Many of us like to think of data as bits of information floating around in the cloud — after all, what other way is there to envision something that’s more or less invisible to the naked eye? Well, if that’s how you refer to the data in your network, then it’s likely you’re treating it as such, too. The problem with this is that data deserves more respect than it’s getting. When companies make big decisions based on what they consider a ‘single-entity of data,’ they might be missing a lot of worthy information and could end up making a costly choice because of that.
The Deal with Data
There are currently a lot of trends surrounding data, but sometimes it’s not about the data itself — it’s about how you’re managing it. Because data is so fundamental to business operations, it’s time that we start treating data as a valuable asset to the company. Whether you need to imagine data wearing a suit and tie to work every day or that it’s sitting in the conference room at a team meeting, that’s fine. But, if you don’t, there may as well be big consequences for your company.
Unfortunately, it’s not so easy. The problem is, data is just too big. When it comes to gaining real value from interpreting data, it’s impossible to know where to begin. This is why companies are starting to look at data lakes and other solutions to help find what’s valuable, without wasting time on shuffling through data that might not serve a purpose. While data lakes might be out of the question for your business, there is a lot you can do on your own, first.
How to Make Data a True Asset
Just as you would set certain protocols and management tasks as a company leader, data shouldn’t be left out from this. Remember, data in many ways is an enterprise. Therefore, those same protocols and principles you assign to anything else in your company should also be assigned to data. Just as you would measure an employee’s performance, calculate your sales, or monitor your network’s security, you should monetize, measure, and manage your data the same way. This way, you can be sure that the information you gain from this data is truly meaningful, without any part of it being overlooked.
Apply Analytics to Data
How would you really internalize potentially imperative information at your company?
You would analyze it.
So, data needs to be analyzed, too, in the appropriate manner — just as you would apply analytics to any other aspect of your business. If you want real ROI, then it’s absolutely necessary to put data under the microscope. This can be hard when there is just a plethora of data out there, waiting to be sorted. Therefore, data needs to be evaluated while being combined with the analyses done on sales, marketing, and feedback.
If you’re not quite sure how to go about this, keep in mind that there are several lenses with which to look at data. According to James Burke, director at ISG, you can proceed this way:
- Descriptive analytics: What happened?
- Diagnostic analytics: Why did something happen?
- Predictive analytics: What will happen next?
- Prescriptive analytics: How can we make something happen?
Today, there are many resources companies can utilize to help analyze their data correctly and treat that information as an asset. When done consistently, companies will see positive results.
How Outsourcing a CIO Can Help With This
The right data can tell us about our business. If your company is eager to find strategies to grow, then it’s worth looking at that data to see if it holds any clues. Likewise, companies don’t want to spend money on resources they don’t need, especially if that budget is needed elsewhere. When treated as an asset, data can be very valuable in terms of understanding your business because it can give companies a better visual of what’s really necessary. But, this is difficult for companies to do on their own.
Outsourcing your CIO — a professional who knows how to do all of this. They know what to look for, how to analyze it, and how to apply it to future decisions. They know what to take from a large amount of data, putting it under the microscope to find what’s valuable. They know what they are doing and how to help you. Investing in a CIO, then, will save your company a lot of time and money in the long run.