A new report published by Nesta, ‘Skills of the Datavores: Talent and the Data Revolution’ has found that companies who have the skills, appetite and technical knowhow to make the best use of their data are 10% more productive than their ‘Dataphobe’ counterparts.
In addition, the report highlighted the fact that data-active companies are far more likely to identify themselves as innovators in their field. ‘Data Builders’ — companies that work with large volumes of data — are over 50% more likely to say they launch products and services ahead of their competitors.
The bottom line is that the explosion in the volume of data that companies collect and manage, brought about by the digitisation of business processes, has created the opportunity for learning, innovation and improvement. It’s the companies that embrace this opportunity that give themselves a huge advantage over their competitors.
And when we use the term ‘explosion’ this isn’t just hyperbole – IBM estimates that 90% of the data that exists has been created in the last 2 years! Think about what that means for a second, this is exponential growth that just cannot be ignored.
Increasingly, innovative organisations are recognising that the information they collect is so much more than simply a by-product of their day-to-day operations. It’s a goldmine of potential new business opportunities.
What does the data you collect tell you about your customers that you didn’t know before? How can you use it to predict trends? What can it tell you about inefficiencies in your process? Essentially, how much are you missing out on in new revenue and lost efficiency by not analysing your data?
Mining this data is easy once you have the right tools. Interactive dashboards can provide real-time analytics in graphical formats and are simple to create with drag-and-drop interfaces meaning that operational staff can analyse data without having to involve IT. Take a look at our Reporting video to see just how easy it can be.
When we work with our clients we advise them to think about the questions they want to answer, then allow them to drill-down into the data to find out the reasons for those answers. It’s easy to start putting your data to work and you’ll be surprised what you find.
For more information about using LEAP to get more from your data, get in touch.