You may be familiar with buzzwords commonly used in the tech arena like big data, data lakes and data warehouses but with all of the emphasis placed on gathering data, what does it mean to be data rich? Data richness qualifies as having a large stockpile of data in which there are hundreds of thousands of pieces of information. As we hear more about businesses working closely with data, it is important to realize that simply having a lot of data may not be enough to make a business successful.
It’s great to have data from every corner of your business, but if it’s not being used to make decisions, it can be more of a burden than an asset, not to mention incredibly overwhelming. Databases that hold massive amounts of information are extremely expensive, and often lack organization and tools to interpret the data — arguably making it all a big waste of time and effort to manage and maintain.
When large amounts of data is collected every day, every minute and every second — but there isn’t a clear way to sort through or analyze it, organizations are considered data rich and information poor.
Here are some strategies to deploy in an effort to achieve information richness that leads to better decision making and growth:
There are several types of analytics that can be employed to interpret mountains of data, but conversational analytics are convenient. Some say using conversational analytics are user-friendly because there is relatively no training required, allowing a wide range of employees to use it, leveraging the language and words they are already using on a daily basis.
One thing to keep in mind is that these insights, however they’re being created, aren’t just for business executives and the C-Suite. When everyone in the organization has access to data insights, roles at all levels are empowered to make better decisions while performing the smallest to largest tasks. This triggers a cultural shift within organizations to stay informed and make accurate decisions — from all areas of the operation.
Proactive insights can be considered the most important form of business statistics. Staying up to date on the direction of data trends (good or bad) is vital to business growth. Proactive insights are here to illustrate what is going on with your business in real-time so bad trends can be stopped before they make an ugly mess, and can even be course corrected to exponentially grow in the right direction.
In order to move in an information rich direction, organizations should prioritize putting a data management strategy in place. While data is collected, insights should be shared among teammates to encourage knowledge sharing that everyone can benefit from. Increased access to data will help your business grow in the right direction while paving a new path that encourages data-driven decision making and proactive insights.
Interested in learning how your business can gain proactive insights through conversations with your data? Request a demo with a ConverSight.ai expert today.