A business cannot operate without data. Measuring the impact of accurate, consistent data on an operation is more difficult but the opportunity cost of not understanding this can be huge.
In recent years, we have seen an explosion in the amount and indeed complexity, of data produced both recreationally and within the business world.
The ramifications of this are wide-reaching:
- new laws like the GDPR being put in place to ensure the correct protection for data
- concerns about whether to stay with in-house infrastructure or consider a cloud-based storage option
- trend analysis of ‘Big Data’ – impossible manually, powerful computing a real requirement
- how to ensure data is consistent across an enterprise – the so called ‘one version of the truth’ which can be disseminated where required
If data is poor, inaccurate, irretrievable or inconsistent it can impact on operational decisions, management reporting and ultimately, financial performance. When none of these issues occur, data is transformed, fulfilling its foundational aspect for a stable organisation. Taking it to the next level is where it releases true value, offering competitive advantage and empowering all facets of the business in understanding business data.