Achieving ROI and Clarity in All Market Conditions.
Right now, data governance is more important than ever to a company’s financial success and productivity. Everyone wants to be able to predict what will happen, but few executives have a full grasp of the business metrics that can give their organization a strategic advantage.
A study by the University of Texas-Austin found that a 10% increase in data usability could increase the average Fortune 1000 company’s revenue by more than $2 billion.
Remember that B2B data includes a huge range of reports, including inbound marketing, lead generation, sales performance, target audience profiling, website analytics, internal processes and performance. Your data governance determines how quickly you can adapt to change and achieve improvements in strategy, time management and revenue. A proactive approach to data enables companies to do more with less, by automating tedious tasks and creating truly meaningful data reports.
Therefore, by implementing best practices for your data collection and reporting, your company can thrive. Especially in today’s relentlessly shifting business environment.
Data Management saves time and clears the paths to greater revenue and resilience. Here’s how:
1. Collecting and Maintaining Your Data Provides Excellent ROI
According to Splunk, companies that emphasize data see results of the improved insights—they see an average annual revenue increase of 5.32%. In addition, data-driven companies are 58% more likely to beat revenue goals than companies not focused on data, per Forrester Consulting.
It is straightforward common sense: The more insights you have into past and current business activity, the more secure you can feel about predicting future results. Plus, with comprehensive data governance in place, your team can do more in less time.
2. Data Must Be Accessible
To get ahead or stay ahead of the competition, companies must have strategic data and insights at their fingertips. Yet, many companies and executives struggle with usability and access to data. A shocking 67% of executives do not feel comfortable accessing or using data with their existing tools and resources (Deloitte). And more than half of data collected is not used (Priceonomics)! If this is your company, you’re not alone. However, isn’t it time to get the tools and training necessary to leverage data insights to your advantage? While this task often involves integrations and consolidations beyond your company’s technical capabilities, expert agencies have the experience and skill to automate data collection and reporting for optimal access whenever you need it. Our team has helped hundreds of businesses with comprehensive data audits and customized tech stack setup and integration.
3. Data Expedites Decision Making
In addition, data saves time and expedites decision making, but it often isn’t set up, managed or automated effectively. Up to 50% of employee time is wasted on mundane data quality issues (MIT Solan Management Review), and even data scientists spend 80% of their time wrangling data before it is useful. But once data reports from multiple data streams are optimized, it will save hours and easily provide executives and teams with the data they need to make strategic decisions at a moment’s notice. Proactive data governance will achieve vast improvements in productivity.
It’s Time to Evaluate and Improve Your Data Governance
So, what can you do to improve your data streams and access to insights?
The first step is to reassess your marketing tech stack. In other words, what tools do you use to gather, process and report sales insights? Are they aligned and automated to work together and ease the workload? Does your MarTech stack include redundant systems that can be eliminated? If you aren’t sure, it’s probably time for a data audit. Consider working with an agency, which boasts a team of experienced data experts. Experts who optimize technology and data systems every day. Partnering with data governance experts may be one of the best things you can do for your company during economic shifts.
Not sure where you stand with data insights for your business? We’ll show you where your company is landing and how you can improve data governance for greater resilience and excellent ROI.