In today’s digital economy, there is no way to measure failure or success other than by gathering data. So business owners gather as much data as possible, becoming ever more “data-rich”. Having the insight necessary to interpret that data is vital, however, if the information gathered is to help your business. Not having those insights means your business is “insight-poor”, and that will keep you from growing and expanding. 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, yet insight-poor.
There is a virtual waterfall of data hitting modern businesses, as the internet of things only adds to the weight of consumer data that’s already being generated. Some pundits say that there will be a trillion gigabytes by 2020! The success stories will be written by those who are able to convert and combine those data streams into real insight. The amount of data coming available can be either a blessing or a curse. It is possible to have too much data! What’s really important is to understand your data and not to become confused by an overload. A door without a key will remain forever locked.
Many enterprises end up with massive amounts of data just sitting in silos without the ability to use that data. Pulling meaningful information out to help in strategic decision requires resources to analyze it and to bring a company out of an insight-poor situation. Data alone – facts, figures, and bits – is meaningless without the proper means to interpret it, and that’s where analytics come in: analytics will transform this data into useful information.
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. Visually attractive 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!
Click here to learn more about the mission of Think Data Insights. And let us help you turn your data into business insight.