Why Your Data Has Value
Many blogs in the realm of data management, data quality, analytics, etc. go to painstaking lengths to get into the nitty gritty of managing, cleaning, and interpreting data. What a lot of these blogs miss is the bigger picture. By that I mean we need to take a step back to come to consensus that all of these metrics we’re measuring and manipulating are valuable to an organization.
The purpose of recognizing data’s value is clear - without accepting that this data is valuable, then there’s no reason to store it, manipulate it, or let it guide how we run our businesses.
How Difficult is Business Without Data
If you’re unsure if running a data-driven business is all it’s cracked up to be, we have a bit of a surprise for you - you’re already running a data-driven business, at least to some degree. If you’re in retail, you have way to track quantities and costs associated with inventory, don’t you? And a way to track sales to check against your inventory levels? The point is, every business utilizes data in some manner. What separates mosts businesses is to the degree each business is willing to go to use its data to running a more efficient organization. One thing we should all be able to agree on is this: without data, running your business would be impossible.
Increase Your Data’s Value
If data is important to running your business, how can we increase its value to your organization? This can be achieved in a number of ways:
-Make your data more accurate by using a data quality process
-Use more data points to adopt data-driven decision making to more parts of the business
-Make data more accessible to the decision-makers in your team
-Data needs to be part of the supporting argument for decisions within your business
If you accept that data is an asset to your business, doesn’t it make sense to make that asset as valuable to your business as possible? One of the first steps to increasing the value of your data is by making sure the quality of your data is high. You can find out how to adopt a data quality process here, and start increasing your data’s value in just five steps.