It’s no secret that businesses sit on a treasure trove of data. However, up to 73% of the data businesses collect is never analyzed. Letting that data go to waste costs businesses’ bottom line. Many businesses are trying to get ahead with only basic analytics tools, or go without analytics all together.
Why do so many struggle to harness data analytics? Collected data may be of poor quality, analysis of poor quality data could lead business to make the wrong decision. In fact, less than one-third of businesses trust their data enough to benefit from it. One-third of executives don’t rely on data to make business decisions. While executives are often uncomfortable with digital analytics tools, most struggle to hire and retain qualified analytics professionals.
There are many challenges to adopting a strong data analytics initiative, but the benefits are worth the effort. Lack of quality data and analytics leads companies to an average $ 15 million in annual losses. Meanwhile, data-driven companies are 178% more likely to outperform their competition in revenue and profitability.
If your business is struggling with poor quality data and analytics you risk lowering productivity, making poor decisions, harming customer relationships, increasing costs, and missing opportunities. Data analytics can empower you to expand your business, identify risks, improve customer retention, and much more.
Less than 1 in 4 executives have successfully created a data-driven organization. Top quality data analytics requires a strong foundation. You must develop a solid understanding of the purpose your data can serve and develop processes that ensure accurate, up-to-date, and high-quality data is available for analysis. You’ll need support from trained analytics professionals and the right tools to get the job done.
If you’re looking to upgrade your analytics, check out this visual deep dive below to learn what Google Analytics 360 can do for you.
Infographic Source: InfoTrust