Is your business using all the data your analytics tell you about? Chances are it isn’t; only 24% of executives have succeeded in creating a data driven organization. Those who have not yet managed it face a variety of obstacles. They could struggle with low executive buy-in, poor data quality, or difficulty understanding what the data they’re looking at can tell them. As a result, up to 73% of the data within an enterprise never gets analyzed.
Poor data analytics have serious consequences for business. Allowing poor data quality to remain in the system leads to an average of $15 million in annual losses. Missing opportunities, losing out of productivity and growth, and harming customer relationships are all the natural result of poor data quality and analysis. Meanwhile, data driven organizations are 178% more likely to outperform peers in terms of revenue and profitability. Improving your company’s data practices is a worthwhile investment.
What are the signs to look for if your company needs help? Consider the following. Do you have a clear metric to measure progress or success? Do all the departments in your company store their data in different places? How much are important business processes slowed down by the need to wait for data? If you find the answers to any of these questions lacking, you probably need help with data analytics.
An organization who understands their purpose, has support from the right people, and uses the right processes and tools is empowered to be the best business they can be. These companies are able to clearly identify risks and opportunities, develop better marketing strategies and product innovations, and manage their supplier and customer networks without headache.
One place to look for better analytics tools is Google Analytics 360. Formerly known as Google Analytics premium, this service features paid, enterprise-level tools for large businesses. It integrates with other Google resources and features the benefits of support, privacy, unlimited sessions, and combined reporting. The company that would get the most out of Google Analytics 360 has a large data volume, needs to make marketing decisions on a daily (or even hourly) basis, and wants more sophisticated analysis of their hit-level data.
The right Google Analytics partner will support your business as it strives to capitalize on its data analytics investment. Make your organization data-driven with one each new procedure. It’s never been easier to invest in data analysis.