Justin Craig
by Justin Craig
Data is everywhere, and it’s growing at an unprecedented rate. Every time we use our computer, phone, or tablet we are generating vast amounts of data. Simply having data is not enough – to truly extract value from it, we need to turn it into insights.
Data insights refer to the knowledge and understanding gained from analysing data. These insights can be used to inform decisions, improve products and services, and drive growth and innovation. Turning data into insights is not a straightforward process; it requires a combination of technical expertise and business acumen.
By developing a data strategy, an organisation can ensure that its data is accurate, consistent, secure, and accessible, allowing it to derive valuable insights from the data. A data strategy outlines the plan for collecting, storing, analysing, and using data to achieve the organisation’s goals. This process involves defining the data vision, identifying the data sources, setting data governance and quality standards, and selecting appropriate technologies for data management. A well-designed strategy helps organisations to maximise the value of their data, making it a key aspect of digital transformation and a competitive advantage.
However, turning data into insights is not simply a technical process. It also requires a strong understanding of the business context in which the data is being used. This includes understanding the specific problem or question being addressed, as well as the goals and objectives of the organisation. Without this business context, the insights gained from the data may not be actionable or relevant.
A well-designed data strategy can help organisations improve their customer experience by providing a better understanding of customer needs and preferences which leads to increased customer loyalty, repeat business, and increased revenue. It also helps organisations improve operational efficiency by identifying areas for improvement and reducing waste resulting in cost savings, increased productivity, and improved overall performance. Data can also be used to monitor progress and measure the impact of decisions, enabling adjustments to strategies accordingly to achieve better results.
Business publications frequently highlight the power of data and the impact it can have on organisations:
McKinsey indicates organisations that are fully invested in data-driven decision making are 23 times more likely to acquire customers, 6 times more likely to retain customers, and 19 times more likely to be profitable compared to organisations that don’t leverage data.
According to Forbes, organisations that implement data-driven decision making see an average increase in revenue of 5–6 percent and a reduction in costs of 3–4 percent.
A study by Gartner found that 90 percent of businesses that have invested in analytics have seen a positive return on investment (ROI).
By leveraging data to inform decision making, organisations can drive growth, improve operational efficiency, and gain a competitive advantage.
GCG Consulting member firmDataworkx, LLCRingwood, NJ, USAT: +1 908 405 7030
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Justin Craig joined the dataworkx team in late 2021. Justin shares Jim's passion for helping companies become data-driven organisations. Justin has 25+ years of experience in financial and operational roles spanning software startups, telecommunications, and accounting organisations. Contact Justin.
