A data-driven business makes smart, well-informed decisions
It’s often said that an organisation’s most important asset is its people. No argument there. Following hard on the heels of people is your data. Whether its propriety solutions, empirical data or your marketing and CRM systems, data is critical for most businesses.
Businesses that exploit their data effectively – use data storage and management technologies that are ‘easily scalable and elastic’. Data silos resulting from legacy technology have been removed and collaboration both internally and externally are key to growth.
Key data management pillars that can drive your business growth are…
- Unimpeded access to data, regardless of its location and format
- Using data to inform, support and drive critical business decisions
- Using data strategically to grow revenue and identifying new business opportunities
- Fully exploit the ability to collaborate and share data securely with external partners
Businesses that are able to do this will have a genuine edge over their competitors who don’t manage data as an asset. Organisations managing data to its full potential, will use it for informed strategic direction and improved decisions making on critical issues.
Many businesses still use legacy on-premises technology which is neither scalable nor accessible in the same way that data is on cloud data systems. This can mean internal data silos still exist and therefore unintentional restricted access or the inability to use data outside of its host system. There is a very real danger that businesses that aren’t using their data to its full potential will be left behind by their competitors.
Contrast this with data-literate businesses that have repositioned themselves as ‘data-forward’. They have decommissioned or are working to remove any and all technologies that do not support this; and are replacing legacy systems with cloud data platforms that are scalable, elastic, accessible and able to manage near-unlimited volumes.
Data literacy drives success and you don’t need to be a data analyst to benefit from always on, unfettered access to your own data and knowledge base.