Did you know that a data-driven organization is 178% more likely to have higher profitability and great revenue than its peers? Yet, 76% of businesses are not benefiting from the data available to their enterprise. What’s holding them back?
The seven top barriers against the use of data are low executive buy-in, poorly articulated data strategy, poor data quality, poor data access, data illiteracy, lack of training, and lack of resources. The biggest barrier out of all of this is a poorly articulated strategy, with 70% of executives lacking in this area. With all of these obstacles, 73% of available data is never analyzed.
Poor data quality is another of the biggest barriers, leading to an average of $15 million in annual losses. Poor data analysis can lead to less productivity and growth, expensive and ineffective processes, poor decision making, poor customer relationships, misguided business strategies, increased costs, reputation damage, and missed opportunities.
Google Analytics 360 has all the tools businesses need to analyze their data and put it to work for them. Their tools, along with an expert team included with the license, can get your business turning greater profits and understanding your customers better.