Data is a key differentiating factor when it comes to enterprise companies. Data analysis can help managers find overlooked prospects and opportunities as well as identify any process or department bottlenecks. However, valuable insights come from proper measurement, and the quality of your data impacts where your organization is putting its efforts. Inaccurate measurements or measuring the wrong thing will lead to the wrong questions being asked, which could leave parts of your business struggling.
According to one study, companies could increase their profits by an average of 15 percent by improving their data quality. This is reason enough for organizations to review the accuracy of data and identify the processes that require optimizing. (https://www.edq.com/uk/resources/papers/global-data-quality-research/)
Do you have dirty data?
Dirty data is inaccurate, incomplete or erroneous data. With the ability to collect information from so many sources, coupled with the high level of mobile adoption, companies are able to track more information than ever before.
A recent study (https://www.edq.com/uk/resources/papers/global-data-quality-research/) revealed most companies suspect that as much as 26% of the data they have collected is inaccurate. The same study also found that if businesses collected the highest quality data possible, it would result in an average of 15% increase in profits. That is a significant number for any organization.
It is important to evaluate your organization’s data proficiency and take steps to improve the quality of information collected. This includes knowing what data currently exists, how it’s being tracked, who can access, and what redundancies are in place. Understanding and making even minor improvements will impact your bottom line.
Do You Know How To Leverage Your Data?
Organizations have more information available to them now, than at any point in recorded history. Data management, and the integration of quickly evolving technologies, continue to provide businesses with access to an unsurmountable amount of information about their teams, processes, and clients.
The flip side of the coin is that many leaders don’t know how to work with the vast amount of data collected. An intelligent data accumulation in your ERP solution and a comprehensive set of reporting and information tools will provide real-time views into the key metrics of your business and empower your personnel with relevant and meaningful insights. In turn, you will be able to ask the right questions and find accurate data to help make better decisions.
The team at Logi-Solutions will ensure that your teams understand the importance of data, how to analyze it and provide the tools necessary to help find and identify key data points in your organization.