Access to critical, value-adding data can be the difference between a successful business decision, and an expensive mistake. However, with data spread across multiple systems, used by siloed teams across departments in isolation, data management becomes difficult, ineffective and inefficient. Without the full 360-degree picture of your whole organisation, your business may be at a disadvantage. Those organisations using data in the most effective way have seen greater success in delivering overall business efficiency and higher profits.
IT systems can streamline business processes and ensure that departments have access to the data they need to deliver real value. Here, we evaluate three benefits of a Data Management System and how they enable better, cost-effective decision-making.
1. Harmonised data sets provide accurate reporting and deeper levels of insights
Unstructured data is not useful by itself. When data is disorganised, and with duplicated records likely, data cannot be used to gain accurate insights and is more likely to confuse most business professionals. With a true data management solution implemented, companies can start harnessing the true value of their data through a single record and gain a deeper level of insights through detailed analytics.
A data management system should enable you to manipulate data from across your organisation to create key performance reports that highlight important trends and prevent the miscalculation of critical business decisions. Implementing a data management system saves valuable time and ensures that key decisions are made with the entire organisation in mind.
Navigating your data efficiently drastically cuts down time spent on analysis and allows your company to make data-driven decisions quickly, with improved accuracy and with the knowledge that you are using your data in the best possible way.
2. Unifying your data breaks down data silos
Data silos limit the value of your data. A common issue faced by organisations with any form of hierarchy is the inability to share data across departments within the company. This may be due to technical or cultural reasons. Unifying data addresses the technical factors.
The Operations department may be collecting valuable data regarding product lines which aren’t selling well which could be useful to the Sales and Marketing team, but a lack of system communication, means that these insights are lost leading to loss of revenues. Collaboration with the Sales and Marketing team could mean a targeted promotion to key customers with buying patterns which match the product in question.
This siloed approach to data management is hiding the true value of many companies’ data and limiting the effectiveness of every business process. Using an omnichannel data management system to integrate and harmonise data sets enables companies to share data across departments in real time and most importantly across all channels.
Sharing information across the organisation will enhance the ability to make data-driven decisions across the hierarchy that can drive real return on investment and improve the bottom line, by quantifying decisions and monitoring and evaluating success.
3. Adopt a company-wide ‘data first’ approach for business agility
The key to success in the internet age is the ability to shift focus as new issues are presented, which means that companies need the ability to operate with agility. The data processes within an organisation need to reflect this agility by enabling every department to use the information that will help them to deliver the most value and profits.
Once companies move beyond data silos, and integrate data company-wide, the risk of overlooking key data streams is reduced. This will likely mean that departments should be stepping outside of traditional roles and start implementing a ‘data first’ mentality to streamline business processes and make the most of the organisation’s data.
Giving every department the power to utilise the data that will be most valuable, regardless of where it is stored, allows a company to forecast the market with greater accuracy and react to issues as they appear, shifting from a reactive approach to a proactive approach. A data management solution delivers actionable insights that would be impossible with traditional siloed approaches to data.
Data is your company’s most valuable asset when used correctly. Controlling and utilising your data effectively is an opportunity to implement better business processes that deliver deeper levels of insight and improve your capacity to make well-judged decisions.
Reducing risk is achieved by sharing your data across departments and platforms to ensure that everyone in your company has the most relevant information available, regardless of where they sit in the hierarchy.
If you would like to know more about Data Clarity’s data management solutions, contact our team here.