Today, nearly 40% more companies rely on data intelligence than just six years ago. And for good reason. It’s estimated that companies that utilize data insights experience 30% growth each year on average. Additionally, global regulations around privacy and technology have only served to accelerate the adoption of data intelligence.
More than ever, businesses are buying into the power of data, yet companies fall short of making data-informed decisions that propel their success.
Data that is available but out of reach
Many business leaders are aware of the data in their organization, but their processes and systems for accessing and utilizing the data are bogged down by archaic or less efficient practices. For example, if a decision-maker is looking for sales numbers, their first step is to approach a sales team member who may have to pull from multiple systems and reports to answer a single yet complex question. This may involve your HR system, a CRM and other sales tools, payroll and more. Because the process is manual, it opens the door for human error. Furthermore, this takes time, and if it’s done manually like with a spreadsheet, the information is only as up to date as the latest entry.
Insights lost in the numbers
Analytics is another common problem organizations face. Data intelligence is only as valuable as your ability to understand it. Companies without the right tools to harness their data don’t just waste time on finding it, they often waste time and money trying to assess the information they have at their fingertips and then share it with key stakeholders. Research has shown that people best process and interpret information that is shared visually. Yet, companies often fail to get their data out of spreadsheets and systems into a visual platform that’s user-friendly.
Make the most of your investment
To experience the benefits of utilizing data intelligence, consider these recommendations:
• Start with executive-level buy-in and adoption.
• Make sure you have the right data services platform to ensure your data is both accessible and relevant.
• Enlist key players from each area of the business from which data will be represented in order to compile, complete, and clean data from the beginning.
• Create a process for data intelligence that is repeatable across your entire organization.
Partner with a data services expert
Turning to a data services expert ensures you are harnessing the full potential of the data in your organization. Not everyone can or should have this expert on staff. Many organizations partner with data experts as a way to kickstart their path to business intelligence.
The right expert should be able to offer you:
• Time-savings and a sense of ease as you entrust the processes to an expert.
• A visual dashboard that helps you see and assess your data.
• Customized reporting and training throughout every level of the organization.
• The ability to respond quickly to changes in company data.
• Empowerment to make real-time decisions based on your data.
All of this will help you maximize your investment in business intelligence. It’s no longer a question of why to look at data. It’s how to do so in the most effective way.
