We are in the era that data experts are calling the Age of Big Data. In fact, we have been for several years now. The data craze has driven us to a widespread state of what we like to call “Analysis Paralysis.” It’s that point where you collect every piece of information that is, will be, or may become important. And for most business owners, that means you’re now sitting on an enormous pile of data without any real insight.
That is not business intelligence.
As a business and organizational leader, you’re challenged with interpreting what your data is really saying. Crafting that message and molding it to be useful to the business decision-making process is key. But getting there can be frustrating and overwhelming.
Every company is a data company, but not every company is data-driven. The majority of companies accumulate large amounts of data. Yet many are unsure what to do with it or how to use it to drive strategic growth.
Mountains of high-potential, unorganized data that’s not backed by mature processes ultimately leads to more challenges. Now is the time to concentrate on data analytics and building a solid data-driven strategy for your organization.
But it all begins with understanding what data analytics is. Data analytics is the science of analyzing raw data to uncover insights that can help organizations make more informed decisions. To truly become a data-driven company, business leaders must unify data into one version of the truth with an organized database and centralized solutions to power mature data analytics.
A data-driven company is any business that gathers and applies data to reach their business goals. They have made the collection and use of their data one of their core competencies. What’s important to note here is that a data company can be in any industry – from auto dealerships to manufacturing and retail.
Of course, what initially comes to mind are the tech behemoths of our time like Facebook, Google and Amazon. But non-tech companies are also getting in on the action en masse.
Regardless of your industry or focus, achieving these outcomes begins and ends with your data. With the rise of increasingly affordable business intelligence (BI) tools, even small or midsized local businesses are becoming disruptive data companies. In fact, the IDC predicts that big data and business analytics will be a $274 billion global industry by 2022, underscoring a universal investment in data as the next frontier.
In the current business climate, it is imperative that your organization leverages your data to understand your business and make better, data-driven decisions. The ability to turn insight into action allows you to be both growth-focused and respond proactively to changing market conditions.
We break down the basics of data analytics and how you can leverage that data to shape your business narrative. After all, getting intentional with your data isn’t a simple process. Becoming a data-driven company is truly a mindset. It is a way of looking at your organization through the lens of your business data and using data-driven insights to make decisions and lead.
Our Data Analytics Playbook will help you do just that. We look at:
To get the guide, simply fill out the form on the right. You’ll get immediate access to the Data Analytics Playbook, as well as an email with a link for later use.