In a world driven by technological growth by the second, everyone relies on technology to sleep, keep and procure as a consumer as well as work and conduct business as a productive and progressive professional. Given constantly generated user data means the key success factor to business growth today, likewise, is access, amount, accuracy and managemengiability of such data. That the amount of user data a business possesses, alone, being nonindicative of the degree of success, it’s how the data is acquired, managed and used that shapes the mission and vision, and thus, opportunity, operational structure and profitability of the business.
Let’s take a look at 4 bang-on data management techniques for business boom!
1. Clear hit targets!
Knowing what type of data the business needs, next, the infrastructure and requirements to acquire it can be put in place. With it, accurate data can be put to good use as well as reveal what problems need to be solved for the business. As every marathon runner has the same finish line in sight, likewise, everyone in the company has to be on the same page on the primary objective of having in place the infrastructure for data management. The target to be hit, in this case, is using the data for data-driven strategy and decision making. With a clear sight of the same goal in place, what then is required before commencing the race for everyone to get there?
2. Efficient storage system
Laying out an effective data storage system where data can be easily managed and used will make everyone’s life as much easier shopping in a grocery store where products are properly organized into categories. It’s that much more convenient compared to disorganized dollar stores with makeshift shacks. As such, knowing how to collect which type of data for how long and when for what purposes, is paramount to data management success. Everyone is required to pull their weight to get the ball rolling in digital 4.0, where data no longer belongs to anyone in particular but is everyone’s to manage.
3. Complacent is costly. Every second counts.
The time allocated for data analysis is equally important. No matter how good the data analyzed is, it’s immediately rendered worthless when presented later than the competitors action.
4. How to use it in the most benefitial way
Human resource is of vital importance in catering data management success through the best SOPs and practices, and so is the promotion and skill development of all personnel across the organization matrix. A business will benefit from its data, or not, depending on how well it’s embraced and applied by its personnel. The more personnel, the more experts there will be in the organization, i.e., should the right skills be honed, the better data analysis the organization will have, and the higher the chances of winning market competition with natural opportunities that come to light. In turn, the better the data management, the broader, more integral and better analytical abilities enthusiasts and experts will have across the board to plan business directions and reduce costs, whilst reducing the risk of problems that may occur in the future at the same time, all of which work in synergy to increase revenue for the entire organization as a whole.
Given all the benefits, having a lot of information doesn’t always spell business success. Quality over quantity, the key to business growth hinges on effective data management, one that drives everything from the very top of the organization, i.e., data-driven vision and mission, all the down the chain of command for data-driven mananagement and decision making according to responsible scope and scale. With it, existing services as well as business opportunities, feasibility and consumer behavior can be identified and acted upon in meaningful ways. Want to meet the needs of consumers, enhance their engagement and experience, retain loyalty and brand royalty, and perhaps develop long-term relationships between the organization and beloved patrons and strategic partners? Here’s how you do it.
Compiled by BLOG.SCGLogistics
References techtalkthai.com, smethailandclub.com, salika.co, peerpower.co.th