A startling fact – 73% of all data collected by an organization goes unused! This is according to a recent survey by Forrester Research, despite the fact that more companies are talking about big data, and using more technology to capture more data.
So, what’s the deal? Unfortunately, it’s a tale as old as time – legacy systems, lack of integration, non-existent data analytics, and minimal data modernization initiatives. In today’s world, there is a torrent of data that can be extracted from facility assets such as temperature, vibration, output, and even real-time location. But what value is there to this data if it cannot be connected to a single platform where it is integrated and normalized? In order to compete in today’s business environment, organizations must be able to analyze this spate of data in order for it to become tangible. Being able to recognize useable data is critical in helping organizations focus on addressing immediate issues within their operational ecosystem.
There are endless advantages in leveraging your analytics effectively, such as better understanding your customers, making pricing decisions based on predictive modeling, and leveraging data to optimize product design. Businesses should and need to capitalize on the data opportunity. Too many organizations are sitting on unused valuable data and missing out on their potential competitive advantage. It is vital that organizations find a trusted partner that has the software, infrastructure, and know-how in guiding them to become leaders in their particular field. Having a comprehensive data analytics strategy within your organization will ensure better decision-making in the future.