How to extract maximum value from your data
Data is now the lifeblood of almost every type of business you can think of, helping to improve efficiency, enhance customer experiences, guide better decision-making, or support stronger employee productivity. No wonder, then, that the global big data analytics market is set to be worth more than $105 billion by 2027.
But despite the importance of data, and the insights it can generate, many organisations are still struggling to make the most of the opportunities available to them. According to the Harvard Business Review, the proportion of companies that say they have created a data-driven organisation has actually decreased, from 31% pre-pandemic to 23% today. In the UK specifically, research from the UK Business Data Survey 2021 suggests that only 26% of businesses are using data to generate insights; and yet at the same time, the CBI’s Tech Tracker report says that businesses have more data than they know what to do with.
So what can businesses do to extract maximum value from all the data at their disposal?
What is data value and why is it important?
Data value is described as the scale of the usefulness that processed data can deliver for a business. This can be measured across a number of different parameters, depending on the use cases involved, the quality of the data, and the skills and resources needed to find insights within it and derive that value.
Whether data is used to develop new business models, cut costs or reduce risks, data value can make a big difference to an organisation’s bottom line. These benefits can be even further realised in the long-term as data-driven cultures are developed, and everyone gets a more thorough understanding of how and where value can be derived.
The challenges to maximising data value
Probably the biggest barrier to successful data value extraction is being unable to make use of the vast quantities of data that a modern business generates. This can be due to a lack of decent data management strategies, insufficient data analysis skills, the absence of the right analysis tools, or concerns around data privacy and security. In any case, these issues can hold a business back on several fronts, including:
- Missed growth opportunities: a lack of insights can mean that cost savings or chances for growth may remain uncovered
- Inefficient operations: Similarly, data can be instrumental in uncovering potential efficiencies in processes or operations, without which businesses fall behind in productivity terms
- Poor customer understanding: a lack of insights means that businesses cannot predict behaviours, preferences and needs of their customers to a high level of accuracy, and tailor experiences and communications accordingly
- Increased business risks: any issues that may arise within a business can be identified and addressed proactively through data, meaning any that don’t do so are increasing their vulnerability to risk
- Compliance issues: data must be managed and analysed properly in order to comply with regulations like GDPR, and other sector-specific requirements in industries like finance and healthcare. Businesses that don’t (or can’t) will be subject to severe legal and financial penalties.
How SCC can help
When changing your approach to maximising data value, the scale of the potential transformation can’t be overstated. For this to be realised, several functions and technologies have to come together: data integration, real-time analytics, data quality management, skills development, and data privacy and security measures. And this is where SCC can be instrumental, not only in helping you adopt these solutions, but also ensuring you have the right cloud and data infrastructure in place behind the scenes to support them.
SCC delivers a tailored approach to make sure you’re fully ready to extract maximum data value, by connecting you to the right tools, managed services, expertise and support. This starts with a comprehensive discovery process where we understand your requirements, your available resources and your existing technological position, and establish a roadmap to get you to where you need to be. All the while, our deployment of new solutions remains laser-focused on your business objectives, compliance needs and security provisions.
So if you want to take the value of your data to the next level, SCC is a great place to start.