There’s no shortage of data in the world – internet users generate around 2.5 quintillion bytes of data each day. While organizations have endless opportunities to leverage this data to drive strategic decisions, many face barriers to achieving this.
A survey of more than 1,000 global executives and business users found that nearly 80% of executives face problems with their data quality. Businesses also report being bogged down with accessibility problems.
Learn how implementing integrated, modern data platforms and solutions can help your organization overcome these challenges and realize significant benefits.
6 Benefits of Upleveling Your Data Capabilities
When your organization implements integrated, modern data platforms and solutions, you can:
- Eliminate data silos
- Increase scalability
- Increase speed and efficiency
- Improve data accuracy
- Strengthen security
- Optimize the customer experience
Eliminate data silos
Isolated, siloed data is often incompatible with other data sets, making it challenging for users throughout the organization to access the data, let alone garner meaningful insights from it.
It also leads to issues like duplication of data platforms and processes, increased spending, reduced collaboration, and inefficient use of IT resources.
As data continues to grow and companies look to keep pace with the transformation of technology, companies and data platform solutions are continuing to innovate.
Such innovations are the concept of data “Lakehouses” delivered in a multi-cloud environment and even more recent, true “Data Mesh” driven designs allowing for decentralized but highly accountable data management architecture.
Businesses struggle when their database isn’t scalable, flexible, or stable enough to support their goals. Data warehouses serve as a central data management system specifically designed to support advanced business intelligence (BI) and analytics activities.
Although on-premises data warehouses offer benefits including greater control and data governance, cloud data warehouses are appealing due to their:
- Nearly infinite scalability
- Low maintenance
- Cost efficiency gains
Cloud data warehouses are designed to handle ever-growing volumes of data and queries, achieving optimal performance to meet business needs. They can be expanded in a low-latency, cost-effective manner, maximizing the overall solution ROI.
Increase speed and efficiency
Effective business intelligence and advanced analytic solutions require high-volume, high-quality, standardized data available instantly.
Data warehouses allow for centralized and structured data that is trustworthy and consumable, which increases the speed at which employees can perform their job functions.
Data warehouses ensure that the right data is readily available and in the proper format. From there, end users can query the data themselves and pull key performance metrics and reports without support from IT, saving both time and money.
Improve data accuracy
A Gartner survey revealed that poor data quality costs organizations an average of $12.9 million annually. The impact of data quality issues on your business cannot be understated, which is why data management and quality improvement are key elements of any data governance program.
Organizations are increasingly realizing the value of implementing data governance programs. By establishing internal data standards and policies, as well as procedures for enforcing them, your organization can:
- Capitalize on reduced operational errors
- Increase the efficacy and accuracy of analytic outputs
- Decrease the time spent cleansing and transforming low-quality data
- Empower leaders to make better business decisions with more accurate data
Key players like Amazon, Microsoft, and Google have been investing heavily in their platform security infrastructure, controls, and policies.
These providers are also increasingly adherent and approved with regulatory and compliance measures, ensuring that an organization’s data is highly secure both internally as data moves throughout its lifecycle as well as external threat detection and monitoring.
Taking the time to strategically and properly plan for security needs will help an organization maintain its data in a safe platform without tightening security so much that data becomes inaccessible and unusable.
With this planning and implementation of security processes and controls, your organization can:
- Tighten your data warehouse’s security
- Reduce internal vulnerabilities
- Monitor and limit external threats
- Have clearly defined processes if security events occur
Optimize the customer experience
Customers expect a seamless and responsive experience. One-third of consumers say they would stop purchasing from a company after just a single instance of poor customer service.
It is imperative that organizations truly know their customers, from their likes and dislikes to their behaviors, by developing Customer 360 strategies to ensure complete satisfaction.
If your organization is not storing, consuming, and analyzing customer data, you are missing critical elements to drive increased sales and improved customer satisfaction.
When companies have the ability to view and analyze every step of the buyer journey, including purchase histories and social media insights, they can tailor their customer experience perfectly, delivering personalization like:
- Customized messaging based on the customer’s purchasing history
- A unique marketing offer
- The ability to accrue points for your business’s loyalty program
Personalized experiences are expected by consumers and will strengthen their loyalty to your brand.
Realizing the Full Value of Your Data
Leveraging a trusted and proven technology partner like AIM Consulting can help you realize benefits from your data, including:
- More modern and scalable data architectures
- Increased self-service analytic capabilities that can help deliver increased revenue growth
- Decreased operational costs
- Improved data quality and security
- Increased customer satisfaction
Our technology experts help organizations define a strategic direction and design and execute modern data architectures to enable self-service analytics.
We have expertise in and partnerships with major data lakes and warehouse providers, including Snowflake, Databricks, AWS, Microsoft, and Google. We bring a deep understanding of technology, a proficiency in managing high-performing teams, and a passion for modern delivery processes.