Today we published a new infographic all about the cost of data. No, not the purchase of data itself but all the costs associated with collecting it, managing, transforming and then finally creating the visualizations you need to make decisions and move your business forward.
Said another way: costs associated with the management of the data lifecycle and the data plaform used to support it.
What is the bottom line? Using data to gain a competitive edge in your industry can be expensive, really expensive—espcially if you aren't doing it right.
Things like improper data governance to security and compliance to maintanence, can drain your budget and your resources if not done properly.
DYK: According to Gartner, 30% of an organizations data is redundant, outdated or trivial (ROT)? Meaning in a data rich environment, if you are paying to store this data it can be costing you millions!
This and other frightening (and costly) statistics have all been collected in this inforgraphic for you. When we use it to talk to our clients, not only does it help us assess the maturity of their data management, but it is a great guide for understanding what areas we can improve outcomes while reducing costs.
Recently, the data industry has made incredible advancements in tools, platforms and best practices that are changing the way companies use data to get ahead. Many organizations taking the opportunity to modernize their data platform, those that do and are accessing data-driven insights?
You guessed it - they are seeing huge benefits. Want to know how big? Download the infographic and find out.
If you have any questions, give us a call. Otherwise, we would love to hear from you in the comments: what is your biggest data challenge?