A recent McKinsey study found that companies which invested in data quality and analytics increased their profit margin an average of 6%. For context, the average profit margin across Fortune 500 companies was just 10.7%…! Who isn’t interested in pursuing an increase in their profits of 2/3? And unlike traditional IT automation, Digital Transformation can not only reduce costs but also potentially increase revenue.
Unless your company does not track or utilize data at all, you are missing an opportunity at these kinds of returns if you’re not “weaponizing” your data.
GAAP Accounting does not currently allow companies to book their data as an asset on the balance sheet, per se, but it’s safe to say that between two companies with similar financials, the one with the highest quantity & quality of data is truly “worth more” (and will have tangibly better results!) than one with limited, low quality data. Assuming, that is, that the former company has the right technology strategy to benefit from their data.
If your company isn’t maximizing the impact of data and technology on your results, we can help!
- If your company doesn’t see data as the valuable asset it could be for you…
- If your company has valuable data on-hand, but doesn’t have a data strategy to harvest it…
- If your company doesn’t have regular conversations and plans about how technology can turbo-charge your growth…
…Please contact us today to begin a dialogue about how we can bring the full power of innovation to bear on your industry and your competitors!
