The Data Blind Spot: Are Your Competitors Seeing Something You're Missing?
Data is the fuel that powers businesses today. It provides key insights into what customers want, how to optimize supply chains, and how to spot fraud. Yet despite massive investments in collecting data, most companies fail to use it to their advantage.
1. Untapped Data Value in Businesses
80–90% of the data we generate today is unstructured.
(Source: CIO)
The reasons are complex. For one, many businesses are simply unaware of how data could improve their decision making and operations. Data analytics is still seen as an “optional extra” rather than a strategic priority. Even for those businesses trying to get started, they struggle with data silos and incompatibility of systems, making it hard to stitch together a unified view of customers, products, and operations.
2. Data Blind Spots: Missed Insights
95% of businesses cite the need to manage unstructured data
as a problem for their business.
(Source: Forbes)
The result is that businesses are left with a massive “data blind spot” — valuable insights and opportunities that go unseen due to a lack of data awareness, skills, and integration. While competitors forge ahead with data-driven strategies, others are stuck using gut feelings and incomplete snapshots of their business.
3. Data Blind Spots: Business Disadvantage
IBM estimates the yearly cost of poor quality data in the US
is $3.1 Trillion
This data blind spot puts businesses at a major disadvantage. Those who can effectively harness data gain an unparalleled level of clarity into what truly drives their business. This allows them to be 10% more efficient, 10% more productive, and 10% more profitable (at worst). Barriers to data use that once seemed insurmountable are falling as cloud technologies, AI, and data integration tools improve.
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4. Data Revolution: Business Inaction
Businesses that want to succeed in the future must address their data blind spot. To do so, they should prioritize data, invest in skills and technologies, and combine data sources to get a complete view of their operations. This will enable them to make well-informed decisions, identify hidden opportunities, and out-compete with others who are still operating blindly.
The data revolution is here, but most are unprepared. Those that embrace it will emerge as winners. Act now or be left behind in the dark.
I hope it inspired you!
About the author
I'm Mohamed, a product data scientist. I publish new posts on Medium regularly to share what I've learned from my work and experience shaping products. If you're interested in how data-driven insights can improve your product,
Originally published at medium.com