September 30, 2021
“In God we trust. All others must bring data.” – an interesting quote by W. Edwards Deming, Statistician, Professor, Author, Lecturer, and Consultant
With everypassing day, large sets of data are constantly being generated through multipledata streams from a variety of sources, according to Flatworld Solutions. Withthe amount of global data growing at a tremendous rate, it is no surprise thatit is now being used as an actionable business element. Today, numerousorganizations worldwide are seeing the value of investing in data, as it offersnumerous benefits such as targeted marketing, streamlined processes, enhancedcustomer experiences, etc.
If companiesare still doubting to invest in data, here are some reasons why youshouldn’t hesitate:
1) Data helps you make better decisions
Data =Knowledge. Good data provides indisputable evidence, while anecdotal evidence,assumptions, or abstract observation might lead to wasted resources due totaking action based on an incorrect conclusion.
2) Back up your arguments
Data is akey component to systems advocacy. Utilizing data will help present a strongargument for systems change. Whether you are advocating for increased fundingfrom public or private sources, or making the case for changes in regulation,illustrating your argument through the use of data will allow you todemonstrate why changes are needed.
3) Stop the guessing game
Data willhelp you explain (both good and bad) decisions to your stakeholders. Whether ornot your strategies and decisions have the outcome you anticipated, you can beconfident that you developed your approach based not upon guesses, but goodsolid data.
4) Optimizing internal operations
Organizationscan use data to improve internal operations by finding gaps in businessesprocesses, identifying time-consuming duties, and detecting ineffectiveprocedures. Revamping the way in which your business functions can improvecustomer satisfaction. In short, data helps businesses to smartly processrefund requests, customer complaints, live demos, etc. within a short span oftime.
5) Personalizing customer experience
Businessescan now leverage data to customize shoppers' experience. Quantitative data canbe used to identify why customers lose interest in the products, solve theproblems in the products, and then reach out to old customers with the updatedinformation to get them back.
6) Find out what you are doing well
You can usedata to reproduce areas of strength across your company. You can use dataanalysis to find high-performing programs, service areas, and personnel. Youcan research your high-performers once you've identified them in order todevelop methods to help low-performing programs, service areas, and people.
7) Find solutions to problems
Organizationscan use data to more effectively discover the source of problems. Organizationscan use data to see connections between what's going on in multiple locations,departments, and systems. Is there an issue, such as employee turnover orvacancy rates, that may suggest a cause if the number of prescription errorshas increased? By comparing and contrasting these data points, we can generatemore accurate ideas and implement more effective remedies.
These 7 reasonsare high-level arguments for investing in data. However, every company or environmentis unique. So it is essential to investigate what your current situation is,and how you want to progress. In any case, if you start investing in your datagovernance and data quality, you will always benefit from this decision.
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