What does your data mean to you? Ever wondered how to draw strong insights from data? For a driven firm, it is quite important. The presentation of this data is vital for your team as its analysis directly influences the following actions. The issue though is not every firm is able to accomplish this task which hinders their success. Forrester found that while 74% of firms say they want to be data-driven, only 29% are successful in connecting their analytics to action. This statistic demonstrates that this is a problem for a majority of firms.
These issues occur for varying reasons; one common cause is the lack of a learning culture coupled with employees being accustomed to heuristic methods. This deters focus on utilizing the data through technology thus leading to weaker insights compared to competitors. Another problem is the lack of tools which allow for efficiency in generating value. The missing piece to solving all of this? The right technological solutions.