It has both irrelevant and relevant data. The transformation from its raw form to a format helps you know more about the business, customers, and competitors.
The volume of data a company collects increases over time, leading to better decision making and more opportunities if analyzed right.ĭata transformation involves converting data from one format to another. The insights and conclusions one draws from data are only as good as the data collected. Good data is accurate, complete, and authoritative. Poor data also leads to missed opportunities, lost revenue, and reputational damage. Lack of confidence in data leads to a lack of confidence in results. Research shows that 84 percent of CEOs do not trust the quality of data they use to make decisions. It undermines the confidence of decisions made. Poor data, on the other hand, leads to losses averaging $15 million a year for organizations. It leads to better decision making, improves productivity, and improves marketing as communication and targeting become efficient. Good quality data has numerous benefits and opens countless opportunities for any business. However, there’s a catch: the quality of data collected has to increase also as the business grows. They need the data they generate to make informed decisions and improve their products and services. The fast pace at which technology is changing and competition increasing requires organizations to collect vast amounts of data.
The need to focus on data has become a priority for any business, irrespective of industry.
0 kommentar(er)
