In today’s digital age, data is the lifeblood of organizations. It’s the raw material that drives decision-making and innovation. However, many organizations struggle to access and utilize all of the data they have. A recent study found that on average, only 12% of an organization’s data is accessible to most users. This is a significant problem as it means that organizations are missing out on valuable insights and opportunities.
To overcome this problem, organizations must gather as much transactional data as possible and centralize it in a data cloud. A data cloud is a centralized repository for storing, managing, and analyzing data. By centralizing data in a data cloud, organizations can ensure that all of their data is accessible, secure, and scalable.
As the famous quote goes, “Data is the new oil. It’s valuable, but if unrefined it cannot really be used. It has to be changed into gas, plastic, chemicals, etc., to create a valuable entity that drives profitable activity; so must data be broken down, analyzed for it to have value.” By centralizing and analyzing data, organizations can gain valuable insights that drive profitable activity.
However, centralizing data is not without its challenges. One of the biggest obstacles organizations face is the lack of technical skills to gather and organize data. Many organizations have siloed data systems and lack the necessary resources to integrate and centralize them.
If your organization is facing this challenge, there are several options available. One solution is to outsource data integration and centralization to a third-party provider such as AICG and Snowflake/BigQuery/Teradata. Another option is to invest in training and development for existing staff to acquire the necessary technical skills.
In conclusion, gathering and centralizing transactional data in a data cloud is essential for organizations to gain valuable insights and drive profitable activity. However, organizations often face obstacles in doing so, such as lack of technical skills. By outsourcing or investing in training, organizations can overcome these obstacles and unlock the full potential of their data.
Connect with us today to learn how we can help with your data and analytic initiatives!