Brian Wallace, Founder & President, NowSourcing
The world today is ruled by Big Data. Despite that, companies are still learning how to use the data their analytics tools can offer them. Only 24% of executives have been able to create a data driven organization.
What’s keeping everyone else behind? They could be dealing with any number of obstacles. In some companies, executives refuse to rely on data to make decisions, rendering its analysis useless. In others, the data is deemed untrustworthy due to its poor quality. Some companies struggle with siloed data or data illiteracy, and still more experience a combination of several problems. As a result, up to 73% of data within an enterprise may never get analyzed. Data collected without analysis is a waste of company resources.
Consequences can be dire for a company with poor data quality. Data quality issues lead to an average of $15 million in annual losses. These losses accrue from lower productivity and growth, misguided business strategies, increased costs, and missed opportunities. External relationships with suppliers and customers may also suffer as a result of poor data practices. On the other hand, data-driven organizations are 178% more likely to outperform peers in terms of revenue and profitability. Who wouldn’t want to follow in their lead?
When companies have a solid understanding of their purpose, support from the right partners, and the right tools and data processes, they excel in their field. Data analytics can empower businesses to identify expansion opportunities alongside risks. They can develop effective growth and marketing strategies while making innovations on their products and services. Using data to guide their decisions, data-driven organizations can manage complex supplier networks and improve customer acquisition and retention at the same time.
Google Analytics 360 is a great tool for companies looking to get the most out of their data. Formerly known as Google Analytics Premium, this service benefits companies in possession of high data volumes, need to make marketing decisions on a frequent, regular basis, and want sophisticated analysis for their hit-level data. Google Analytics 360 is partner first, offering businesses a chance to connect with a licensed analytics partner. Choosing the right partner can be overwhelming, but Google has plenty of partners on board with industry knowledge, strategic guidance, and results-oriented methods. Many will offer prospective clients samplings of their work and references they have received in the past. Certification also goes a long way in becoming data-driven.
About the Author: Brian Wallace is the Founder and President of NowSourcing, an industry leading infographic design agency in Louisville, KY and Cincinnati, OH which works with companies ranging from startups to Fortune 500s. Brian runs #LinkedInLocal events, hosts the Next Action Podcast, and has been named a Google Small Business Adviser for 2016-present. Follow Brian Wallace on Linked