Business Data Cycle
A business is an entity that seeks to meet needs or offer solutions to the community by providing goods, services or both to the consumers. This entity could be a commercial/ industrial, or mercantile enterprise. This entity is built by people with a common vision/purpose to achieve their goals (meeting needs, rendering services). Several great minds made an attempt to define the concept called business. B. B. Ghosh said, “Business denotes human activities which produce or acquire wealth through buying or selling of goods.” R. W. Babson asserts that Business includes those human activities relating to the production and the distribution of goods, services and ideas with a view to earning profit.” According to F. C. Hooper, “The whole complex field of commerce and industry, the basic industries, processing and manufacturing industries, the network of ancillary services, distribution, banking, insurance, transport and so on, which serve and interpenetrate the work of business as a whole, are business activities.”
If one pays attention to the above definitions, we can see the word “activities” which tells us that every business involves activities. The word “activity” can be replaced by another word called “process”. Wherever there is a process, data is present hence in every business, data is either generated, accessed, collected, stored or disseminated at a certain point of the business process.
Business data is the collection of all the data (information) associated with a particular business. These datasets could be internal or external These data include employee biodata records, supplier service lists, bitcoin price logs from a third-party source, customer purchase records, website traffic records and others. It is imperative that every business owner pay attention to his/her business data behaviour. Doing such gives the business owner to understand and improve the business processes by making data-driven decisions. These decisions include reactive (making changes to customers’ complaints), and proactive (making changes to initiate customers’ future needs).
One way business owners can take charge of their business is to understand their business data cycle and making proactive moves at the right period within this cycle.
There are three phases of the data cycle in every business
- Seek-Gen-Collect Data Phase
- Extract, Transform, and Loading Data Phase
- Analysis and Insight Data Phase