As a business owner, CEO or digital strategist, there are many aspects of collecting data that can be supremely confusing, confounding and utterly tedious. In this article, we will go over the three most prominent issues that cause your data not to get leverage, which can lead to lost possibility and declining company profitability in the fast-moving world of digital media.
#1 Your company data gets lost in translation
Often, companies hire a data scientist or analyst to go through the mounds of data that come in from their systems. The sheer volume of data, analytics, and behavior that comes about from many of these channels can be overwhelming. To the point, that it takes many of these users hours of tedious and painstaking effort to notice trends in the matrix of the market so that the company can make progress. Many companies have gotten wise to this factor and have tried to visualize their data with code and excel sheets, but often a brief change in formulation or variables can break these causing for further delays. Companies need adjustable, visualizable data that comes in efficiently so that there is less sifting and more forward movement.
#2 Your company is not updating its data
in real time
One of the most significant issues with data is that it is usually very time sensitive, especially when there are paid advertisements running or social campaigns. Sadly, however, many companies make two big mistakes with the data they either they do not let the system run its course for long enough, or they run a campaign for too long and never see
profitability. Both of these scenarios can lead to a systemic loss of effort and work, which leads to departmental frustration. A delay of a few days or a week can be the difference in of profit or closing its doors of any company.
#3 Your data isn’t visualized for all to see
Having information for one department and not having the ability to dial the data in for a macro view can be frustrating. It causes delays, conflict and can often give departments even more work to do additionally for their online task. Shortening
the ability for every department to get what they need from company data is the key to success. That way the CEO doesn’t need to ask the next department for a reworked and coded version, they can directly point and click to see the answers themselves.
However, many companies rely on at least two departments to have reports moved forward to their boss before something progressed to the higher level of the company. The goal with data should always be to make it available, accessible and adaptable for all company needs. All that to avoid going back to the drawing board every time a new report is required.
Data efficiency is key to any business and the above are just three examples of where many companies fail to use data effectively in their everyday business. There are better ways of gathering, exporting and using data to your advantage and streamlining this can be one of the most cost saving ways to keep your business moving forward. At the end of the day,
companies either adapt or they become a casualty in the world of fast moving data interpretation. Eliminate these frustrations and your company will be able to prosper more efficiently than ever before.
Written by Luis Rivera