How to Turn Data into Business Insight

In today’s data-driven world, available data sources grow day after day. For some, this might be a good thing, but for many companies, it brings up a lot of challenges to deal with. Lack of definition when it comes to data volumes is generally one of the main issues.

Businesses are already drowning in data, and it is challenging for them to make it accurate, accessible, and available for taking critical actions and improving revenue growth.

Below are some ways to help you gather and analyze data for day-to-day needs and tactical decisions.

 

Avoid Silos

With the massive increase in data volume, sources and formats, large amounts of historical or reference data (stored in silos), companies need to leverage information across the platforms. Much is held across multiple different applications, from mailing lists to payroll programs.

Only some employees have access to all data. However, if your company wants to make your data valuable, all your teams need to access comprehensive, real-time data insights.

Implementing a solution that connects employees with the most relevant information and insights will be essential to bridge gaps between people and data.

 

Data Governance

Most of us regard data governance as something negative. It is often seen as a necessary expense that is used to stay out of trouble when the auditors knock on the door. Data workers may also consider governance as a restriction to their productivity due to the complicated controls and processed they need to handle on a daily basis.

The good news is that there are fundamental changes implemented in this area. New company requirements, the increasing needs of business users, and the recognition that trusted, high-quality data will be the differentiator that drives better business outcomes.

Data Management Solution

Companies must find a data platform to ingest data from transactional activity, real-time activity, and document databases. Platforms should able to take on data of different types, from different environments and of different ages to normalize and make sense of it.

Interoperability is key. Any solution should include those diverse databases and silos, bring the information back, and interprets it in real time.

Data platforms should also be agile. Companies need to save data where it is required and make sure it remains available. Businesses should always ensure they can filter the data they want from the information they don’t need.

The challenges posed by data growth are evident. In meeting those, companies should look for data platforms that can combine different types of data from multiple sources with real-time analytics able to drive enhanced business insight and decision-making.

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