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