The truth about conducting business in the Mega Big Data Era is that, unlike in the past, anyone with a few digital skills can discern and maximize on everything about his business by utilizing the right tools. That is just the biggest way through which technology is influencing business. Even in the past, successful business managers were those who had sharp observation skills, long concentration spans, endurance through hard labor, high discipline in keeping time and brilliant brains to process and analyze information. Today, you just need excellent data management skills and modern business-enhancing technological devices and systems like SaaS, POS, GRC, restaurant software managers to expand, grow and globalize your small business. With full appreciation of how just forward the powerful intuition of excellent business management pushes you towards the pinnacle of business acumen. The following are five ways to manage your company’s data.
1Own the process
Unfortunately, many firms simply refuse to integrate proficient data management into their operational decision-making. The best way for your company to harness all of its viable data is to collect as much information and data in real-time via staff and technological recollection. A whopping 60 percent of small businesses in the country, according to a survey by a survey from NewVantage Partners, do not tackle the issue of data collection and management or even acknowledge it. A majority of those who do widely hire independent data management firms to do it. Even though the best chief data officers do indeed make data management efforts rewarding for companies, it would be much more rewarding if you involved them to guide in the process. You simply stand to collect and protect more data if you played a basic and supervisory role in the entire process from generation, collection and storage, and analysis.
You must place the responsibility of collecting and managing data in your hands and reorganize your company’s human resources policies to place emphasis on the value of data as a business asset. The best way to go about it is to award all the participating members of your data management team different access levels to information and its disbursement. A top executive of the company should have the most access and powers to limit everyone else’s access.
2Eliminate information silos by creating a central data center
As businesses grow into huge companies, they decentralize operations for optimal efficiency. With decentralized operations, the collection of data decentralizes as well. That creates a big potential problem in the ease of flow of data. Even though different business departments and branches may generate, and ultimately collect, data differently, they still need to run in the same direction. That is why you should always create a connected database sending and receiving data as per your company’s policies and administration.
Remember that one of the biggest reasons for information silos, apart from the division among your company’s departments, is the fact that physical documents often take time to disperse. That is why you should probably take time to convert all the documents within your company into digital form.
3Eliminate unnecessary storage space
Physical and digital spaces for data collection cost money, and it is very costly to maintain multiple unnecessarily duplicated files. Such files to don’t only increase your company’s data costs, but they also make it difficult for you to manage collected data. You should conduct regular research to determine if you are efficiently balancing between your online and offline data storage capacities for the most budget-friendly operations.
4Swivel the perks of Big Data analytics with your company’s stored data for enhanced insight
The Big Data Era already yielded way toe Mega Big Data Era, and businesses need to ask specific questions to get specific answers. You should focus on governance, risk, and compliance. They should use the huge access to information regarding their markets to identify lucrative opportunities and avert eminent risks. Information sources are numerous and they range from social media posts, surveys, blogs, statistics, and numerous research studies conducted and publicized for the general public’s consumption. You can learn about an entire supply chain if only you wanted to solve a problem with your suppliers or distributors.
5Strategize on your data delivery mechanisms
The thing about data is that as an asset, it is interchangeable. However, there are rules regulating how such a valuable asset is distributed and shared. At all times, you must strategize your data delivery to meet all the compliance requirements within your jurisdiction. Furthermore, data exists in many forms, and it should be delivered in the forms that allow optimal compatibility to the senders’ and receivers’ devices. The delivery mechanism should also deliver processed and analyzed data to drive data-driven insights along your delivery system. That way, you are guaranteed to experience some improved operational efficiency.