers")_

[Data isn’t only useful for spotting growth](https://www.financedigest.com/internet-data-growth-has-not-pushed-up-telcos-network-costs-dutch-government-says.html "Internet data growth has not pushed up telcos’ network costs, Dutch government says") but can also help to ensure that businesses keep on top of compliance. Adhering to the rules and regulations of industries is not a choice but necessity. Yet, this isn’t always the decision taken by globally operating businesses. Take the example of [BHS](http://www.bbc.co.uk/news/business-36437445), the once British landmark chain that went bust and had to be liquidated. The acquisition by Philip Green was touted as a positive [move at the time](https://www.financedigest.com/move-over-tina-its-time-for-tara-2.html "Move over TINA, it’s time for TARA"), and in fact it actually was– BHS’ profits grew in its initial years.

Fast-forward to the middle of 2016 and the retailer’s fall from grace was a difficult lesson that was preventable. The appropriate deep-dive background checks would have uncovered that Philip Green had been bankrupted three times prior to taking over. So much can fall under the radar and it often takes a microscope to discover the most crucial information. A data-less approach is one that will lead to businesses being the BHS of tomorrow. Preventing this now and implementing a data-led approach is a sure-fire way of mitigating risk.

_Glass half-full vs. glass half-empty – perception will play its part in how future businesses operate_

Every business is unique, and must stay that way if it is to [separate from crowded markets](https://www.financedigest.com/the-membrane-separation-market-to-simulate-on-a-stupendous-note.html "The Membrane Separation Market To Simulate On A Stupendous Note") and succeed. Simply [following what the next](https://www.financedigest.com/france-next-on-the-map-for-adtech-vendor-adnami-following-the-signing-of-new-partnerships-with-ad4good-and-tf1.html "France next on the map for adtech vendor Adnami following the signing of new partnerships with Ad4Good and TF1") best competitor is doing is not the correct approach.Our [2016 global outlook risk report](https://www.brighttalk.com/webcast/13997/231421) identified blockchain, cyber security and deglobalisation, among other factors, as top influences in 2017. If businesses are to [overcome said challenges](https://www.financedigest.com/financial-challenges-for-single-parents-overcoming-obstacles-and-building-stability.html "Financial challenges for single parents: overcoming obstacles and building stability"), and find the opportunities hidden within, they must recognise that data is the only solution.A merge of non-traditional and traditional data will see the [future CFO assess all opportunities](https://www.financedigest.com/blood-thawing-systems-market-analysis-growth-opportunities-future-demand-and-leading-players-updates-by-forecast-2030.html "Blood Thawing Systems Market Analysis, Growth Opportunities, Future Demand and Leading Players Updates by Forecast 2030") and make the necessary bold decisions, in a business world that is becoming increasingly difficult to survive and thrive in.

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“Original publication in Finance Digest Issue 1 https://www.financedigest.com/finance-digest-print-magazine/”
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