Business data management, In a nutshell – expert advice from Mark Evans-Martin at Sumaq LtdClick here to view the transcript
– Could there be data errors, within your business?
– Are you confident that your own data is accurate enough, for you to rely on, to help you make financial, marketing, or sales decisions?
– Are you confident that the data you are collecting, and using, is clean, accurate, and most importantly managed effectively?
– And are you often asking yourself, could I achieve more income, and profit, and customer loyalty, if only my data was accurate, and trustworthy?
– Or are you ‘bloated’ with data, because you are too scared to get rid of it?
– Or is the data you hold, actually accurate, but is actually useless to your business?
To establish a solid plan, to evaluate the quality of your business data, start from the principle that ‘ALL data is ‘useless’, unless someone in your business can justify its existence’
Plan for the future and anticipate growth, challenge the information you hold, and ask yourself is it really getting me results? Get the precise information you need, which will help to realign your business priorities, and improve productivity within your organisation.
Your final objective to your own internal data audit, is develop a system that has the facilities to make your data “fit for your business”, consider the benefits of automating data input flows, as far greater accuracy can be achieved. And for viewing and sharing data, adopt a system that uses a visual interface, a ‘dashboard or ‘info-graphics’, that automatically update to reflect performance and results, these are excellent methods to motivate and inform individuals. Remember “a successful business measures, not only the profit and costs, but also the benefits of improved, and enhanced data quality.”