How important is data to your business? Does it fall into the must-have or have-not category for your business?
Data Analytics is one of the fastest growing digital disruptions in 2020. 94% of the 500 Businesses Surveyed by MicroStrategy say data and analytics are important to their business growth and digital transformation.
Getting a handle on your company’s data can prove costly and seem like a hill too steep, but barriers to data are meant to be knocked down. Here are some of the barriers our clients have wrestled with and what we do to make data simple and effective.
Data Privacy and Security Concerns
When it comes to data, privacy and security is a paramount concern for most of our clients. In order to address these concerns, we incorporate strategy sessions that help us determine the information needed to accomplish our end goal while employing industry best practices to protect information that is sensitive to you and your consumers. During this process, we offer customizable account settings that cater to each of our client’s security needs and preferences.
Access to Data is Limited
The truth is you don't need it all to start helping your business. We help our clients work through this by creating a path or phased approach to get them from where they are to where they want to be with data. Our first step in this is the Client Asset Discovery, where we determine what is available, if the data set is complete, and how each source fits into the analytics strategy. We’re able to consolidate many sources of data into one dashboard with the goal of telling the story that is most beneficial to your business goals
Lack of Training and Talent
This barrier can be very overwhelming for any business, and the first decision every company needs to make is do you want to own analytics in house? Or do you want to partner with an expert that specializes in the field? The advantage of going with an established partner is they already have invested in the technology. Our skilled specialists take the reins and also provide our clients training on using dashboards more effectively.
Current Solution is too Complicated
Even thinking about all of the possibilities and how to implement them is overwhelming, and it stops businesses from taking that first step. The truth is that reaching a solution is more of a crawl-walk and then a run. Our approach with our clients is a phased approach and an evolution rather than everything at once. It is important to lay a solid foundation and then build from there. However, it’s crucial to note that a dashboard is never complete because your business is evolving and maturing. Your goals and what is important will change over time as well, and we are here to shift and pivot with those steadily as your business evolves.
Inconvenient Tools that are not Intuitive
Training and getting familiar with the functionality and how to navigate the dashboard is a process. Our team trains our clients on new tools until everyone is comfortable with the platform. And don’t worry — nothing is unfixable. If something needs to be changed, we are here to help you fix it.
Lack of Technology
When it comes to data and analytics, you just have to start. Before becoming our clients, we saw businesses get stuck trying to pick a tool or even delay the process when the idea of investing money on data analytics became overwhelming. This field is so new that no matter what you choose it will be a learning process. We have helped our clients adapt, continue to learn, continue to enhance, but most importantly we’ve given them the tools to use what they have and make decisions based on data, not a gut feeling.
Focus on Analytics is not Prioritized
If you are not implementing data in your business, it’s likely that your competitor is. As a result, they will know your potential customers or clients better than you. The reality is that business decisions are made every single second of every day. Knowing the data behind every decision empowers our clients to make more intentional, precise decisions that drives their business forward.