Category Archives: Summer 2013

Five steps to maximise the value of data

Tens of billions of dollars have been spent on collecting data. For data to become a strategic asset, the following 5 steps should be considered in parallel to existing systems and processes in managing data: (1) Collect and Send, (2) Receive and Validate, (3) Review and Approve, (4) Load and Publish, (5) Report and Distribute. The maximum benefit in adopting the above steps will only be achieved if harvesting the data is easy, fast, accurate, reliable and flexible. This is critical when using the data to drive the decision making process as a competitive advantage.

For the process to be successful, people within organisations need to be given time to acquire new data skills (experimenting and analysing information) to innovate and create new products and data driven services. However, the flip side to this is to be wary of data misuse by ensuring errors aren’t compounding in data models. Consider having different parts of the business champion and challenge data outcomes to ensure the best decisions are made; confirm access issues are resolved to ensure all the data is available for decision making; and that customer privacy issues are protected.

If the issues above sound familiar or other data problems make you feel like your ship is sinking, give us a call, we can help.

Want to see all your data in one place?

Question: Do you rely on data to determine how your project is progressing? Here are 4 reasons decision makers find themselves flying blind, and 4 ways to eliminate the danger:

  1. Data silos: When your data is stored in multiple spread sheets, systems and applications, it’s difficult to see the big picture, and more importantly to understand trends. By accessing all your data in the right context, you eliminate unnecessary guesswork, increase productivity and improve the decision-making process.
  2. Access to timely data: Waiting for daily/weekly/monthly reports, results in missed opportunities. These opportunities aren’t evident until after the reports are delivered, by this time the window of opportunity has closed and opportunity lost.
  3. Ensure a single point of truth: Draw data directly from the source, eliminate internal debate over data integrity and spend more time completing required tasks.
  4. Increase transparency of data: By establishing good processes to share accurate and timely data, you increase efficiency and improve the decision-making process by accessing legitimate data.

If the issues above sound familiar or other data problems make you feel like you’re flying blind give us a call, we can help.