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For several years now, pundits have declared that data is more valuable than oil. But are companies really succeeding in extracting the most value from their data? What are some of the hidden costs of gathering and storing data, and how can companies get more from their data?
Storms of data
Today, companies are faced with an enormous amount of data. Collecting, storing and securing that data in a warehouse or data lake comes at a big cost. The pandemic exacerbated the problem by spurring digital transformation and moving the entire buyer’s journey process online. That movement prompted many companies to put increased efforts behind data collection to make sense of a shifting world.
But data in and of itself is not valuable. It’s only valuable when you can use it to understand a shifting world, and capitalize on those shifts to improve your company’s performance, such as by increasing revenue growth, gaining a competitive edge or raising the bar on operational excellence.
An organization may have a pile of gold bricks, but if it doesn’t have a way to turn the gold into cash flow, that gold is essentially worthless. This is the challenge many organizations are facing right now when it comes to data. Many companies are sitting on a gold mine of data. But they have no way of turning it into valuable, prediction-driven insights that could inform the many “million-dollar” decisions and actions that revenue teams make every day.
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