“Data is the new oil”, “Data is the new currency”, “Data is the new gold”
How many times have you come across these expressions? Often, we believe. However, most companies still seem to ignore the importance of data in their growth strategies.
And then there are those who do not ignore the importance of information, but do not know which signs to pay attention to. If you don’t pay enough attention to the information you have and to the way you manage it, you could be losing a lot of money or earning less than you could.
Here are some signs to watch out for, which indicate the need for a data scientist to step in:
1) Data Chaos
Are your company data spread across departments and sub-departments? Is it common to ask for a list of data and these are incomplete or written in the style of the person who introduced them, without standardization? Is the information mainly in paper format? Is it difficult to do data research? Is the existing information disorganized and without a structure that allows for a quick access and use?
2) Big Data
Does your company generate an unbelievable amount of data… and the situation only gets worse day by day? Is the information stored in the “catacombs” and there is no way to extract value from it, which could then be used to make better management decisions? In fact, do you have human resources that even understand information technology, but not data analysis? Do you feel like you need someone to prepare the data, analyze them, and turn that analysis into actionable and relevant insights?
3) Hidden value
Do you feel sales could be much better if you knew your own customers through the data you have? Are you betting on customer segments based on intuition, but suspect they may be neither the right nor the most profitable? Do you need to have your customers’ information organized, analyze their transactions and obtain behavior patterns that can be worked on to maximize sales? Don’t you know, don’t you have the time or know-how to do this?
4) Convenience
Whenever you need timely information is it the hell of a job? Not only do you not have it right away, but you have to look for it in the midst of so much dispersed information? Do you feel that life would be much easier if you had a dashboard with your reference KPIs at hand, real-time sales information, your essential notifications? Do you lack something that allows for a 360-degree view of the main indicators that make managing the company easier?
5) Handwork
Do you feel that your company is not productive or does not have processes that work effectively? Each department enters the same data, but differently, and on different platforms – which then translates into problems? Are there many routine administrative tasks that have to be done manually? Does every report have to be done from scratch and takes ages? Do you actually lack help to automate many of the processes that take too much time?
6) Reducing the risk
You know that the best way to avoid risk is to take precautions. Consumer behavior changes with each passing day. You may not detect these changes, but your data will! Would you like to know if customers are about to leave your company to act accordingly? Would you like to anticipate stock outs that will lead to a loss in sales? Would you like to receive an alert whenever a certain KPI goes off track or an anomaly is detected in your plant? Who knows you would even like to receive a warning if a fraud situation was undermining your online store?
These are just some of the aspects that demonstrate the importance of checking your data and, more importantly, the value it may be hiding.
Intelligent Algorithms is a company that provides top solutions in Data Analytics and Artificial Intelligence.
We are specialists in extracting value from the information that ALREADY EXISTS in your organization, to help different departments make the best decisions and reduce risks.
Find out everything we can do for you and your company.
Intelligent Algorithms
Inspiring companies to explore new challenges through the power of data