Why does your business collect and store data? We don’t need to guess: it’s to increase profitability and delight your customers, just like everyone else. Great decision!
Next question: are you doing everything you possibly can to maximise your return on all that data collection? If it’s not working, do you know why?
Consider your data goals
By consuming more and more data, companies will discover more valuable insights and react faster to dynamic markets. Wrong. That’s mistake number one. If the data isn’t relevant and useful, then stockpiling a massive quantity of information could hamper your business as much as help it.
But most companies are wise to this and cleverly devote their analysts to preparing their data, filtering the good from the bad to leave them with shiny, game-changing insights.
Mistake number two.
Most analysts spend up to 80% of their time on data preparation, and according to a recent survey by Gartner, they’re not happy about it. Worse, with scarcely 20% of their time spent analysis, connecting dots, and reaching valuable conclusions, your business gets none of the big data benefits.
Your data becomes almost useless. So what’s our secret master plan for delivering the value you deserve? Let your analysts analyse!
Empower the real breadwinner
It’s important to organise and format your data so it can be read and understood clearly. With slight training, anyone (or any appropriate software) can do this. Get it done as well as you can in as little time as possible.
Then present the data to your highly-trained analyst.
They should be spending almost 100% of their time studying the data for trends and useful correlations. Reaching conclusions quickly means your company can react faster to capitalise on positives (unexpectedly high interest in a new promotion, say) or limit the damage on any negatives in their market.
If your goal is to use big data to empower your business and drive it forward, then you’re doing exactly the right thing. By giving your analysts the space, time, and tools they need to do their job well, you’ll be doing it exactly the right way.
Build on your progress
We mentioned two mistakes at the start of this article: collecting too much irrelevant data and spending too much time preparing it. Fortunately, the solution to these mistakes can be implemented quickly and easily, with minimal disruption to your business.
But those aren’t the only data mistakes companies are making today, and this isn’t the only area where resources are being devoted to the wrong place at the wrong time.
In our recent white paper, we highlight six data mistakes made by major companies all over the world and the simple solutions required to correct them.
If you’re ready to start reaping the real rewards of your data efforts, then download the white paper for free and start turning your desire into action.