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Friday 27 August 2021

How Data Analytics Empowers Businesses

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How Data Analytics Empowers Businesses

Many know that data is the most precious resource of the modern world. What many don’t know is how to refine data into its most valuable form. Is your company using all the data your analytics tools tell you about? Most likely it is not; under a quarter of executives have created a data-driven organization successfully. These companies excel in their fields.

If letting data drive the company is a surefire path to success, why don’t more businesses do it? The truth is that they may be facing a variety of challenges. The first is an unclear vision: 70% of executives don’t have a clearly defined strategy in the data realm. Some executives refuse to let data drive their decisions at all. Without clear and effective support from the top, workers struggle to carry out a successful data mission. Only 21% of workers believe they have strong data literacy skills, and a majority of companies struggle to hire and retain data analytics professionals. Deficiency in leadership and resources come together to set companies down the wrong path. As a result, over 70% of all data within an enterprise may never be analyzed. What is the use of collecting data that never sees the light of day?

Data Analytics Can Change the Game

As alluded to before, data analytics has the power to determine a company’s fate. Data driven organizations are 178% more likely to outperform competitors in terms of revenue and profitability. With a solid understanding of purpose, support from partners, and the right tools and processes in place, companies can see their world more clearly. They can identify potential risks and opportunities for expansion in the same venture. They can develop product innovations and marketing strategies guided by the same principle. Even a company’s external affairs (relationships with suppliers and customers) improves when data lights the way.

Meanwhile, a company lacking proper data quality or analysis suffers. These businesses see with clouded eyes, leading to misguided business strategies and missed opportunities. They see less productivity or growth as a result of their poor decision making. Altogether, poor data quality leads to an average of $15 million in annual losses.

If you’re concerned about your business’s current standing on the data front, here are a few diagnostic questions to ask. Do you have an objective metric by which to measure progress or success? Does the data your company receives come with any visualization? Does waiting on data ever slow down important business processes? If you find the answers to these questions unsatisfactory, your business probably needs help with data analytics.

Where can you find help? Try discovering a partner on Google Analytics 360. Formerly known as Google Analytics Premium, this add-on for data quality management is partner first. An expert team comes with the license. Confirming a partner’s technical expertise for your organization’s field requires you to examine their samples, references, industry experience, and certifications. After that, make sure their services and practices align with what your company needs. Together, you can refine your company’s data.