Companies Don’t Have A Data Problem – Their Problem Is USING The Data They HAVE
Most companies today struggle with using their data to identify which products and services, which customers, which activities, and which parts of the business are the most profitable and contribute the most to strategic financial targets.
They are awash in data – in their accounting systems, CRM systems, ERP systems, project management systems, and many other systems used in various areas of the company.
But despite all this data, they cannot accurately say what things are the most profitable, and what things are decretive to overall performance.
This means that key decisions about what should be sold, where to sell it, who to sell it to, and how best to do those things are made on partial or inaccurate information. They are usually operating without an accurate single version of the “truth”.
This means that methods and decisions that commit large buckets of cash, time, capacity, and other resources are often based on gut feel, are arbitrary and inaccurate.
Few Would Argue…
Organizations have more data than ever available to them. But using that data to derive meaningful, actionable, and useful insights remains elusive to most business executives and leaders.
The problem isn’t getting data.
The problem is effectively deciding which data to use, how to use it, and how to make it relevant and flexible enough to support the important business decisions at hand.
In all areas of business there is a pervasive feeling of frustration that, despite having loads of data available, it isn’t being effectively used to bring clarity and insight., drive better decisions, improve performance, or reduce risk.
The Magic Is Making Data USABLE…
The true measure of success or failure with your data is how usable it is for the people in your company who need it. The usability of your data is a dependent on the combination of:
- How concisely it is presented to leadership and team members who should be using it;
- How easily it can be explored, sliced and diced, and used to answer key questions; and
- How transparent and believable it is.
Usability of your data is THE KEY determinant in how successful you will be at leveraging the data you have available to you.
In fact, research shows that a 10% increase in the usability of data can lead to revenue and profit increases of between 20% and 49%. When you consider that the average company ranks their data usability at 4.21 out a possible score of 7.00. This means that simply increasing data usability from the average score of 4.21 to 5.00 would represent an increase of 11.3%.
Increasing data usability involves getting the right data to the right people in your company. And they need to access it in a way that is presented clearly and that they can use to make better, more accurate, and more timely decisions.
Our process does exactly these things. And it does it with the data you have, and without significant additional investments in data and IT infrastructure. Our approach works and we find total excitement bringing it to companies around the world.