Data is all the pieces of raw information collected and stored by an organisation. It fits into various boxes such as customer demographics, transaction history, website analytics, market dynamics and more. While data may appear as a mundane collection of facts, it holds immense value for businesses. Analysing data can reveal valuable insights into customer behaviour, preferences and even predict market trends. This knowledge allows managers to make informed decisions, tailor marketing campaigns and target specific customer segments effectively. Data also serves as a foundation for innovation, enabling the development of new technologies and services that boost competitive advantage.
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