6 Ways Upleveling Your Data Capabilities Can Impact Your Business

By: Steve Tycast , National Director of Data & Analytics - AIM Consulting

There's no shortage of data in the world - internet users generate around 2.5 quintillion bytes of data each day. While organizations have seemingly endless opportunities to leverage this data to drive strategic decisions, many face barriers to achieving this.

A survey of more than 1,000 global executives and business users found that 79% of executives face problems with their data quality. Beyond being held up by the quality of their data, businesses are also bogged down with accessibility problems. The majority of business users (55%) report needing to transform data to fit their purpose, and 44% report needing to wait a day or more to get support from a technical user or team for their data needs.

Overcoming these challenges is difficult; however, the benefits are palpable. Insights-driven businesses are growing at an average of more than 30% annually .

Realizing the Full Value of Your Data

It's no secret that organizations placing a strong emphasis on the value of data are more likely to succeed. Organizations that make operationalizing data a top priority add an average of more than 5% to their annual revenue and remove an average of 4.85% from their annual operational costs, both of which are a direct result of their improved data use.

The benefits don't stop there: On average, surveyed organizations generate the approximate value of U.S. $38.2 million - or roughly 12.5% of their total gross profit - by making smarter use of their data. Furthermore, 97% of these organizations meet or exceed their customer retention targets, with 60% surpassing their goals.

Continue reading to learn about six ways that upleveling your data capabilities can help your organization overcome challenges and realize powerful benefits.

About the author:

Steve Tycast is AIM Consulting's National Director of Data & Analytics. He has more than 20 years of global business and IT experience, with a focus on technology and operations management, client delivery, and strategic solution architecture. Tycast's deep expertise in Advanced Analytics (Artificial Intelligence and Machine Learning) allows him to help clients enhance their existing solutions and implement new technologies while increasing overall return on investment.