Most businesses actively seek solutions to leverage data into their operations to gain a competitive advantage. Data literacy and rapid technological change help bring to the fore the relevance of data in business operations and what it means to be a truly data-driven organization. The biggest challenge is drawing actionable insights that drive business value from this sea of data.
Data-driven companies are 23 times more likely to top their competitors in customer acquisition, about 19 times more likely to stay profitable, and nearly seven times more likely to retain customers.1
The Myth of Modern Data-Driven Organizations
The common misconception among companies aspiring to join the fold of data-driven organizations is that as they have started using analytics to decipher data, they have a data management ecosystem to drive insights and value for the organization. This mindset leads to a fragmented approach, often leveraging predictive systems and AI-driven automation, leaving significant insights untapped. The problems are further compounded as companies struggle to align their legacy infrastructure with real-time processing, meaning siloed data remains inaccessible, and valuable analysis opportunities are lost.
Chief Data Officers say improving how they use data and analytics is their top priority. 61% named delivering on data strategy a top-3 priority, and 69% want to spend more time providing leadership for data activities and less time assessing and designing data technology platforms.2
The Data Management Dilemma
This “data chaos” is an order that is yet undeciphered and can be addressed through data management. Raw data from unstructured and semi-structured formats requires manual, time-consuming wrangling before being leveraged to glean actionable insights. The challenge becomes steeper as data silos lying across various departments create significant impediments for data scientists and analysts to make sense of it all. These data silos across departments restrict active data-sharing as often stakeholders are unclear who is the actual owner of the data leading to inconsistencies, incomplete updates, and jeopardizing the analysis of data. This uncertainty dramatically hinders the work of the Chief Data Officer (CDO), whose role is limited to a compliance gatekeeper, managing standards and procedures rather than maximizing the value of data for the organization.
Poor data quality, on average, costs businesses worldwide anywhere between $9.7 million and $14.2 million yearly.3
Data Management: The Bedrock of Business Success
Data management is crucial in unlocking the true power of information and ensuring compliance with governance safeguards and procedures. It provides easy data access, helping boost your team’s productivity and decision-making accuracy. Data management significantly reduces loss by delivering secure data backups and robust recovery plans, ensuring business continuity and peace of mind. Organizations that leverage data center-managed services can react quickly to market changes and stay ahead of the curve through their agile operations. It leaves them free to focus on strategic initiatives as they will no longer be concerned with safeguarding information from unauthorized access and breaches. It also brings greater cost-efficiency by eliminating duplicated efforts and manual processes.
Why Outsource Data Management?
One of the biggest challenges facing organizations harboring ambitions to be data-driven is scaling without compromising security or governance. Unfortunately, traditional data management approaches struggle to address these critical challenges. However, modern data solutions provided by a tech-enabled outsourcer help streamline data preparation and management, facilitating unlocking the full potential of your informational assets. This also significantly reduces the pressure on your internal teams, which are inundated with unique data generated by various departments. Data-driven decision-making is the norm in modern-day organizations, where more and more employees need access to analyze data. Tech-enabled outsourcer helps your team focus on core competencies by providing expert help in providing access to analytics for your various stakeholders. Furthermore, the ever-evolving data compliance challenges can be very demanding for your team. However, tech-enabled outsourcing ensures that compliance related to data is adhered to and sensitive data is duly protected.
Premier: Your Strategic Partner in Becoming a Data-Driven Organization
Premier is your strategic partner in helping you transition into a data-driven organization by offering comprehensive database development and management services critical to your success. These services are designed to ensure your data is stored and actively managed to support decision-making and strategic initiatives by integrating data across all levels of your business. Premier helps create robust and scalable databases that align with your business needs. Ensuring your data is organized, secure, and accessible allows for efficient data retrieval and analysis. Furthermore, Premier continuously refines and optimizes your databases to improve performance and support growing data demands. Premier uses powerful technology tools to manage and optimize your databases effectively. Premier goes beyond just managing your databases. For organizations to become data-driven, it is a vital strategic move that requires taking solid steps to ensure data quality, security, and governance are at the heart of their operations by adopting a robust framework for managing and governing their data effectively. The following blog in the data-driven success series will delve into the essential components of this framework, empowering you to unlock the full potential of your data-driven future.
Since 2003, Premier has delivered exceptional client value through its award-winning approach. It consistently exceeds industry benchmarks with an 85% client CSAT and an NPS score 20% higher than average. Premier is more than just a service provider; it is a strategic partner that leverages the Premier Sync framework to handle your business process management needs.
Partner with Premier and leverage AI-powered tools optimized for your needs to achieve significant revenue growth. Co-create the future with PremierTech Solutions, which pioneers innovative technology solutions that tackle customer pain points, elevate satisfaction, and drive operational efficiency.
Don’t settle for average—experience the difference Premier can make in helping you become a dynamic, agile, and data-driven organization ready to meet tomorrow’s challenges.
