Data has quickly become a business’ most essential asset—with proprietary data vastly outstripping the value of physical assets. That data means nothing, however, without the ability to properly analyze it and incorporate those findings into future business processes. Many analytics tools fail to give business stakeholders a 360-degree view of their profits and processes—and instead silo data out in a way that makes it difficult to compare erroneous data, or other issues.
This lack of data fidelity can lead stakeholders to distrust the data put in front of them.
According to a 2020 Gartner survey, only 54% of marketing decisions are influenced by analytics, with respondents citing poor data quality and unactionable results as their primary reasons for trusting intuition more than hard metrics.
Analyze data across business processes
Valuable prescriptive insights can come from analyzing a single business system, e.g., supply chain or a production line at a single factory. This value increases exponentially when business stakeholders can compare and analyze data across all business systems. Of course, most systems are designed from the beginning—they are patched together over time from a variety of decision makers and driving causes. Many of those products offer their own analytics solution—meeting the needs of their immediate buyer. So, while stakeholders in each area might have the data they really need to do their jobs (perhaps switching between a dashboard or two), it is essentially invisible outside their purview.
Other data is passively collected, but completely undisturbed by daily work. It comes in forms that aren’t presented in any sort of dashboard or chart—and it may have no apparent use on its own. To get the higher-level value business leaders are looking for from predictive and prescriptive insights, transformation requires joining data from disparate systems.
The bottom line: The business insights you’re after might be hiding in within the data already collected and stored in your organization. And if they are—unlocking them might be easier than you think.
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