Businesses in 2020 need to find the best ways to improve their flexibility and their strategies for innovation. At the core of these goals is data. As the Internet of Things continues to grow, and everything from wearable tech to Kindles to self-driving cars provides organizations with endless streams of data, it is becoming a challenge to use that data effectively. Now, businesses have access to almost unwieldy amounts of information, and with data streams being cross-platform, management and analysis is even more challenging. As we head into a new decade, brands that fail to use their data effectively are going to limit their potential for expansion. From faster responses to real-time developments or for providing the insights that you need, here are some tips for getting more from your data in 2020.
Build a Data Team
Data is such a huge element of modern business management that you will seriously limit yourself if you hand over data analysis to your interns or allocate roles according to workload. Ideally, you need to create a data team that will take over every element of your data management so that you can get faster and more professionally delivered analysis and response suggestions to your information. Ensure that your data management team’s goals are aligned with your overall business goals so that critical decisions can be made based on real-time data.
Data Sharing
The results of your data should not be kept a secret. The value of data lies in its ability to drive business decisions, and that covers everything from your marketing department to your HR team. Plan for a data management strategy that allows for unimpeded access to the core data itself and the reports that your data team creates from that information. It is all too easy to fall into the trap of siloed data collection, especially if you run multiple applications for gathering and analyzing data. You need a data architecture that follows the data lake format that allows for easier access to vast volumes of data from every source that you collect from. Data fabric has become data mesh, and you need a centralized approach to work effectively.
Dark Data
Whether you’re looking at your data before it is structured or not, there is always the risk of accumulating dark data (sometimes referred to as dusty data). This is the information that you collect that has little to no value and is most commonly seen in the data sets that you collect to remain legally compliant. Website log files and customer call records are a good example of dark data, and the problem with accumulating this information is that storing and securing it can be costly, especially if you are not using it. There is a high level of debate regarding the importance of dark data and how it can be used, but for those that are not using it then archiving is going to be critical for keeping data management costs down.
2020 looks set to be the year that big data becomes the most valuable tool at your disposal. If you are not yet using your data then you are missing out on valuable information that can help drive your business growth and boost your profitability. Take the time to learn as much as possible about the value of data and how to use it for more chances of business success.
