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.