The foundation of any business is composed of three things: the products/services offered, the people who keep the company running and the data that demonstrates past decisions and supports future decisions. Data is the backbone of every business. It is filled with useful nuggets of information, detailing past business trends, successes (and failures) and opportunities for growth moving forward. The data can assist your business in many ways, including in the development of new offerings, boosting total revenue and better managing your company’s costs.
With all the potential your company’s data possesses, it’s important to treat it as the asset it truly is, rather than just the history many see it as. The best way to successfully move forward is to understand that history by analyzing that data that represents your company’s past. And once your company chooses to invest more in utilizing its data as an asset, here’s what you need to consider:
- How you manage and organize the data: Data is merely a pool of numbers and statistics without any meaning behind it. Consider how it is stored as well as organization options that are available that will help you derive insight from the data. Through accurately labeling the data so it can be easily organized, dissected and analyzed during your decision-making process, the next breakthrough moment for your company could only be a few reports away.
- How you train business users to read data: Without proper training on how to aggregate the data, your users are no more useful than that pool of numbers and statistics. Your company’s strength comes from great products/services and great people who work with them. Take the time to train your users on how to pull data for reports and read the findings to make beneficial conclusions.
- How well you protect your data: Your data must be protected just as carefully as you would protect any other valuable company property. That data not only can guide the path to your company’s future success, but it can weaken your business advantages if it falls into the wrong hands. As your company builds infrastructure around its data, it’s important to build a protection plan for its safety.
- How to know what to search for: What types of trends or data are you seeking? Your data is filled with nuggets of gold that could push your company to new heights. By setting specific goals about what your company hopes to achieve, you will more easily search for, and uncover, that data that will tell you what’s truly occurring in your business as well as how to achieve your goals.
- How to keep data useful: Over time, your data will begin to decay, often at the trend of two percent a month. As a result, to ensure your data remains a viable asset to your company, do the required regular maintenance to keep your data as clean and accurate as possible.
Data, when used and maintained efficiently, can be quite the game changer for any business. It provides your company with priceless details regarding your current standing and any potential for growth or expansion. By treating your data as the asset that it is, it will be given the required priority for maintenance and organization. And by doing so, your data will stay in the hands of key personnel and be used properly so that it effectively supports your most important business decisions.
About the Author:
TopLine Strategies delivers the complete integration and development of sales, marketing and customer service technologies that enable corporate clientele to improve revenue streams and strengthen customer interactions. Our project management and consulting is designed to achieve timely delivery, 100 percent user adoption of the technologies we implement and deliver measurable returns on investments for our clients.