No matter what industry you operate in or what stage in your growth you’ve reached, you understand the importance of data management. What may be less understood, however, is that data management is not automatically an asset.
In order to get the most out the data you generate, you need to have the right capabilities at your disposal. And unless you’ve devised a data management strategy in a very intentional way, you may be lacking capabilities that empower you to leverage the full value of that data. Here are a few that are essential for today’s businesses.
The Ability to View All Data at Once
An incomplete data set creates a lot of unnecessary obstacles. And in the worst cases can lead to catastrophic errors. Unfortunately, many companies end up separating their data into silos, whether intentionally or unintentionally. That is like looking out of one eye only. As part of your data management strategy, you should have the ability to collect, view, and update all of your relevant data in one location. Tools like ERP financial software can help you integrate info from your sales, marketing, and logistics departments with your overall financial records to get an effective top-down picture.
The Ability to Record and Receive Real-Time Updates
Out of date data is just as big a problem as incomplete data. Figures that have not been updated for weeks or even months give you an inaccurate look at your company. And if you’re making decisions based on data that is just a little off or seconds too old, it can still put you at a disadvantage. Data management must include the capability to see any and all updates in real time. That way both you and your team are working with the freshest insights.
The Ability to Engage with Data on the Go
What good is your data if it can only be accessed within the confines of your office or at a single terminal? Mobility is essential in today’s business climate, but important data remains bound to specific locations. That puts your team at a distinct disadvantage when they are meeting with clients, traveling for work, or based out of a home office. Making sure that data is fully mobile can be a real challenge — but it’s one that must be overcome if your data is going to deliver on all its promise.
The Ability to Establish Policies and Practices
Where many data management strategies go off the rails is when users start engaging with data according to their own preferences rather than universal policies and practices. This quickly causes data to become disorganized, redundant, corrupt, and invaluable. Your current data management strategy may have outlined best practices, but in the absence of tools that help you standardize data usage and monitor users, it’s easy for best practices to get tossed out of the window.
The Ability to Control Costs and Confusion
Data management is such an extensive responsibility that many enterprises begin to rely on a constellation of technologies to handle the workload. But the cost of those technologies adds up. Worse, the confusion on the part of both users and administrators starts to mount when tools are not interoperable and collaborative. Ultimately, you fall short of your data management goals while encountering a lot of setbacks along the way. Being able to rely on a single tool that provides all the features and functions you need serves the interests of all.
To underscore the importance of effective data management, just consider the consequences of even a minor data disaster at your company. You could lose clients, contracts, and competitive edge even if tiny mistakes are made. Making sure you have the capabilities you really need rather than merely the flashiest or most futuristic helps you to treat all your data with the importance that it deserves.
