The Cost of Doing Nothing: Let's Talk Data Debt

You know when data tools in your organization technically work… but only because of digital duct tape that has accumulated over years of prioritizing everything but your data? Well congratulations, you now have data debt.

Data debt happens when all those once-perfectly-reasonable decisions, from tool choices to workflow tweaks, start to pile up. And suddenly, you're left with a Frankenstein of costly platforms, siloed info, and outdated processes that drain time, money, and team morale.

Here’s what it looks like:

• Manually modified, unconnected Excel sheets everywhere!
• Leadership performing data entry.
• Hours spent digging for insights/answers across too many tools that don't talk to each other.

• Conflicting reports with no source of truth.

  

So how did we get here?

Data debt happens when doing data the right way simply isn't prioritized. Organizations often check the data box by buying tools that are great at data gathering but terrible at providing answers to fundamental business questions. Or sometimes they'll choose the best option at the time, but won't change when modern, more powerful, more connected solutions come along. What worked for a smaller team, an older tech stack, or a different strategy doesn't always scale. And just like interest on financial debt, the cost of ignoring these issues compounds.

Hence: data debt.

BUT there is a way out.

It starts with being your organization's Data Champion.

And the good news is a Data Champion doesn't have to be a data expert. What’s the difference?

Key Takeaway - A data expert knows how to work with data, while a data champion only needs to see the potential value that comes with using data. They know it will save time and keep everyone more informed if done the right way.

The question is, how do you get everyone else on board? What will it take to get those who are the most determined to maintain the status quo to come around and see the potential of data?

Over the next few newsletters, we’ll cover how to sell the idea to leadership, how to empower your team by giving them the right access to information (Data Democratization), creating one source of truth, and more!