What’s Driving the Need for Better Access to Data?
In recent years, easy access to insightful data has gone from being a luxury to being a necessity. Why?
Here are some of the main reasons:
- The need for data is growing.
Most organizations and managers are aware that more than ever before, data is the tool they need to solve the problems they face. As Forbes points out in an article about sourcing more private equity deals, “Like the latter stages of a gold rush, investors have to get smarter about where and how to dig.” Consequently, firms are handling more data. However, if access to that data isn’t simplified, they may be trading one problem (lack of data) for another (poor use of an overwhelming volume of data).
- Easy access is achievable.
Knowing that data and technology solutions like Altvia Answers make working with data easy, less prone to errors and virtually painless, users have grown to expect the convenience. Real-time data access in three clicks, as opposed to three weeks, allows firms a greater ability to focus on finding new investment opportunities and prospects.
- Business intelligence and analytics solutions are powerful differentiators.
Not only must firms today be able to leverage analytics to answer client questions, but they also need to empower people to find answers on their own. When customers, investors or constituents are given self-service capabilities, everyone wins.
General Benefits of Improved Data Access
Better access to data delivers many general benefits. For example, it helps you formulate a data strategy. It also leads to the development of processes for simplifying analytics. This may include establishing a connection to data sources, defining steps for preparing data for analysis and determining how analyses will be performed and how data will be consumed.
In addition, streamlined access to high-quality data can set your firm apart from the competition, as word spreads quickly regarding the outcomes you are able to achieve.
How Better Data Access Gives Deal Teams a Competitive Edge
In addition to the general benefits that result from better data access, there are a number of advantages specific to deal teams as they are conducting due diligence or executing transactions. They include:
- Enhanced ability to transform data into information that provides accurate, real-time intelligence about clients, partners and competitors
- Expanded capability for performing complex analyses quickly and efficiently, 24/7/365
- Simplified contact and data management
- Streamlined processes that decrease the risk of errors and of being outmaneuvered by competitors
- Increased transparency around intelligence research, financial strategies, deals and assessments
In short, deal teams with better data access have a competitive edge that is more critical every day in an increasingly competitive industry.
To learn more about the importance of data to deal teams, download our complimentary guide on Data & Technology for Private Equity Firms.