Do you Believe there’s Value in your Data?

Do you Believe there’s Value in your Data?

Data is undoubtedly one of the most valuable resources organisations have at their disposal, and today more and more business leaders agree that data is a central part of their business operations. But do business leaders know the value of their data?

Data creates value by informing decisions with valuable insights, and these insights come from a successful data analytics strategy. Your businesses data analytics strategy will be far more successful if it’s focused on your most valuable data assets, rather than the least valuable.

Even when company leaders recognise that their data has value, they have difficulty measuring that value accurately – and it can cost them. Businesses sometimes do not consider the valuable opportunity to use data more effectively as either an objective or key result in projects.

Did you know that 90% of data has been created in the last ten years, yet only 26.5% of organisations report having created a data-driven organisation. There is much more opportunity for businesses to leverage data for commercial gain.

That growth is where a major problem comes from – analysing data is no longer like finding a needle in a haystack, it is now like finding a particular needle in a skip of similar needles!

Clean, organised, and up-to-date data is an asset because it can help your company meaningfully engage with customers, make business decisions with confidence, add value to the organisation, and better inform product and service development.

That’s a few of the many ways that data can bring value to an organisation, but do you know where to start?

 Your Data is Worth More than you think

We often find that the various departments of many organisations work in silos – both structurally and with the data they collect. The impact this has on a company’s ability to use that data effectively is two-fold. Potential data insights are fragmented and trapped in pockets of the company.

A data audit can help highlight the impacts of data fragmentation.

With so much information, it can be impossible to know what is valuable and what isn’t. A concern for most organisations is the validity of any information held. Can you be sure that there are no duplicated or inaccurate pieces of information in your database? Poor quality or a lack of confidence in data can impact confident decision making.

That’s why, a high-level audit on your current technology and data strategy can identify highest value opportunities to leverage data in your business, and targets actions to help you gain business benefit from using data more effectively.

Data Value Pyramid

A common expression we often hear is, ‘don’t run before you can walk’. The same is true when it comes to data.

Good quality data enables organisations to get to know their true customers and serve their needs in a more personalised manner, improving the customer experience, achieving efficiencies across the organisation, and increasing the bottom line in the process.

Ensuring quality is essential to all digital transformation initiatives, such as customer personalisation, predictive analytics, machine learning and AI applications. We can help you:

  • Make full use of your database: We go through a full data discovery exercise to give you a full picture of the data your organisation hold. We also prepare your databases for a unification and consolidation process to ensure that you can make full use of all your data.
  • Better strategic decision making: With a full understanding of all the data at your disposal, your organisation is ready to make data-driven decisions with confidence. You can trust that data is complete, up-to-date, and accurate.

Diagnosing problems that make data harder to use at your organisation can be your first step to improve your data’s value.

At Data Clarity, our data experts have spent years working with organisations to improve data quality, starting with audits. The audit process is essential in discovering the ‘how’, the ‘what’ and the challenge that companies face.

Never underestimate the power of data – it’s the fuel that drives success in today’s digital age. Get in touch and enter your details, our data experts will be happy to discuss your needs today.

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