“Can departments outside of IT see benefits from our data”?
“How can we get more value from our data”?
As experts in the data and analytics field, these are questions we often receive. They come back to one theme – seeing data as an asset. Data itself can have a lot of value, but it is what you do with your data that enables you with actionable insights.
According to Forrester, Up to 73% of company data goes unused for analytics. Businesses often struggle with how to use data correctly to reach the maximum potential. Inc. contributor Jeff Barrett gives an excellent example of how leveraging data in the right way can make a big impact. “1 percent improvement in productivity across the manufacturing industry can result in $500 million in annual savings and that predicting anomalies on time can result in savings of up to 12 percent over scheduled repairs, maintenance cost reductions of up to 30 percent and elimination of breakdowns by up to 70 percent”.
Harvesting the value of data applies to organizations no matter the industry. Leveraging data as an asset starts with understanding its value and ensuring that mentality reaches departments, especially outside of IT.
Read how CCG helped one metal manufacturer predict steel melting results down to the minute, leveraging Azure Machine Learning.
Written by CCG, an organization in Tampa, Florida, that helps companies become more insights-driven, solve complex challenges and accelerate growth through industry-specific data and analytics solutions.
