Home / FinTech / Why data analytics goes beyond just more data

Why data analytics goes beyond just more data

It has become obvious to most business that data is a necessary part of doing business; however, businesses must go beyond simply collecting data for it to be useful. Here are the top 10 reasons why analytics-driven digital transformation requires businesses to go beyond just generating more data:

  1. Data empowers more informed decision-making but not necessarily better decision-making. 
  2. Access to more data is useless when the right questions of it are not asked. 
  3. Leadership is the ultimate driver of success with data.
  4. Business intelligence platforms make better decision-making possible, not guaranteed. 
  5. Data is ineffective without an integrated data strategy and sound data governance. 
  6. The value of data is in quality, not quantity. 
  7. Data must be trustworthy to be of use.
  8. Data must be timely to be valuable.
  9. Data stored in the wrong place or in the wrong way is useless.
  10. Value from data cannot be derived if its existence is unknown.

  • Categories

  • Main topics