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Most companies are not taking full advantage of the wealth of data sitting in their systems – data that comes from production lines, e-commerce metrics, financials, general operations, and more. But if you want to stay relevant, you must understand what’s driving your business and what’s making your customer successful. Data is the key to that. And as a company grows – adding more units, acquiring other companies, and expanding globally – their data grows more complicated.
If you have a conglomeration of different businesses and systems, getting a single view of what’s going on can help you keep business moving forward.
Take the example of a company that has its core business in the U.S., but also has complementary revenue from locations overseas and has grown through multiple acquisitions. We’ll call it Company XYZ. As Company XYZ grows and maneuvers into new business ventures, in new places, they need to ask, “Where have I done this before? What relevant experience can I pull from to attack my next problem?”
That’s where data strategy comes in; data must be viewed and shared across the organization to drive better decision-making. To do that, data must be standardized, so that it can be exposed and shared with different platforms, and then delivered to the employees who need it in an easy-to-use, quick-to-understand format. Without it, your team is driving blind.
