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Data-Driven Decisions that can Accelerate your Business

A majority of corporate executives believe that their teams are not using the power of data and data analytics to make crucial business decisions. In some cases, rater people are uncomfortable accessing or making the best use of the data.

The 2019 Deloitte Survey of the Business Leaders found that about 63% of the business executive believes that their teams are not “insight-driven”, means that these teams are not using the power of data to drive strategic and tactical decisions. It was also found that two in three surveyed executives, almost 67% of them, said that they were not confident in their skills to make the best use of the data that is generated by their own team members.

The enterprises may simply lose their significant market share in the world where data is the ultimate ruler above all. With the surge in business data, now there is no time to waste. No matter at which part of the data journey your organization is, it is recommended that to use these four strategies to make the most of the information that is collected.

Identify and Segment Data   

The rule is simple. If you cannot measure, you cannot manage it. This is also the golden rule for data science. Precisely, it is important to organize the principle for data-driven organizations. Consumers of the data that use and interpret your data to need to know exactly from where each of the data segment is coming from.  This process will also help to understand the meaning of each dataset in the broader business context.

One of the common issues faced with data scientist is, they spend almost half of the time finding the right data. It is also important that this is data is accurate and current as this will help to make informed decisions for the business.

Develop your Data Infrastructure through a Well Oiled Machine

The modern data system is based on multiple machine-based technologies. Typically, these systems fail to provide granularity or the insights that are important for the data teams to support, manage and move the data across the business.

The best approach is to reduce the risk of unexpected data emergencies by keeping a close watch on your data at the infrastructure or the data compute level. Data scaling and optimization becomes difficult if you are facing frequent outages or performance degradation issues.

Issues such as these can be resolved with the help of a data observability solution that is capable of predicting and fixing issues automatically before they impact the performance or create unplanned outages.

Develop Data Links

It is very important for you to know where your data comes from and what is its meaning for a strong start. But some of the organizations have mastered their data go and developed direct linkages between the collected or the processed data and the business process outputs.

One of the best examples is the business that ships or stocks physical items. Such businesses heavily rely on real-time data and location tracking system to inform and develop strategical and tactical decisions around their inventory management system. In such cases, the value of such a data type is so clear that data usage is carried out without a second thought.

Being the business owner, it is you who best know the value of your data and the way in which it can be used best. You and your team also understand the ways in which a good linkage can be developed to help the business grow.

Make your Data Accessible, Legible, and Secure

All the data that you have developed can be useful if it is difficult to understand. The data should also be easily accessible and must also be protected from the people who do not want it or can use it unwisely. The best approach is to establish data governance in the company. This will help to determine who can take cation s on the data. Other steps that can be taken include:

  • Use metadata and rich subjective texts to convey the contents and purpose of the data sets.
  • Make the best use of secure data management techniques and platforms to make sure that your organization’s data is accessible wherever needed.
  • It is also recommended that you develop a hierarchy of all the collected data to measure its importance and sensitivity, which can be done by linking the access permissions wisely.
  • Make the best use of the multiple layers of data security. A perfect link between them by the principle of less permission to mitigate the inside threats will keep your data invisible to the outsiders.

Data that belong to your company is your most valuable asset. This data must be leveraged in the most effective manner. Each of the strategies mentioned above will help you maximize your data infrastructure and the visibility to getting risks installing the best practices and principles to establish data governance.  The overall idea is to use the data effectively and generate revenue for the business.

SourceForbes

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