Why move beyond spreadsheets and start creating value with your data?
Posted: Tue Jan 21, 2025 5:41 am
James Fisher, Chief Strategy Officer at Qlik, says that in the 1990s film “Sliding Doors,” the main character’s fate changes dramatically depending on whether he catches or misses a train. This fact reflects how one choice can completely alter the course of a person’s life. The same occurs in the business world, where decisions can determine the success or failure of a business.
In this article, we will explain how to create value for the business and how to avoid making the most common mistakes in data management.
Common mistakes in data management and how to overcome them
The ability to effectively collect, analyze, and manage data drives growth, improves efficiency, and enables sound decisions. However, data management is not error-free , and these errors can have significant negative consequences.
Spreadsheets are widely used tools in latvia phone number lead businesses due to their versatility and ease of use. In many organizations, they are used for everything from tracking budgets and sales to performing statistical analysis. While spreadsheets can be useful for basic tasks, they are not equipped to handle the challenges posed by large volumes of data. Here are some of the main risks involved in using spreadsheets in this context:
Lack of data integrity – Manual manipulation increases the likelihood of errors and makes it difficult to track changes, leading to inconsistent and unreliable results.
Limited analytical capabilities – Complex analysis cannot be performed or hidden patterns cannot be discovered in large data sets, limiting the ability to gain valuable insights.
Limited collaboration features , hindering communication and efficiency.
Compromised security – Lack of robust security controls exposes data to unauthorized access and leaks.
Uncertain compliance – Spreadsheets are not designed to meet auditing and reporting requirements, making it difficult to demonstrate compliance.
It is therefore essential to adopt more robust and scalable data management solutions that can guarantee accuracy, security and effective collaboration in the management of crucial information.
The right way to create value with data
There is a way to address the challenge of effective data integration to create business value. It involves building a solid data foundation through effective processes for collecting, integrating, and delivering trusted data . Then, leverage AI-powered analytics to take that trusted data and turn it into insights and actions, generating visualizations and predictions and delivering fast, interactive responses.
With this, organizations can guarantee the quality and reliability of the information they have, make the most of their data and obtain innovative ideas that allow them to make accurate decisions.
At the latest Gartner Data and Analytics Summit, the international consulting firm identified a 30% improvement in net revenue for organizations with greater data and analytics maturity .
The advantages of successfully managing data are then clear:
Operational efficiency : reduction of time and costs thanks to improved data access and management.
Data trust . Using governance and quality standards ensures data integrity, security and accuracy.
Continuous innovation : Rapid iteration and experimentation are facilitated by fast and secure access to relevant and, above all, up-to-date data. This fosters organizational creativity.
Competitive advantage : Companies can provide agile responses to changing market conditions.
Leveraging the latest technologies such as AI and machine learning by providing reliable data to feed and train advanced analytical models.
Business growth from maximizing the value that data provides to unlock new business opportunities.
Turn raw data into informed actions that create business value. Data IQ offers you the opportunity to gather data, make sense of it, analyze it, and make AI/ML-guided decisions that impact your business results. Does this idea appeal to you? Let's talk!
In this article, we will explain how to create value for the business and how to avoid making the most common mistakes in data management.
Common mistakes in data management and how to overcome them
The ability to effectively collect, analyze, and manage data drives growth, improves efficiency, and enables sound decisions. However, data management is not error-free , and these errors can have significant negative consequences.
Spreadsheets are widely used tools in latvia phone number lead businesses due to their versatility and ease of use. In many organizations, they are used for everything from tracking budgets and sales to performing statistical analysis. While spreadsheets can be useful for basic tasks, they are not equipped to handle the challenges posed by large volumes of data. Here are some of the main risks involved in using spreadsheets in this context:
Lack of data integrity – Manual manipulation increases the likelihood of errors and makes it difficult to track changes, leading to inconsistent and unreliable results.
Limited analytical capabilities – Complex analysis cannot be performed or hidden patterns cannot be discovered in large data sets, limiting the ability to gain valuable insights.
Limited collaboration features , hindering communication and efficiency.
Compromised security – Lack of robust security controls exposes data to unauthorized access and leaks.
Uncertain compliance – Spreadsheets are not designed to meet auditing and reporting requirements, making it difficult to demonstrate compliance.
It is therefore essential to adopt more robust and scalable data management solutions that can guarantee accuracy, security and effective collaboration in the management of crucial information.
The right way to create value with data
There is a way to address the challenge of effective data integration to create business value. It involves building a solid data foundation through effective processes for collecting, integrating, and delivering trusted data . Then, leverage AI-powered analytics to take that trusted data and turn it into insights and actions, generating visualizations and predictions and delivering fast, interactive responses.
With this, organizations can guarantee the quality and reliability of the information they have, make the most of their data and obtain innovative ideas that allow them to make accurate decisions.
At the latest Gartner Data and Analytics Summit, the international consulting firm identified a 30% improvement in net revenue for organizations with greater data and analytics maturity .
The advantages of successfully managing data are then clear:
Operational efficiency : reduction of time and costs thanks to improved data access and management.
Data trust . Using governance and quality standards ensures data integrity, security and accuracy.
Continuous innovation : Rapid iteration and experimentation are facilitated by fast and secure access to relevant and, above all, up-to-date data. This fosters organizational creativity.
Competitive advantage : Companies can provide agile responses to changing market conditions.
Leveraging the latest technologies such as AI and machine learning by providing reliable data to feed and train advanced analytical models.
Business growth from maximizing the value that data provides to unlock new business opportunities.
Turn raw data into informed actions that create business value. Data IQ offers you the opportunity to gather data, make sense of it, analyze it, and make AI/ML-guided decisions that impact your business results. Does this idea appeal to you? Let's talk!