Your business collects data every day. Data on customers, on products, on transactions, and more. Individually, each piece of data is important information. Taken all together, the data can be tremendously significant and insightful… or it can just be noise.
So how do you make sure your data collection is leading somewhere significant?
You make sure you’re using your data in context.
Data on its own is just a collection of words and numbers. It has little meaning in isolation. Put into context, it becomes information. It begins to be understood. It begins to have value. When you collect data without context, it is difficult to understand and has little value to your organization beyond the moment of collection.
But the real magic starts to happen when you not only collect and contextualize your data, but when you search out the relationships between different data streams. These relationships let you discern hidden truths in your data and determine if your business strategies are actually in line with your business goals.
Unfortunately, most organizations are letting a few things stand in the way of being able to see and analyze the relationships in their data. They have too much data spread over too many different systems. They have poor quality or inconsistent data with many versions of the data circulating in various departments. And they are using wholly inadequate tools to analyze their data, depending on spreadsheets and manual manipulations to tease out meaninful analysis.
When you bring high quality data into a single, unified business information system and add industry-leading analytics tools that include powerful reporting, visualization, and dashboarding tools that are easy to implement and easy to use, your data is transformed into a meaningful tool that can help align all segments of your business with your business goals. When every aspect of your business is focussed on your business goals and every decision maker has the tools to see how well their strategies are in fact meeting those goals, increased profits are inevitable.
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