Unlock your business – your team has the answers
We have recently been reviewing the impact that data quality has on workforce productivity. In the analyses that we have seen, there is an impact of 10—32% of workforce time being wasted due to poor data productivity.
What this means is that up to 32% of your staffs time is being wasted due to poor data quality.
Obviously every sector will have a different proportion of wasted time, and your organisation may be doing better than others, but I’m sure you have experienced the effect of poor data and information. Some symptoms might be:
- Different numbers for the same thing from different executives
- Needing to restate numbers presented to your boss
- Incorrect product being manufactured
- Wrong product shipped to customer
- Long time for your analysts to produce reports
- Not being able to conduct an analysis because it is too hard
Imagine you have a payroll of $10m, and your wasted workforce time is 20% (in the middle of the estimate) then your annual cost of poor data is $2m. By putting a program in place to go from 20% to 10% you would achieve benefits of $1m. If you’ve ever struggled to get an ROI in place for an analytics project, you’ll be looking at these numbers excitedly. Unfortunately, this is a little bit academic, because unless you are actually able to remove that 10% of staff you won’t realise the return on the investment.
Let’s flip this argument around a little bit. Imagine that your #1 competitor (who is roughly the same size as you) was running at 10% wasted staff workforce time and you are running at 20%. Your competitor will have $1m more to spend on building capability, satisfying customers, and just generally beating you in the market.
Over the coming weeks and months we will be expanding on these ideas and talking about how we solve these problems for our customers.
If you want to find out more about this, fill out the details below!
Zachary Zeus is the CEO & Founder of BizCubed. He provides the business with more than 20 years' engineering experience and a solid background in providing large financial services with data capability. He maintains a passion for providing engineering solutions to real world problems, lending his considerable experience to enabling people to make better data driven decisions.