Nowadays, data and analytics have always been the biggest strategic differentiators when it comes to success and development for companies. Whether you are a local small company or a big organization, you should regard data as the most valuable property among other factors.
However, data is not precious if it is not available when you need to use it or when it is outdated or inaccurate. It is undeniable that both an excess or shortage of data can lead to problems, which is the reason why we should adopt a right data management strategy. This begins with deciding what kind of data is the most valuable to your company in order to collect and make analysis for the right data. This may sound complicated but let’s take a look at the following guide to be clear.
First and foremost, the name you give to a file, entry or project should be clear when it comes to what the file has. This is the reason why you want the data to be identified easily. You should not make an extensive name as it may take much time to read long titles.
Secondly, the name should refer what the content or data represents. This means that not only you but also others are able to understand it. This also helps retrieving easier in the future.
Secondly, your research should be dated properly. The main reason is that it is simply a good laboratory practice. This is because you will need to know when the experience is done. Also, the data integrity will also made sure as you can not go to change the values or date. In other words, it will not be manipulated.
Another reason for putting date and time on your data is that you can retrieve the data more conveniently. As you have many experiments in a lot of different files, it would take time to look for the data you want. By having dates attached to the files, you can filter the data to get what you need easily.
Learn the potential of the data you have
The amount of data which is created and stored on a global scale is countless and it is increasing day by day. There are still no signals of slowing down. Your business is now working on a mountain of data when it comes to the clients’ preferences, behavior as well as your own operational effectiveness. You may not make analysis to make the most out of that data. It is highly recommended that you should consider what type of data you gather for your business, how you can utilize it to better customer expectations, capture chances and finally improve the efficiency of the business.
Set up a data management team
The quality of your data management staff is as important as the technology you take advantage to deal with your data. Whether you have already owned a dedicated team to do this or not, the important point here is that you should train them properly to control data quality, data collection, data protection, data analysis as well as adoption. Setting up a data management team plays an important role in an any business. A trained team can make sure your analytics projects come with both insightful and actional data.
Make sure that you comply with the global regulations on data privacy
In the stage of globalization, nations around the world have an impact on our economy and business operations. The same case is applied to the manner by which companies operate and how they process individual data. Even if you do not target or sell to Europe, you should make sure that your company is compliant with GDPR released in 2018 in order to avoid possible fines. If you are operating an international company, you should remember to carry out a research for data privacy and data protection regulations in all nations in which you run the company.
Ensure that the data is safe
Nowadays, surrounding us is a lot of hackers, viruses, malware and other threats, companies should be capable of securing their data in a proper manner. Nevertheless, the confidential information is more and more copied to employee hard drives, phones or removable USB drives. As these devices are mobile, they must be vulnerable to loss, destroyed or robbed without any suitable encryption, password protection and data backups. Company servers should be hardened in order to make sure no security risks exist and only authorized employees can access the data. These data protection tasks will help prevent your company from financial issues in the upcoming time.
Turn your data into revenue
Last but not least, with the approach to right data and the use of modern analytics techniques, you will be able to identify some solutions to operate your company more effectively. Whether you want to make sales better, limit the risk, better customer service and so on, you should create and track Key Performance Indicators in order to know how your operations are running smoothly.
The key performance indicators can be set up for specific areas or departments in the whole organization as well as for some certain projects or marketing activities. This will provide an objective to review the performance of your work as well as offer a basis to reward staff in the company.
You must think of these indicators as a path leading to success. These regular monitoring will help you generate the right decisions, concentrate on investments bringing about results and lead your business to the right orientation.
Currently, entrepreneurs are gathering more and more data, but raw data does not bring much value. In current digital stage, it is important to define yourself by your ability to turn data into information. In order to achieve this, you should have a good data management strategy, a skillful team as well as meaningful metrics to make sure your business is developing well.