As digital transformation sweeps the business sector, large organizations rush to implement and update solutions that ease data collection in hopes of using it to gain a competitive advantage. Unfortunately, even though data remains a strategic necessity for innovation, much of it goes unused.
This truth persists across all industries despite best intentions, strategic planning, and an increase in data management roles. In fact, less than half of structured data collected is put to use in making decisions for the future, and data breaches are on the rise. As a result, companies that don’t efficiently leverage their data remain “badly behind the curve.”
Time + Data Analytics — the Barrier to Growth
The impact of dormant data is particularly disruptive within finance, manufacturing, distribution, and service industries where distilling and preparing data has become a barrier to growth due to time. As reported by Aberdeen Group, data analysts typically devote 80 percent of their workday to data prep; an unfortunate truth that prevents the right data from getting into the hands of the c-suite before decisions are made — 25 percent of the time.
Four Ways to Conquer the Data Conundrum
Pressure continues to mount for organizations that have not yet committed to remaining innovative, profitable, and relevant. But the answers to solving these issues are out there. Here are four ways companies can conquer the data conundrum:
- Automate Data Integration: Internal systems and processes should integrate with in-house and cloud-based data sources to reduce time spent on compiling data.
- Choose a Flexible System: Pre-set, flexible data models improve return on investment (ROI) while eliminating the costly IT overhead tied to a BI implementation.
- Empower your Staff: Analytics and role-based dashboards give workers access to insights that can drive business improvement and growth.
- Mitigate Risk: A solution that includes data governance and access controls brings peace-of-mind and a central library of analytics will ensure consistent, accurate reporting.
Are you interested in solving the data conundrum of time vs. data analytics? Click here to learn how Sage Data & Analytics can help your organization by accelerating the rate in which data is transformed into actionable insights.