Why Are You Letting Your Valuable Data Pile Up?

Submitted on: Mon, 01.16.2017 11:55pm - Annie Eissler |
Why Are You Letting Your Valuable Data Pile Up?

By waiting until the end of the quarter or year to review and utilize your data, you could be missing out on major opportunities to improve, save money, and make better business decisions.

Did you know that…

  • Every two days the world creates as much information as it did from the beginning of time until 2003;
  • The total amount of data being captured and stored by industry doubles every 1.2 years;
  • Over 90% of all the data in the world was created in the past two years; and
  • By 2020 the amount of digital information in existence will have grown from 3.2 zettabytes today to 40 zettabytes?

         [Source]

On a global scale, these facts and figures are pretty overwhelming. On an enterprise level, they’re both awe-inspiring and challenging, particularly for the firm that’s yet to wrap its arms around how and when to put all of that information to work.

“Better data infrastructure isn’t just needed, it’s essential,” writes EY’s Dave Padmos in Digital supply chains: why you need to turn your data from junk into an asset. He points to a recent survey of 1,500 companies which found that, on average, respondents could identify only 14 percent of their data as business critical. Another 32 percent of that data was redundant or obsolete, and 54 percent of their data was identified as dark data. “Dark data is as sinister as it sounds,” Padmos writes. “We are storing zettabytes of data, and we don’t even know what it is.”

Good News, Bad News
So the good news is that if your organization is letting valuable data pile up for use at a later date (i.e., the end of the quarter, halfway through the year, or at the end of the fiscal quarter), it’s certainly not alone. The bad news is that by doing so, it’s missing out on the opportunity to leverage that data to its advantage.
 
That’s because the further away from an activity, a mistake, or even a “win,” the chances that your firm will be impacted by the event decrease exponentially. In other words, you miss the chance to turn a problem around quickly and make sure it doesn’t reoccur over the next six months…or until someone decides to dissect the data, identify the issue, and do something about it.
 
So what can you do to turn the tide and start making better use of your data? The answer lies in a combination of analytical and operational data, the latter of which traditionally resides in a firm’s enterprise resource planning (ERP), and gives it insights into the organization’s hourly or daily activities. Using a platform like MITS Distributor Analytics, for example, firms can easily drill down to transactional details and then—in the analytical context—review summary data in a very visual manner (via a dashboard or chart).
 
New Year, New Approach
There’s nothing like a New Year for a new start and a fresh perspective on business strategy, operations, growth, and profitability. Why not make 2017 the year your company stops letting its valuable data pile up and leverages the many different advantages of solid analytical and operational data management?