Data: Problem or Solution?

by Jim Weldon

The fact is, unused or underused data is a liability. Even if you’re not the victim of a data breach, there are costs associated with your data—both direct and indirect. But there’s more to it—as the economy shifts and data piles up, if you’re not using it to inform your business and compete, you’re going to pay the price of missed opportunities.

So any leader in any company has a question to face: Will data be a problem for my company? Or can we unlock its value and use it to create solutions to our big challenges?

Insights-driven businesses will earn $1.8 trillion more per year by 2021. – Insights-Driven Businesses Set The Pace For Global Growth, Forrester

Is your data a problem or a solution?

 

Data as a Problem Data as a Solution
Unclear or undefined amount, distribution, or categorization of the data you own Organized and accessible inventory of data
Unnecessary and/or redundant sprawling across servers, employees’ computers, CRM systems, websites, and more. Clear decision-making process around which data is invested in, stored, or purged, with minimal redundancy.
A constant worry as to whether data storage, use, and security measures are keeping up with increasing regulatory compliance laws Confidence in the level of compliance and a clear roadmap forward for keeping up-to-date with changes in the law.
Unclear risk and costs of a data breach. A clear and thorough understanding of how much a data breach would cost, balanced by a remediation plan.
The high volume of data with no clear business justification. The direct connection between data availability and business implications
An internal culture where data is feared, avoided, or oversimplified. A team obsessed with ways data can inform, improve, and uncover business opportunities.

Turn your data from a serious liability into your greatest advantage. Connect with us.