Up to 73% of the data businesses collect is never analyzed and fewer than 1 in 4 executives have successfully created a data-driven organization. Why are businesses letting their data go to waste?
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Many businesses struggle with data analytics. Collecting data may be simple, but not all data is of good enough quality to generate actionable insights. Fewer than one-third of businesses trust their data enough to benefit from it. Analysis of poor quality data could lead businesses to make the wrong decision and wind up costing businesses even more than just ignoring data all together.
The Difficulity Of Harnessing Data Analytics
What makes data analytics so difficult? Many times, executives and managers are uncomfortable, or simply don’t know how to use their current digital analytics tools. A shortage of trained analytics professionals makes hiring and retaining expert employees a challenge for many businesses.
While many organizations are sitting on a treasure-trove of data, nearly half of marketers face data-silos that prevent data and insights from being shared across their organization. On top of that, only 21% of employees believe they have the skills necessary to understand and use data insights. One-third of executives don’t rely on data to make business decisions.
Many businesses are trying to get ahead with only basic analytics tools, or go without analytics all together. Data analytics is worth the investment. Poor quality data and lack of analytics leads enterprise companies to an average $15 million in annual losses. Meanwhile, data-driven companies are 178% more likely to outperform their competition in revenue and profitability.
Faulty Analytics Can Lead To Misguided Decisions
If your business is struggling with poor quality data you risk lower employee productivity, lower operational efficiency, and higher operating costs. Faulty analytics can lead you to make misguided decisions, choose the wrong business strategies, and miss valuable opportunities. You may even damage customer or client relationships and hurt your business’s reputation.
Data analytics can empower you to expand your business, identify risks, improve customer retention, and much more. But high-quality analytics requires a strong foundation. If you’re struggling with siloed data, slow analytics processes, monitoring business metric, or weak lead conversion, it may be time to find a new data analytics solution.
High quality analytics can help you identify new opportunities and potential risks, develop more effective business strategies, improve customer acquisition and retention, and manage complex supply networks. Are you ready to upgrade your analytics? Learn what Google Analytics 360 can do for you in this infographic.
Source: InfoTrust
