The critical next phase

In the current business landscape, companies amass vast amounts of data, investing significantly in high-cost ERPs to capture every step of their operations. Then they spend substantial financial resources to acquire expansive cloud storage, necessary for housing of the terabytes of information. This requires a considerable investment of both time and money.

However, despite these substantial investments in data generation, storage, and infrastructure, a relatively small number of companies proceed to the critical next phase of data utilization - analyzing this information to derive valuable insights for future decision-making.

Why that happens? Why do companies store for the sake of storing? Here are the key reasons:

🙅 Lack of data strategy: businesses collect data without an understanding of how it aligns with their goals.

🙅‍♀️ Data silos: information is being stored in isolated systems and departments - decision-makers miss valuable connections and insights.

🙅 Poor data quality: it’s inaccurate or incomplete – that leads to unreliable insights.

🙅‍♀️ Lack of analytical skills: employees have different skill set and lack the necessary skills to analyze and interpret the collected data.

🙅 Overemphasis on quantity over quality: Some businesses focus on collecting a large volume of data without considering its relevance or quality.

🙅‍♀️ Resistance to change: company leadership resist to accept a cultural shift needed to embrace data as a valuable asset.

🙅 Cost and resource constraints: businesses struggle to invest in the necessary technology, personnel, and training required.

To address these challenges, businesses need to develop a comprehensive data strategy, invest in data quality, foster a data-driven culture, and provide the necessary tools and training for employees to make informed decisions. We, DataEnq, are here to accompany businesses in this challenging journey. With our education, the boots-on-the-ground experience, and the data management passion.