There’s an important asset that your company owns that can actually increase your competitive advantage, help you discover new opportunities, and enable you to make better business decisions. This asset is your data.
However, without a reliable and accurate data platform, you can’t perform actions such as data analytics or data visualization. A data platform provides a method to acquire, store, and generate reports on data that has already been collected or that will be collected. Reliable and accurate data platforms allow you to perform all of these actions in one place.
Why Does Your Organization Need a Data Platform?
When it comes to investing in new technology solutions, business decision makers are often hesitant to expend resources on something they don’t understand or aren’t confident will deliver a good ROI. That’s why making the business case for a data platform is vital.
Today’s businesses collect a great deal of information. This data could be structured (machine readable) or unstructured (anything that’s not machine readable). Additionally, many companies today track consumer sentiment across social media networks. And, let’s not forget about the Internet of Things – networked objects send a great deal of information to servers and databases hundreds of times per day.
These enormous amounts of data are collected and stored across the firm. Even though the finance department needs the sales numbers to calculate revenue, it can be challenging for that team to access it. Furthermore, data silos lead to redundancies – who knows how many versions of the same information exist in more than one department?
Building a case for a data platform involves making an argument for the efficiency that such technology will bring your company. Instead of spending time, effort, and money on maintaining and monitoring data in all of these silos (which don’t even necessarily contain accurate information), information could be in one place. A data platform makes it possible to run data analytics or view a data visualization. Moreover, data platforms can integrate large quantities of structured and unstructured data.
What Kinds of Benefits Can a Data Platform Bring to Your Company?
A data platform enables your company to derive greater insights from its data and make better decisions as a result. We’ll illustrate with examples.
Let’s say you’re interested in introducing cost-cutting measures at your firm. You run queries through your data analytics program in your platform and discover that by instituting an asset management system, you won’t have to buy a new laptop or tablet every year because you already have several floating around.
Here’s another case: you want to know how your latest marketing campaign performed. A data visualization shows something surprising: the campaign didn’t resonate with your target audience, but a completely different, unexpected group is interested in your products.
By bringing access to your company information all together through a single data platform, your company can become more efficient, agile, and make better business decisions. You will have the opportunity to increase your competitive advantage and discover new opportunities. If you are interested in how a data platform might help your organization, contact us.
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