Data is all-pervasive in the modern world of business. Regardless of the industry, every company uses data in its daily operations to further its objectives or evaluate its performance. Furthermore, data helps identify prospects, trends, customer behaviors, and workflow. However, these results can only be in your favor if you have a solid data management strategy.
Data management refers to gathering, validating, protecting, storing, and using data in reliable, accessible, and meaningful ways. Without proper structure and control, it can be challenging to effectively evaluate sales data to identify trends, workflow improvements, or marketing opportunities. Inaccurate records or poor data can cost a company a lot of time and money. Thus, businesses must improve their data management. For this reason, we’ve compiled a list of tips you may use to improve data efficiency in your company.
- Assemble a data management team for the business
The efficiency of your data management personnel is just as important as the technologies you use to handle your data. It’s crucial to realize that whether or not you have a specialized team, you still need skilled and knowledgeable employees to manage data collection and application. Every organization needs to invest in assembling a motivated data management staff. However, you don’t have to compel your employees to register in pricey and time-consuming degree programs because there is an alternative. Today, data analytics bootcamps online provide candidates with foundational knowledge, hands-on training, and several technical skills development. Since these bootcamps are online, your workforce can easily manage them alongside work commitments.
2. Make the data accessible to the right people
The balance between data security and convenience is delicate. Security in data management refers to limiting access to the reports and data to those authorized. Nobody from the outside can access or read the data.
On the other hand, accessibility refers to how simple it is for the appropriate individuals to access the data. The easiest method to prevent this issue is to invest in data management software and ensure that rights and permissions are set up per a user’s role in the data. For example, lower-level workers might not require access to the system. Still, they could access a view-only zone where they cannot alter the data. So, ensure your data management system permits you only to grant the appropriate staff access permission and shut out everyone else.
3. Ensure data compliance
Compliance should be an essential factor any business takes into account while managing data. Companies must abide by several data protection laws and rules to avoid penalties, legal consequences, and irreparable harm to their reputations. Take GDPR as an illustration. This law, introduced in May 2018 to give people more access to their personal information, is arguably the most well-known data security regulation.
A 2021 REaD Group survey shows that 85% of SMEs are aware of GDPR. The survey also revealed that 25% of SMEs do not maintain data compliance standards or undertake data cleaning operations. If your company falls into this category, it is time to incorporate GDPR compliance into your data management strategy.
4. Consider platforms for data management
Data management systems provide small organizations with a cost-effective and complete data management solution by assisting them in cleaning, enhancing, and organizing their data. Finding the “best” or most well-reviewed option is not the most crucial step in choosing a data management platform. Instead, search for one that focuses on the requirements of small enterprises.
The most critical thing is to look for a framework that employees within the company can quickly grasp and use for their work. Setting up your data management platform for success and selecting the best one for your company is crucial. Review the add-on and native security mechanisms appropriate for your preferred data management platform first. Businesses should also think about switching, when possible, to cloud data management systems, which offer a total view and better connection with other small organizational software.
5. Always back up your data
Data is the foundation of your organization, so it’s critical that it is protected against loss and regularly backed up. By frequently backing up your database, you can prevent data loss. Think about using one of the following methods to back up your data:
- Cloud storage for data backup
- Frequently export data to external hard drives.
Whatever method you use to back up your data, remember that you must constantly clean, remove, and upgrade backups to comply with data protection requirements. For instance, if a customer requests that their information be removed from your archives, you must also remove it from any backup files you may have.
6. Prioritize your data quality
Limiting data collection to what is essential and the sources that can provide it is an excellent method for increasing the quality of your data. Anything else is extra if it doesn’t contribute to the expansion of your business. As a result, make sure your data is accurate and hassle-free. Use real-time data-gathering software to accomplish this. To prevent clutter and to help in decision-making, remove any old data from the software. Even if most operations are computerized, some still need to be done by hand. To guarantee the integrity of the data, trained personnel performing the manual setup are necessary.
7. Focus on producing fresh data
Getting new data is one of the main problems that businesses have. Collecting a comparable amount of incredibly accurate and current data might take a while. Along with the continued management of your existing data, it’s critical to concentrate on new data production as an element of your data management plan. Let’s understand this with the example of customer data collection. There are numerous methods for doing this, many of which entail marketing initiatives for customer acquisition. Typical data collection methods include:
- Instagram – postings and videos intended to lure in new clients and leads
- Facebook: advertising, business profiles, messenger, and streaming video
- Long-form educational and entertaining videos on YouTube
- TikTok — a platform for quick educational or amusing videos
- SEO content: attracting the correct audiences with pertinent web content to gain consumers through organic search
- Paid social—concise, visually, and verbally appealing advertising
- Paid search, which uses search advertising to generate leads
- Customer loyalty programs, point systems, and word-of-mouth referrals
You can observe that every business, regardless of its industry or domain, eventually depends on the collective data. Today, organizations and enterprises are gathering data at a quick rate, whether it be healthcare-related like pcnok or education-based like Lifewire. However, it is only helpful if you know how to manage and utilize raw data to its fullest extent. Only businesses today that can successfully collect, manage, and use data-driven insights may gain an advantage over their rivals. Consequently, having a successful data management plan is essential for your company. Use the advice in this article to help you enhance data management in your company.