You're not the only one who silently nodded or rolled your eyes at such questions.
Before you ask your boss for a blank check we must start with the "why".
A potential investment in your data can have many benefits, including the obvious benefit of eliminating arguments in meetings about which numbers are 'the correct ones' and reclaiming hundreds upon hours of analysts' time. It keeps your business competitive and adaptable to changing market conditions.
So, let's take a look at the top 5 reasons to Invest in Your Data that really help you overcome from all the aspects mentioned above:
Data warehouses, data marts and data cubes have existed since the beginning. We've spoken about "building your single source truth". Modern
data management techniques allow us to leverage data lakes to collect, organize, analyze, and share more data than ever.
You can extract and load raw data directly from your source systems. This is possible without losing columns or tables. The data can then be ingested into a new data platform.
The data is then combined into one data set for business intelligence or analytics consumption, creating your "360-degree view" of your company.
You must build trust in the data source before you can use it to make critical decisions. It is possible to program "data quality rules" into existing business logic to check and enforce important rules in your business.
It can be difficult for data quality problems to be identified and corrected without accountability. It's simple to see the data and determine whether any items are in an "error", "warning", or both, once the data quality rules have been programmed.
Self-service business intelligence streamlines, automates, and simplifies employees' ability to perform their duties. Employees can access trusted data sources to help them make informed decisions that will ultimately lead to measurable success.
It is essential to provide timely information to key stakeholders for tactical business operations to be successful. Each employee has a clear view of all data and information relevant to their job if permissions are in place. Employees can also ask questions about the data and provide analysis and recommendations to managers and executives for their review.
How often do your receive reports that are dated weeks or days after the fact?
Automating routine reports or manual reports reduces the time and effort required to deliver key performance indicators that have an impact on
decision-makers. Staff are often freed up to concentrate on higher-value activities and not manual processes.
Automating your reports eliminates all the errors that could be made when creating them manually.
Some decisions may require more data. For accurate answers to your business questions, it may be necessary to have a lot of underlying information.
Data pooling allows your business to join with other businesses in the industry and amass an abundance of data. Data pooling anonymizes your data and improves your statistical analysis abilities.
