These are 3 reasons a company won’t engage with their data. However, they are also the exact reason why embarking on a data journey would hugely benefit any company regardless of size.
There is a misconception that there is huge cost associated with a data related project, due to the technology and resource needed to undertake the development and ongoing support.
This is no longer the case, there are a number of low cost incredibly powerful and user-friendly tools on the market.
Many companies are currently spending many hours producing reports/analysis, combining disparate data sets, overcoming data quality issues. Once data is consolidated into one source, automation can be applied reducing the need for constant support.
Yes, there will be some development costs, and maybe software upgrades, however the ROI is soon apparent due to the time saving, instant access to answers and predictions, allowing companies to spot opportunities or head off challenges which would have previously been unknown.
Most companies produce department level reporting, which is then rolled up to Management Team level or similar. This is often from independent department data sets (think Finance, Sales, CRM, etc), leading to disjointed levels of detail, a multiplication of effort and a lack of visibility and cohesion within a company.
The thought of consolidating this operation into one single source appears daunting and impossible, but in reality, it isn’t.
Using Data Warehousing and Transformation methods (which I won’t go into now, but there are many articles readily available online), isolated data sets can be consolidated into a single automated platform, producing a joined-up view of business performance at the click of a button. Saving time, effort and ultimately money.
A lot of data equals a lot of opportunities. All companies will have a vision or strategy statement. Implementing a data strategy utilises data to effectively measure and understand the success or effectiveness of a company vision/strategy. Define the questions that need to be answered to know whether the vision/strategy has been achieved.
Identify key elements of what needs to be understood to indicate performance and success. Design measures using data to fulfil the calculations. This can then be taken a step further, by enhancing and enriching the measurements with analytics to understand the why, how and what happened and predicting and influencing the future.
If any of these apply to you or your business, then get in touch on the details below and speak with an expert.