Some of the reasons why data matters to business

To laypeople, which can include entrepreneurs and CEOs, phrases such as ‘data lake’ and ‘data hygiene’ may sound like a foreign language best left to the experts at a data analysis company; however, data is simply useful information collected to guide decisions and strategies.

The majority of businesses enlist the services of a data analysis company to extract the most value from their data, but it is important to understand why this matters.

Don’t guess

Data helps you to explain your decisions, whether good or bad, to stakeholders. You can be confident that your strategies are based on solid evidence, not guesswork.

Be strategic

Data boosts efficiency by directing resources where they are most needed; for example, if an issue arises in one service area, data can identify whether it is isolated or widespread, allowing targeted interventions rather than broad fixes.

Understand your strengths

Data tells you what your organisation is getting right. By identifying high performers, you can replicate success and help improve lower-performing areas.

Keep records

Collecting good data helps set baselines, benchmarks, and goals, ensuring improvements and successes are acknowledged.

Maximise investment

Funding should focus on outcomes. Data-driven evidence helps organisations demonstrate value and secure resources by showing impact.

Use your existing intelligence

Many businesses already have the data and skills needed to start analysis. There are also plenty of free online resources to learn data basics and visualisation tools, such as Excel.

Data empowers businesses to make confident, efficient, and strategic decisions to drive lasting success.