Information has always been valuable in business. Companies have always kept track of how many units they sell or how many people use their services. The utility of this information is undisputed.
But imagine, for a moment, that you run a company, and your company is the only one that tracks the number of products made and sold. Your “data-driven” strategy would give you an enormous competitive advantage – you would know things like how much raw material you need, how many employees to hire and how to set your price based on demand. This information would allow you to minimize costs, for example, while your competitors would be unable to.
more of this article from The Globe and Mail.