September 2024 Edition: Fall into Data Mastery with Brewster Consulting Group
Welcome back to Brews For Thought!
September flew by, and now we're fully embracing fall – it's the perfect time to enjoy cooler weather, cozy up by the fire with s'mores, and, if you're lucky, take trips to apple orchards and pumpkin patches.
Now, let’s refocus on business!
We’ve taken a deep dive into the pressing data-related challenges businesses are currently facing. With the rapid pace of technological advancements, many organizations and individuals are struggling to keep up. These challenges become even more apparent as organizations try to understand how to navigate the marketplace with AI continuing to emerge as a major disruptor.
However, organizations can’t effectively incorporate AI unless they understand how to allow AI to interact with their data and processes in a secure manner. This creates a wide range of data issues that can stand in the way of business success. Along with overall success, businesses are trying their best to stay ahead of the curve, compete with tech-savvy companies, and streamline their operations.
While all these things are crucial, the key is not just recognizing these data challenges—it’s knowing how to address them and solve them.
Below are a handful of the top data related issues businesses are dealing with:
Lack of proper expertise in data and analytics. Without the right knowledge, businesses miss valuable opportunities to leverage data for growth and improvement.
Poor data quality. Inconsistent data collection, outdated processes, and entry errors can create inefficiencies that ripple across the entire organization.
Data security concerns. Securing data can be challenging without the right safeguards in place, often due to budget constraints or a lack of expertise.
Insufficient data governance. A lack of clear processes and documentation can result in issues with data ownership, control, and policy enforcement.
These are just a few examples of the hurdles businesses face as the future leans increasingly towards data and automation. But don’t just take our word for it—according to USA Today, "Data security, high perceived costs, and the learning curve are the biggest concerns for small businesses regarding AI." In fact, 46% of businesses consider themselves beginners in addressing these challenges and moving forward with automation and AI advances (Mehdi Punjwani, "Small Business Statistics in 2024," USA Today, June 18, 2024).
This means that nearly half of small to mid-sized businesses are experiencing at least one, if not multiple, of these data-related issues. Whether it’s lack of expertise, data quality, security, or governance concerns, the struggle to keep up with the evolving digital landscape is real, and understanding how to address these problems is key to future success.
In an article on Forbes, a senior contributor discusses the findings of a survey examining data issues faced by businesses. According to the survey, 76% of participating businesses reported difficulties understanding their data, while 82% of decision-makers encountered challenges predicting and managing data-related costs. These findings further drive home the point that businesses are increasingly feeling the impact of the continued push towards automation and data-driven processes (Edward Segal, "Data Management Poses Major Challenges and Issues for Companies", Forbes, August 18, 2022).
While we've addressed several current challenges, how do we begin to solve them—or at least make meaningful progress in improving how we approach data and future advancements?
Let’s explore the four examples mentioned earlier and suggest some actionable ways to start tackling these issues:
Lack of Expertise: If your company has the budget, consider hiring a skilled data executive to manage and analyze data effectively. However, for many businesses, this might not be financially feasible. In that case, hiring a fractional CDO can offer a more cost-effective solution, providing immediate, expert-level support without the full-time expense.
Poor Data Quality: Start by defining the “critical data elements” for your organization, and the systems of record for these “CDEs”. Next, identify what high-quality data looks like for your organization by evaluating factors such as data availability, accuracy, and reliability. Addressing these areas will help you begin to build a data quality roadmap.
Data Governance Concerns: Strengthen data governance by establishing clear policies, securing executive buy-in, and assigning ownership of processes. These steps can be streamlined by implementing a comprehensive governance framework, which can help formalize these practices within your organization. Watch this video for more insights - Data Governance and Why It Matters.
Data Security Issues: Many data security challenges are closely tied to governance. With the increasing reliance on diverse data types, security is crucial for legal compliance and maintaining transparency with clients. To enhance security, ensure your company has a strong data security policy, conducts regular risk assessments, and considers investing in appropriate security technologies.
At Brewster Consulting Group, we understand how overwhelming it can be for companies to tackle their data challenges. That's why we've done the heavy lifting for you—developing proven strategies and frameworks that give businesses the advantage they need, saving valuable time to focus on other priorities. Want to learn more? Visit our website and download our comprehensive e-book that outlines how to leverage our unique framework to become more data driven!
Tip of the Month: Data Analytics – Start Your Journey Here
Many business leaders are looking for practical ways to start their data analytics journey, but it can be overwhelming. We’ve highlighted three key areas to focus on that will help you get started:
Financials: Analyze your financial data to identify patterns in revenue, expenses, and cash flow. This will help you better manage costs and forecast future performance.
Sales: Examine sales data to understand customer behavior, product performance, and trends. This can help improve your sales strategies and drive growth.
Delivery: Review your delivery processes to identify inefficiencies and improve operations. Tracking KPIs like on-time delivery and order accuracy can boost customer satisfaction and streamline your workflow.
By starting with these three areas—financials, sales, and delivery—you’ll be able to uncover actionable insights that can drive better business decisions. For more details, watch - Dashboard Essentials for Business Leaders - for a deeper dive into each area.
Highlight of the Month: Brewster Featured at AEM’s Market Share Statistics Annual Conference
This past month Brewster Consulting Group had the privilege of speaking at AEM’s Annual Conference this month! Our CEO, Kade Brewster, shared insights on our Process Maturity Framework, offering strategies and solutions to help businesses thrive in today’s competitive landscape. We were honored to be part of such a dynamic event and connect with so many industry leaders!
Meme of the Month:
Thank you for reading Brews for Thought!
Starting the process of optimizing your business and its unique systems can be daunting. That’s where we come in.
Our services are grounded in data. To create an ideal environment for addressing organizational challenges, companies need to leverage data for making crucial decisions. We specialize in harnessing client data to guide these decisions and propel key initiatives toward meaningful outcomes.
For more insights, visit our YouTube channel to explore our latest discussions and perspectives on the dynamic business landscape.
If you're curious about how Brewster Consulting Group can meet your business needs while unlocking additional revenue, let's connect!
You can reach us by calling or texting 918-917-9099, emailing us, or scheduling a time on our calendar directly!