Data is a precious resource in the modern world. Companies all around the world have learned how to mine and collect it. Yet raw data can only reveal so much; it is the refined, analyzed data that contains the most valuable insights.
Is your company using all the data it collects in analytics tools? Most likely not. Only 24% of executives have successfully created a data-driven organization. What’s keeping everyone else behind? Barriers include low executive buy-in, in which those at the top levels of the company refuse to rely on data to make decisions. Another common problem is articulation. 70% of executives don’t have a clearly defined data strategy for their company to follow. Complicating the matter further is the data itself. Only a third of firms trust their data enough to truly benefit from it, and nearly half have issues with siloed data limiting their access. Finally, company workers don’t always have the necessary skills to analyze data. The professionals that do are in high demand, making it a struggle for companies to hire and retain them. As a result of any mix of these factors, 73% of all data within an enterprise is never analyzed.
With a clear understanding of purpose, the right partners and tools, and well-developed data processes, data analytics empowers businesses to be the best in their fields. Data driven organizations see opportunities and risks clearly. They are able to develop product innovations and marketing strategies simultaneously. Both customer relationships and supplier networks are better served when data drives company policy. The financial statements prove it: data driven organizations are 178% more likely to outperform peers in terms of revenue and profitability.
Conversely, a firm with poor data quality or analysis suffers from a number of woes. Faulty data clouds a company’s vision, causing them to choose misguided business strategies that bring less productivity and growth. Expensive and ineffective processes increase overall company costs without benefits to match. Altogether, poor data quality leads to an average of $15 million in annual losses for the companies inflicted.
What are the signs of a troubled company? There are many. A struggling company may not have a clear metric by which they measure progress or success. This inhibits the company’s ability to evaluate internally. Perhaps they receive data in email form without any visualization. Lack of visuals in data makes it complicated and time consuming to interpret. Another issue arises if each department’s data is stored separately; collaboration suffers as a result of separate systems. Finally, if a company often finds itself stuck waiting on data to make important decisions, it may need to improve collection and upload efficiency.
A good place to turn to for help is Google Analytics 360. Formerly known as Google Analytics Premium, this enterprise-level tool connects businesses with an analytics partner capable of turning their data into profit. The companies that benefit the most from this service have large data volumes, make marketing on a daily or even hourly basis, and want sophisticated analysis of hit-level data. The right Google Analytics 360 partner will support the business as it strives to capitalize on its data analytics investment.
How do you choose the right analytics partner? The first step is to check technical expertise. Not every company has the same data system or needs, so finding a match in your partner is important. You can check a potential partner’s samplings, industry experience, reviews, and certifications to determine their knowledge set. From there, consider the specific practices of each partner and how well they conform to expectations. The right partner fuels your data drive.