In 2021, companies are collecting more data than they ever have before. Unfortunately, collecting data is only half the battle. Only 24% of executives have harnessed all the data their analytics are telling them about. These successful few have created data-driven organizations while the rest lag behind.
Why are data-driven organizations so few? There are several obstacles in the path of struggling companies. Their executives may not rely on data for their decisions.
Companies may suffer from poor data quality or difficulty regarding access. Many workers in these companies remain illiterate in the data realm due to their lack of training or resources. All things taken together, perhaps it’s not a surprise that up to 73% of all data within an enterprise is never analyzed. All unanalyzed data does for a company is occupying storage space.
The cost of poor data quality or faulty analytics has the potential to be enormous, costing companies an average of $15 million in annual losses. This foregone revenue is the result of misguided business strategies, missed opportunities, and overall poor decision-making. On the other side of the coin, data-driven organizations are 178% more likely to outperform peers in terms of revenue and profitability.
How do you know if your business needs help? Consider the following diagnostic questions. Do you have metrics to measure progress and success? Does your data come with appropriate visualization? How strong is your lead conversion process? Do all departments in your organization store data in the same place? If you feel the answer to any of these questions is lacking, seeking help is your best option. When companies have a solid understanding of purpose, support from the right partners, well-developed processes, and the right tools, data analytics can be a game changer.
Data-driven organizations excel at identifying risks and opportunities, developing excellent products and marketing strategies, and managing their suppliers and customers.
One popular data analytics tool is Google Analytics 360. Google Analytics 360 is partner first; an expert team helps businesses make the best use of their data.
Choosing an analytics partner allows businesses to capitalize on investments.