No matter the size of your business, if you handle data in the right way, you’ll find it’s as valuable as gold. That said, many organisations are still not getting the most out of their data. In fact, only 42 percent of analysts or data handlers report that they’re confident in the quality of their data.
At the end of the day, if you’re unable to harness your data correctly, your business won’t see much value in collecting it in the first place.
So, what are the signs you’re not getting the most out of your data? Here are three for you to consider.
Sign #1: Your data isn’t connected
Did you know that 44 percent of businesses struggle to integrate their data sets?
If your business is unable to accumulate and overlook all of your data, you will fail to get the most out of your efforts. With the right tool, however, you’ll be able to pool your data into one place in real-time, allowing you to:
- Get a better overall picture of your data processes
- Oversee trends and anomalies within your data
- View your data on-premise and in the cloud
- Make better, informed decisions
- Allow your employees to look at the data, by providing them access or sharing reports
Sign #2: You can’t visualise it
Even if you do have an overall picture of your processes, it can be difficult for those of you who aren’t data analysts by trade to make sense of the raw data.
But, if you can’t understand it, you certainly won’t be able to know what to do with it.
Certain analytics tools, such as Power BI, give your organisation the ability to transform raw data into stunning graphics. These charts, graphs and visualisations help everyone in your business to digest your data in an easier way. Ultimately, this allows you to understand the implications behind the numbers.
Sign #3: It isn’t actionable
So, you have your data. Now what do you do with it?
Simply accumulating numbers in a spreadsheet isn’t going to help. In order to get the most out of your data, you’ll need to be able to apply actions to it.
Let’s say you want to make better financial decisions. By pooling all your financial data into one centralised, visual dashboard, you can make better decisions. For instance, if you find you’re spending too much money on office supplies, it’s as simple as biting the bullet and refactoring your own processes.
Supercharge your data efforts
Fifty-five percent of businesses believe third-party analytics partners execute work of a higher quality than in-house analytics teams.
If you find that you don’t have the skills or time to extract the most from your data, it might be time to seek third-party help. With our knowledge of Microsoft Power BI and Sage 50, our team has the expertise needed to bring your data to life and propel your business to new heights.