Creating a data management strategy doesn’t have to be difficult. By understanding how your data flows through your business and teaming it with an intelligent management solution you can ensure your business’ longevity.
Every business collects data; however, many do not manage their data effectively and often have no data strategy in place.
Data is a business’ most valuable asset and it’s no surprise that IDG state companies with accurate data grow 35% faster year-on-year, as it enables business leaders to make the right decisions. Data impacts every element of a business and being able to manage it intelligently throughout its lifecycle is imperative to your success.
As Bernard Marr explained in his article on Forbes, “Big data is not a fad. We are just at the beginning of a revolution that will touch every business and every life on this planet.” He also states that, “…more data has been created in the past two years than in the entire previous history of the human race. Data is growing faster than ever before and by the year 2020, about 1.7 megabytes of new information will be created every second for every human being on the planet.”
We are obtaining more and more data, as such, regulations on how we handle and use our data requires us to understand the data we hold. With the GDPR coming into effect in 2018 you can’t afford not to understand your data or the journey is takes.
Time is of the essence.
We know that moving from one system to another can significantly hinder your employee’s productivity and relying on disparate systems also opens a business up to inaccuracies.
To manage your data easily, you need to have a unified system teamed with clear processes for staff to follow. This in itself can seem daunting, as moving your data from one system to another can also provide its own set of difficulties. Further to this, there are so many different data sets to identify and integrate, in which case we’d recommend to speaking with a data specialist.
To begin implementing a data management strategy, we’d recommend you take the following steps:
- Identify the various data sets within your business.
- Map out the flow of data through your business.
- Ensure the data you have is fit for purpose.
- Implement relevant software solutions to help you collect manage and understand your data. This may include CRM ERP or accounting software.
- Integrate your data into one central system to obtain a complete view of your business.
Why should review your data management process?
You may be asking yourself, “why do I need to look at managing data differently?” If you don’t have a unified system, you could have inaccurate data, you may not be compliant with the latest data management legislation and you may be losing money.
There are numerous benefits to reviewing your data management strategy:
More accurate data: Integrating all information from disparate systems into one eliminates data silos and duplicate data.
Better informed strategic decisions: Creating a clear, single view of your business that provides accurate information on your business. Having a complete view of your business will help you create informed business strategies that can improve overall performance and operational efficiency, while allowing you to introduce new products and services to market faster.
Improved customer service: With a clear view of your prospects and customers you can provide a better service and create an avenue for increased revenue based on your client’s needs.
Increased revenue: Easily boost your sales and marketing efforts by creating targeted and personalised campaigns by identifying up-sell and cross-sell opportunities and increase operating margins by as much as 60%.
Business development: Evolve your business by developing products and services your customers need.
Reduce costs: Lower your operational and storage costs by analysing usage, inventory and maintenance data, along with tracking vendors, stock levels and shortages or surpluses of assets.