Chances are your company isn’t using all the data your analytics tools tell you about. Only 24% of executives have successfully created a data-driven organization. The rest lag behind for any number of reasons. Some obstacles standing in a business’ way can include low buy-in from executives, poorly articulated data strategies, poor data quality or access, or lack of working knowledge on how to harness data. As a result of these factors combined, an estimated 73% of the data stored within an enterprise is never analyzed. If the data your company collects is never put to use, all it does is cost you resources. Let’s explore the science of analytics.
Data analytics has major consequences for businesses in any field. Poor data quality leads to an average of $15 million in annual losses. This foregone revenue arises as a result of lower productivity and growth, poor or misguided decision making, and missed opportunities for growth. Data analytics are the lenses through which modern companies see clearly. Only an unclouded lens can show businesses the truth about opportunities and risks. Organizations with the clearest lenses (those who are driven by data) are 178% more likely to outperform peers in terms of revenue and profitability.
If you’re not sure whether or not your company needs help with data analytics, consider the following signs. Struggling companies lack metrics to measure their progress and success. They have a weak lead conversion process. Waiting on data slows down important business processes. Perhaps most telling, departments within a company store data separately, preventing collaboration.
The Power of Google Analytics 360
Want to clean your company’s data lenses? Google Analytics 360 is a great tool to bring a data-driven mindset to your organization. Once known as Google Analytics Premium, this service is an add-on data management platform for more data quality control. Its features and benefits include privacy, support, unlimited sessions, and combined reporting. The companies likely to get the most out of Google Analytics 360 are in possession of high volumes of data, need to make marketing decisions on an hourly or daily basis, require advanced integration with other Google products, and want sophisticated analysis of hit-level data.
Another thing to remember about Google Analytics 360 is that it is partner-first. Support from an expert team comes with the license. The right partner will support your business as it strives to capitalize on data analytics. In choosing an analytics partner on Google’s platform, there are a variety of factors to consider. Will your partner deliver regular customized training for your entire organization? Would they contribute simple, actionable ways to leverage the platform? How does this partner charge: by outcome or by hour? A company should ask these questions and more before entering into a commitment with an analytics partner.
Naturally, you want your analytics partner to be competent as well. Consider samplings of their work, industry experience, references, and certifications to determine technical expertise. Not all data skills are universally applicable. You ought to want what’s best for your organization and should not settle for less. Learn more about the science of analytics in the infographic below: