The modern world is driven by data. Still, some companies have a better grip on the wheel than others. Just under a quarter of executives have managed to create a data-driven organization. Everyone else is behind the times in one way or another.
There are several barriers preventing companies from harnessing data analytics to its fullest potential. Some executives are distrusting of the data and won’t use it to make decisions. Concerns about data quality may exist throughout the firm. In some cases, employees are not trained in data literacy. This makes it hard for them to conduct a proper analysis. Whatever the reason, an estimated 73% of all data within an enterprise is never analyzed. Data collected without analysis is a drain on company resources.
Proper data analytics has far reaching consequences for an organization. Firms that are appropriately data-driven are 178% more likely to outperform their competition in terms of revenue and profitability. Meanwhile, poor data quality leads to an average of $15 million in annual losses. Such losses manifest in a number of ways. Poor data quality and analysis may lead to misguided business strategies, increased costs, strain in customer relationships, and more.
Do you worry your company is struggling? Here are a few signs your company needs help managing their data tools. If you lack metrics to measure progress and success, you limit your abilities for internal evaluation. Lacking visualization in data makes reports time-consuming to process. Even worse, waiting a long time for data slows down important business decisions and could cause you to miss out on time-sensitive opportunities.
Companies driven by accurate, analyzed data see the world with a clearer eye. They are able to identify opportunities and risks side by side. They develop effective marketing strategies and product innovations simultaneously. Both supplier and customer relationships are easier to manage when you have data analytics on your side.
Looking for a platform to make the most of company data? Look no further than Google Analytics 360. Once called Google Analytics Premium, this service is an add-on data management platform that integrates with Google’s other business resources. Advantages to using Google Analytics 360 include advanced tools, training, delays capped at 4 hours, and combined reporting. The companies who derive the most benefits from Google Analytics 360 are in possession of high volumes of data, need to make daily or hourly marketing decisions, and want more sophisticated analysis of hit-level data.
Another thing to remember about Google Analytics 360 is that they are partner-first. Collaboration with an expert team comes with the license. In choosing an analytics partner, there are multiple factors to consider. Each business will have different priorities, but all of them will want a partner with the right technical competence for the job. Check samples, references, industry experience, and certifications before getting your heart set on a certain partner. After expertise is confirmed, you can look into other distinctions. The right partner can guide you to the gems within your dataset. Choose wisely.