(Business) Health Warning: The half-life of your business data is just 30 minutes!

By Jason Peck on February 28, 2018
Tags: Data Collection

Imagine you were given a shipment of oranges. 10 million of them. This is awesome!!

You're so excited to have 10 million oranges. But what do you do with them? How can you sell them? How can you get more? 

In your excitement and planning around what to do, you fail to act decisively and quickly. Half of your oranges rot. 

Your shipment of oranges is orders of magnitude less valuable than it could have been.

This same scenario is playing out with business data at organizations all over the world. 

Data powers modern businesses, but it has a limited shelf-life, as brief as 30 minutes according to Nucleus Research. Keeping data streams updated and flowing properly is as critical to making good business decisions as gathering the information in the first place.

Data Decay Problems

Everything from daily scheduling of a mobile workforce to a multi-year strategy for scaling a business, relies on understanding what is happening at every level of a business--as it happens.

The problem is that it often takes two or three days­­ to process, clean, and verify field data, by which time its relevance to the present has decayed significantly. The story is a familiar one for businesses of all shapes and sizes across nearly every industry. Here are just a few examples of issues and problems created by not having data in real-time. 

  • A large construction company may be capturing data from job sites across the country but not have the ability to visualize trends and patterns and see that a certain safety process is being ignored, resulting in accidents and/or fines that could have been prevented.
  • A retail chain may not realize its branding is not being consistently applied or cared for across locations and fail to understand what's causing sales to rise or fall at various locations.
  • A landscaping company may not know where its people and resources are during the day, causing suboptimal routing and equipment purchasing, which eat into profit margins and hamper potential expansion opportunities.

This does not match the speed of digital that businesses need to reach in order to operate most effectively and rise above the competition. All you get from analyzing old data is insight on what’s already happened – applying that analysis toward prognostication is iffy at best because there’s already a backlog of new data waiting to be processed.

Benefits of Eliminating Data Decay

The GoCanvas platform changes the game of business data analytics by eliminating the wait time between capturing data and analyzing it. The whole process happens seamlessly, thanks to automating many aspects of data collection and the ability to integrate with major analytics solutions and back-end business platforms. 

GoCanvas unleashes the value of frontline data. Speeding the flow of this data back into the business and processing this information drives rapid-fire decisions and opportunities to project future impact with much greater certainty than was previously possible. This drives both short-term improvements and long-term strategic benefits:

  • Order parts faster
  • Invoice faster
  • Do more jobs
  • Accelerate cash flow
  • Improve project margins
  • Increase customer satisfaction
  • Enhanced resource allocation
  • Uncover new opportunities for expansion

Industries like logistics, transportation, retail, healthcare or any company with a frontline workforce, can clearly see the value in having valuable operational data at their fingertips, that is already cleaned and error-free, ensuring there’s no time wasted with data that’s missing or needs verification.

Wait periods and data decay dilute the impact of the data collected to where it’s just more noise, no matter how much data is captured.

Are you ready to move faster and uncover new opportunities to leverage your frontline data more effectively? Schedule a quick call with us to see how we can help or sign up for a free trial today!

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