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Data Dependency

Data Dependency – How are YOU Managing Yours?

Recently released research has revealed that the majority of UK companies could be out of business within five years if they don’t invest in technology, and that 86 per cent of them are highly dependent on data.

The study also found that 57 per cent of the companies polled cited legacy software as one of their greatest challenges, and that two of the most important considerations when it comes to data were transparency, and communication between all relevant applications and data.

The 2017 OnePoll survey polled 250 IT decision makers of large UK businesses employing 250+ staff, quizzing them on the level of connectivity and data integration across their organisation.

34 per cent wanted to see increased integration between their applications, and 24 per cent are facing issues with data siloes which is causing a disconnected situation throughout organisations.

"With the majority of UK businesses highly dependent on data to drive their business, it is critical they take steps now to ensure the validity and integrity of that data, by driving better connectivity across applications and the business at large."

Derek Thompson / Vice President of EMEA at Dell Boomi

Why are companies so dependent on data?

Without data, the whole decision making process is only ever going to be based on guesswork. And that is definitely not what founds a successful business. From reordering stock to personalising your marketing, data is at the core of the whats, whens and hows that drive the decision making process.

Businesses of all sizes accumulate literally tonnes of data. Even the smallest operation generates data of valuable proportions.

The issue is, and we’ve seen that by the stats above, that it’s not the volume of data that’s lacking when making crucial decisions, but a consolidated way of accessing and processing that data so that it has the ability to show real time results, quickly, and without a whole lot of clicking around from one department’s spreadsheet or analytics program to another.

Data can help you to find new customers, to improve customer service and boost retention. It will let you track online interactions and conversions and make predictions about sales trends and stock requirements. It will enable you to streamline operations. Data will show you whether your business is profitable; help you solve problems and monitor performance. BUT ONLY IF YOU CAN FATHOM IT.

And that’s the key message here, and that’s precisely why the OnePoll research said that without investment in technology, a raft of businesses could fail.

Fathoming data without the right technology has to be like trying to win a Grand Prix without an engine. Whether it’s transactional data, web data, IOT data… unless you’re a qualified data scientist, you will struggle to collate all the facts and numbers generated by all your resources and channel them into something comprehensible. At least before they all go out of date.

So to sum up: businesses must invest in the technology that allows them to get timely, accurate insights and make the right decisions. Well over half of companies are struggling with legacy software and 38 per cent are finding communication between applications and data a challenge. Over a third want better cross-application integration and almost a quarter have data silo issues that is aggravating the disconnect situation.

So, how to connect the data dots and circumvent the legacy software obstacle? How to bring it all together before it goes out of date?

Real time business intelligence

The solution is a technology platform that funnels data from ALL the far reaches of a business, including from legacy software, and presents it, as it is, RIGHT NOW, in a nice, easy to navigate display. A display that lets you drill down and down again until you glean the level of insight you need to take educated action.

In other words, all the applications your business uses to generate data, communicating melodically, regardless of their make, model or age.

The good news is, this technology already exists, and it is proven to transform not just the decision making process and your marketing strategy, but the profitability and financial security of your business.

Imagine being able to see your current financial position. As in, this minute… what’s due in, what’s due out, work in progress, work about to start, over-payments, under-paid debts… when you can see this information, it allows you to detect queries early on. Queries that could cost you dear if they went unnoticed. What a position of power that places you in.

Now imagine if all it took was four seconds to glean this information.

As I said, this technology is already here, and it’s already saved one company from missing a £300,000 payment before it became a cashflow issue.

Data is a powerful business asset. But only if you have the technology to harness it and use it to full advantage.

First published: 9th July 2018 | Author: Anthony Kirrane.
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