Yesterday, we found a new Sybase study, which highlights how much companies have to gain financially from an improvement in enterprise data quality.
We are so thankful to Sybase for taking the arduous and final step of quantifying the impact of high quality enterprise data, and put it in terms that top business executives understand. This will help internal IT and line-of-business executives, who up until now, been hard pressed to calculate the ROIs vs costs for these types of initiatives.
Underwritten by Sybase and carried out by the University of Texas, the study connects enterprise data usability and corporate financial gains. Improved data usability, according to the study, can translate into billions of dollars saved. For example, researchers determined that a 10% increase in data usability of an average Fortune 1000 business (36,000 employees and $388,000 in sales per employee) could turn around an increase in $2.01 billion in total revenue every year.
How can businesses take advantage of opportunity? The study highlights four project areas where companies can improve the usability of enterprise data:
- Data intelligence — through improved accuracy of the prediction, trends analysis, recommendations and profile matching/associations made by the associated applications.
- Remote access to data and applications — including firewalled applications databases.
- Sales mobility — allowing employees the ability to use portable devices and applications to exchange information related to all aspects of a deal or transaction.
- Data quality — to enable better, more timely decisions in regards to customer transactions as well as fewer errors and reworks.
At Convertigo, these four project categories are usually at the top the of our customers’ wants and needs list — and all of which usually require composite applications drawing from enterprise data sources to make it all work.