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Business data management - in a nutshell
In today's world of technology, Businesses are under significant threat from bad data,
and the potential it has to wreak havoc on their business, so good data governance is
becoming very important, and we should be asking ourselves these questions, about our
own organisations; - Could there be data errors, within your
business? - Are you confident that your own data is
accurate enough, for you to rely on, to help you make financial, marketing, or sales decisions?
- Are you confident that the data you are collecting, and using, is clean, accurate,
and most importantly managed effectively? - And are you often asking yourself, could
I achieve more income, and profit, and customer loyalty, if only my data was accurate, and
trustworthy? - Or are you 'bloated' with data, because
you are too scared to get rid of it? - Or is the data you hold, actually accurate,
but is actually useless to your business?
To establish a solid plan, to evaluate the quality of your business data, start from
the principle that 'ALL data is 'useless', unless someone in your business can justify
its existence' Plan for the future and anticipate growth,
challenge the information you hold, and ask yourself is it really getting me results?
Get the precise information you need, which will help to realign your business priorities,
and improve productivity within your organisation.
Your final objective to your own internal data audit, is develop a system that has the
facilities to make your data "fit for your business", consider the benefits of automating
data input flows, as far greater accuracy can be achieved. And for viewing and sharing
data, adopt a system that uses a visual interface, a 'dashboard or 'info-graphics', that automatically
update to reflect performance and results, these are excellent methods to motivate and
inform individuals. Remember "a successful business measures, not only the profit and
costs, but also the benefits of improved, and enhanced data quality."