Shifting "Data Overload" to "Data Opportunity"

A growing number of organizations recognize the potential for ‘data driven’ decision making to create a competitive advantage – and many are attempting to get ahead of the curve by conducting large scale changes. But without a way to meaningfully manage the information they collect, most are missing meaningful opportunities, and many are thwarting the benefits altogether.

At the crux of this problem is the pressure data management needs place on already strained IT departments. Analysts spend upwards of 45 to 50 percent of their time reviewing data quality and preparing it for analysis. And software teams often lack the time and resources to vet and select the right data software to suit the organization’s needs and goals.

The result is increased pressure to ‘get a tool and install it now,’ and then answer a barrage of touch questions when initiatives invariably fail. However, a little bit of forethought can help negate these challenges and help prepare for the transition.

Understand Your Data

What data do you currently have? Which data elements do you truly need, and which are just noise? Review every data source in your organization and recruit stakeholders to determine what matters and what doesn’t.

Ensure Data Quality and Trustworthiness

If business users don't trust your data, they’ll spend more time debating whose numbers are more accurate than making key data-driven business decisions.

Harmonizing your data can make a significant difference, but only if augmented by data quality and governance programs to preserve long-term data integrity. ‘Gold copy’ data coming out of the harmonization process is the foundation for your analytics success.

Quality Trumps Quantity

Effective decision making depends on real time (or as near as possible) self-service reporting, with trusted high-quality data. Therefore, becoming a data-driven organization requires agile reporting tools that allow your business to adapt reports as needed over time.

Tomorrow’s technology is shaping business today. To learn more about how MNP can help you become more data driven, contact John Desborough, Director Consulting and Technology Solutions at [email protected].