For years, we’ve been hearing that “data is the new oil of the economy.” In many ways, it is that valuable. But what that quote seems to miss is that it’s how you leverage your data that makes it valuable. Today, we’re going to look at how you can transform data into profitable growth.
There are quintillions of data created every day, and most companies are struggling to transform data into business insights. Harvard Business Review provided eye-opening statistics on data and business intelligence:
- 91% of global executives agree effective data analytics strategies are essential for business transformation.
- 80% of organizations say they are struggling to be users of data and analytics.
- 55% of the organizations say data silos and poor data management are their biggest challenges.
How to Transform Data into Profitable Growth
Use a Business Intelligence Dashboard
Some companies are still using Excel to manage data. Dashboards are the next step, giving you the ability to visualize data and look at trend analysis. Business intelligence dashboards empower companies to operate more efficiently, manage expenses better, and take a closer look at how they are spending their money. With this easy access to data, you can slice and dice it however you need to use it best.
Identify Insights and Opportunities
Once you have your data organized, you can use it to identify insights and opportunities to make fact-based decisions—instead of going with your gut. How much did the project actually cost you per hour? Is someone on your team outperforming others? Could you cut back costs?
When you need help analyzing your data, a C-Suite IMPACT CDO can evaluate your data and provide unbiased insights to identify opportunities for growth.
Make Proactive Decisions with Your Data
Data is all about providing the right information to the right person at the right time. With your data ready at your fingertips, you can make proactive decisions on-the-fly to protect your top and bottom lines. You don’t have to wait three months until after a project has closed and data has been analyzed to discover you are over-budget or something isn’t working. You can immediately identify and rectify challenges. That’s what it means when people say data is the new oil.
Harness the Power of Data with C-Suite IMPACT.
At C-Suite IMPACT Business Intelligence, we work with our clients to turn data into business insights. If you’re looking for insights, increased profitability, and increased production, our Business Intelligence team is here to help you ring the bell of success. Contact us today.
Jim Tanajewski, founding partner and CEO of C-Suite IMPACT Business Intelligence
Jim is an accomplished business intelligence professional with over 20 years of experience delivering BI dashboards, reports, and mobile solutions to help clients transform data into actionable business insights. He has demonstrated success in the design and implementation of operational and financial BI dashboards and reports.