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Is the complexity of data management hindering you from getting meaningful insights?

Don’t worry, you are not alone. In today’s data-driven world, effectively managing and utilizing data is a significant challenge for many companies. In fact, 93% of decision-makers surveyed by Enterprise Strategy Group say complexity in storage and data management is impeding transformation1. This struggle often stems from the sheer volume of data, its complexity, the lack of specialized expertise, technological constraints, and the absence of a clear strategy for data usage. However, when harnessed correctly, data can be a powerhouse for driving business growth and innovation.

Understanding the challenge

Businesses today generate vast amounts of diverse data during product development, production, and management. This can range from raw material details to telemetry and sensor data, production volumes, efficiency metrics, and quality control information. The challenge lies in converting this massive, often unstructured, and varied data into actionable insights.

 

What are the common data hurdles?

 

  • Data volume and complexity: Large datasets, especially unstructured or irrelevant ones, make extracting useful patterns and insights difficult. The complexity increases when data comes in various forms and from different sources.
  • Lack of expertise: specialized skills in data analysis and data science are crucial to decipher this complex data landscape effectively.
  • Technological limitations: Investing in advanced analytical tools, IoT, or cloud solutions is essential but can be daunting for many businesses.
  • Strategy and direction: Without a clear data strategy, companies might find themselves analyzing data without a definitive purpose or direction, leading to missed opportunities.

 

Transforming data into business value

In a world where data is growing at a meteoric rate – expected to reach 175 zettabytes by 2025 according to MIT Technology Review Insights2 – properly managing this influx is more critical than ever. Data, when managed efficiently, can open doors to new business opportunities, streamline operations, and give companies a competitive edge. However, the key lies in the ability to integrate, standardize, convert, and analyze this data effectively.

 

The process requires not just technological investment but also a strategic approach and the right expertise. With businesses generating vast amounts of diverse data, the potential for driving growth and innovation is immense. Yet, the challenges are significant too, given the complexity and volume of the data involved.

 

A strategic approach to data can lead to substantial business outcomes. As noted by McKinsey & Company, data-driven organizations are likely to acquire customers more efficiently and are more likely to achieve profitability3. This underscores the importance of not just collecting data but transforming it into actionable insights that can propel a business forward.

 

Need help with data analysis?

At DIS/CREADIS, we understand these challenges and offer an initial data assessment to help you navigate your data landscape. We’ve worked with multiple international companies where the complexity of data was becoming a hindrance to growth and innovation, and with them addressed the challenge head-on in a practical step-by-step approach.

 

References:

1 ESG Data Management Survey, April 2021, commissioned by HP

2 MIT Technology Review Insights

3 McKinsey Insight Article

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