Have you heard the one about the CFO who would spend a week manually sifting through spreadsheets to complete monthly board reporting?
Or the CTO, who was required to provide key internal stakeholders with daily data feeds, but barely managed to keep everything operating because they were relying on outdated processes and systems established when the business was much smaller.
And let’s not get started on the commercial manager tasked with ‘make our reporting better’ but didn’t know where to start, so ended up chasing software vendors for quotes in a confusing, low-yielding loop.
Does any of this sound familiar?
It might sound like a joke, but it’s no laughing matter.
And here’s the punchline.
Poor data control – those mind-numbing hours spent trying to access and analyse different data sets on different platforms, from the super-slick to the super-clunky, and then re-purposing those numbers into a meaningful narrative that everyone in the business can understand – is costing organisations big dollars.
In the US it’s measured in trillions. In Australia, it’s estimated poor data management will cause a business on average to lose 12 percent of its annual revenue.
And then there are the metrics not as easily quantified but just as tangible and damaging for those working in the business: lost productivity, missed opportunities, lower staff morale and reputational harm via negative customer experiences vented on social media.
Customers are often at the pointy end of data management systems that are fragmented and jagged around the edges.
These are data networks within a business that are incomplete, difficult to access and navigate, and lacking in integrity, thereby eroding trust and diminishing the ability of managers to make confident, data-empowered decisions.
It doesn’t have to be this way
Imagine the innovation and revenue that could be unlocked in your business if your key people were freed from the drudgery of what the experts call ‘data wrangling’, or worse, ‘data janitor work’.
Providing managers with the tools to extract data from their operating systems, and then linking that information in one seamless, automated, inter-connected ecosystem, is core business for ITeM Group, specialists in data intelligence.
Founded in Melbourne 23 years ago, ITeM has helped countless organisations behind some of the world’s leading brands guide their digital transformation.
The three scenarios which opened this article are all true accounts, taken from customers who came to ITeM because they had a need to optimise operational efficiency, liberate their staff from data wrangling, reduce costs, and increase revenue.
(And if you’re wondering about that CFO spending a week on spreadsheets, thanks to ITeM that task has been reduced to one hour). You can read the case studies here.
The first step is only a click away
Many on the digital transformation journey can feel overwhelmed and uncertain about where to start.
Some know things could be better, but are unaware data blockages or misalignment could be at the heart of their challenges.
This is all completely normal.
The people at ITeM describe the process as a journey, guiding businesses on those first tentative steps until they have enough data support mechanisms in place to run at their strategic goals.
ITeM offers a comprehensive Digital Transformation Road Map, tailored to your business that can also get you started on negotiating the data maze.
Provided at no charge, this diagnostic blueprint will outline the key steps in the process of getting your business digitally fit and the expected positive outcomes you will see once you have your data systems in fighting shape.
For more information on how ITeM can help you visit www.itemgroup.com.au or contact Michael Woodruff for a no obligation, confidential conversation at email@example.com or phone 0408 181 765.