Less than a quarter of executives have created a data-driven organization. Why is this percentage so low? There are numerous barriers preventing companies from harnessing their digital analytic capabilities: they may have limited support from executives, a poorly articulated strategy, or poor data access and literacy. As a result, many companies collect data that does nothing but clutter their storage drives. Up to 73% of all data within an enterprise is never analyzed.
If relatively few businesses use data analytics properly, how important can it really be? Why is data analytics so important? The truth is that poor data quality leads to an average of $15 million in annual losses. This foregone revenue is the result of lower productivity, misguided business strategies, missed opportunities, and more. Data-driven organizations are nearly 3 times as likely to outperform peers in terms of revenue and profitability.
Does your business need to invest in data analytics tools? Some factors to consider include a current lack of metrics to measure success or progress, lack of visualization in data, or each department storing their data separately. With a solid understanding of purpose, support from the right partners, and the right tools, data analytics can empower businesses. These businesses are better at identifying opportunities and risks. They develop better products and marketing strategies. Not least of all, they manage supplier networks and customer relations better.
Google Analytics 360 is one of the best tools for organizations who want to get the most out of their data. Formerly known as Google Analytics Premium, Google Analytics 360 integrates with other Google resources, keeping all the pieces of the puzzle in one place. Companies that benefit most from Google Analytics 360 are those with large data volumes, make hourly or daily marketing decisions, and require service level agreements from vendors.