What does it mean to be data-rich and insight-poor? And if this is a problem for your business, what can you do about it?
Businesses need data. In this digital economy, there is no other way to measure failure or success. So business owners gather as much data as possible, since more data means more insight into how the business is performing. Doesn’t it?
With more data available today than ever before, business owners are creating cluttered dashboards and wasting time on numbers that don’t give them the insight they need, causing them to become “data-rich and insight-poor.” To prevent data overload, a business owner will need to focus on what actually matters, and that is only 1% of the data they will collect.
Let’s suppose you are building a dashboard for a quarterly metrics review with your management team. Resist the urge to take every point of data and throw it all onto one page for presentation. It might seem impressive at first, but all it will do is create confusion. Having so much information presented to your team at once will make it difficult to focus on the truly important pieces, so keep it simple. Don’t include data just because it’s there.
Choose the metrics that matter, the ones that are like our body’s heartbeat. The vital signs.
When it comes to the conversion and integration of the data collected, Think Data Insights can help you understand your data and business rules while translating the requirements into the right approach and ensure you receive the desired outcome.
Engage the skills of a company such as Think Data Insights, where we have experience in developing solutions that accommodate complex data environments when traditional solutions may not address your needs. For assistance in visualization capabilities, help from a company that specializes in managing data insights will be invaluable.
The challenge facing businesses today is not a shortage of data, but rather that of knowing what to do with it. Whether operational, financial, industry benchmark, or social media data, companies have to be able to leverage that data as an asset.
Pretty charts and reports cannot provide businesses with insights, and those insights are what drive business change. Solve the data-rich insight-poor dilemma by becoming insight rich!
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