Over the years companies have gathered more data points than they can count. The conventional thinking being that data = dollars. It’s still true that data volume is a core value driver in many organisations; however, collection is only the beginning.
The data onslaught has left many companies scrambling to keep up. Countless organisations have fallen victim to the “just save everything and we’ll figure out what to do with it later” approach. The trouble is that this data hoarding mentality yields little value and enterprises soon discover that what they once considered an invaluable resource has effectively become a drag on the business.
It’s impossible to get a clear picture of what’s happening with your business if your data collection isn’t centralized and analysed in a timely fashion. And if your data isn’t giving you a clear picture, it’s not delivering value or, worse still; it’s costing your business money by “informing” poor decisions.
In the digital age, markets and consumers are moving faster and faster, and windows of opportunity are subsequently narrowing. If you’re not able to quickly and easily access and interpret your data, your ability to affect positive outcome is seriously compromised.
The point that bears repeating is that individual data points have very limited value. Without other information streams you can’t build a clear and complete picture, and you can’t get the information you need to quickly seize opportunities and address threats. You also can’t get out in front of your customers and provide a best-in-class experience.
If your organisation is drowning in data, you’re not alone. GigaOm recently posted an article and infographic on the topic – many companies are struggling to improve decision-making efficiency and effectiveness and cite data deluge as a key obstacle to efficiency.
Make it a priority to get your data house in order. Imagine a place for everything and everything in its place. You won’t regret it, I promise.
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