Disconnected Data Silos Cost More Than You Think
By Tim York
Data helps companies grow. This is why allowing data to be trapped within a department or otherwise unavailable to those who could find it useful comes at a large cost to any organization that is aiming to improve upon their current strategy.
Lost Data Means Lost Opportunity
One example of how lost data can result in financial damage is through missed opportunities. For example, if your sales and/or marketing teams don’t have the information they need to reach the right leads, perfect their message, or convince potential customers of the benefits your company offers, you are missing out on chances for growth. Missed opportunities due to data mismanagement can also occur when companies fail to recognize potential profits gained through outsourcing, product development, or corporate investments. In short, when businesses fail to utilize data due to disconnections in storage, making strategic decisions becomes a shot in the dark.
Being unable to utilize data concerning the efficiency of employees can result in a lack of improvement where needed. Furthermore, a disruption in workflow will also occur if information on what projects are taking place (and what goals employees are working towards) is not available to those who need it. Both the ability to function and the ability to improve can be harmed by insufficient data, leading to reduced productivity.
Analysts Will Fail To Make Meaningful Insights
When it comes to thinking about a company's long-term direction, the only way to make substantial predictions is through using data. Without the proper evidence, analysis of a company becomes more and more questionable and ambiguous. Over time, this can create a cycle of poor big-picture management leading to reduced growth and greater risk.
Miscommunication On Collaborative Projects
Cross-departmental work can be slowed if both parties don’t have easy, and equal access to needed data. When data is scattered across different systems and applications, projects that require data analysis collaboration becomes a challenge. Without a proper places and procedures for keeping track of data, it is likely that even more disconnected data silos will form. Even current data that is widely available may begin to be stored in disconnected places -- and the longer this problem continues, the more susceptible data is to being lost for good.
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