Your business probably relies on data more than you might imagine. From your sales team members to your procurement personnel, everyone collects, uses, and interprets data regularly. Yet you might still be lacking when it comes to making the most of the information at your fingertips.
This is where revitalizing and refreshing your data management processes and tools can help. Plenty of companies of all sizes are realizing that a data management upgrade can lead to big benefits. For instance, the better handle you have on your data, the better informed your decisions will be. Similarly, knowing how to dig deeper into your current and historic data can help you avoid avoidable problems.
Below are just some of the ways that modernizing your data management can transform your organization this year.
1. You can spot and clean up data pipeline clogs.
Is your data pipeline running smoothly? Are you sure? Unless you’re applying data observability software tools to your data stores, you could suffer from an unhealthy data pipeline. And that’s a roadblock you can’t afford to keep in place.
Data observability is a technology that gives insights and optimization recommendations to enterprises about their data during any part of the data life cycle. For example, a data observability solution can predict and identify issues at the data process, data reliability, and data pipeline levels of a modern data stack. This way, you’ll always know that your data is working on your behalf and not about to cause you headaches. A smooth-moving data pipeline is one step closer to a higher degree of productivity.
2. You can handle the complexities of data from multiple sources.
Currently, your data may mainly come from mostly internal sources. What if you could accept data from both internal and external sources—and be able to make sense of it all?
The more sophisticated your data management becomes, the more data you can collect and utilize. This includes data that comes into your system from the outside. With the right tools in place, you can scrub and evaluate incoming data. Once it’s cleared as safe, you can weave it into your wider data collections.
Having plenty of the right data on hand allows your teams to make more confident choices. For instance, your marketing staff may be able to improve lead generation. All they need is the assistance of software that can parse critical data and make recommendations accordingly.
3. You can minimize the likelihood of a data security breach.
Data security breaches can be very expensive. Even a relatively small-scale data breach can cost around $50 per record. If you have one million records, you could wind up paying $50 million to resolve the issue.
When you have more control over your data, you can put security measures in place. You might limit some users’ access to certain data. Or, you might double-up on the authentication and passwords needed to unlock data stores.
Cybersecurity isn’t just for large corporations. It’s something all businesses have to contend with in the modern era. Cyber thieves see your data as the key to making money. By keeping your data under heightened “lock and key,” you make it harder to steal over the web.
4. You can free your team from in-office work life.
It’s hardly news that many companies spent 2020 and 2021 in remote quarters. Although your company may not want to go 100% virtual, you may want to entertain a future hybrid arrangement.
How does data management fit into this mix? Let’s say your data is scattered across several platforms or programs. Centralizing your data in a secure, cloud-based “warehouse” environment can make it available to workers anytime. Whether your assistant works in the office next door or across the world, data is just a few clicks away.
A secondary advantage to being able to make your data geographically agnostic is improved worker engagement. When employees have the tools and information they need, they can complete their tasks quickly and professionally. Nothing shows a team you value their input more than making their jobs easier.
5. You can communicate faster with your target audiences.
Data management software comes in many forms. Consider leveraging it as a powerful way to understand what target customer groups are thinking.
An example of this would be to use a social listening tool or program buoyed by AI. The social listening program could analyze the web, including social media platforms, in real-time. When mentions pertaining to your brand, products, or people are made, you could be informed right away.
Imagine how rapidly your team could respond to anything from a stellar review to an unhappy tweet. You could reward a customer a few moments after a glowing testimonial. Or, you could save a good client from going to a competitor. The applications are endless—and so are the opportunities to differentiate your business from the crowd.
Getting on top of your data management practices, as well as making necessary changes, will take time. Nevertheless, the sooner you start, the faster you’ll begin to modernize your company. And that’s a surefire way to stay in a leadership position no matter what your industry.
This is a Contributed Article