The world is becoming increasingly data-driven. As a result, companies are working diligently to collect information and make use of it, ensuring they have an edge over the competition.
With data being more valuable than ever before, businesses no longer see mere entries on a spreadsheet or in a database. Instead, it is a critical organizational asset, one that must be managed and leveraged correctly.
Failing to recognize the full power of your data can be detrimental to any company. It could cause an organization to miss out on an opportunity, negatively impacting the bottom line.
If you want to make sure you are treating your data properly, here’s what you need to know.
A Look Into Data as an Asset
Data actually comes in many forms. What most people think of – the entries in spreadsheets and formal databases – is structured data. It adheres to a specific form factor.
However, there is also semi-structured and unstructured data. Semi-structured data often resembles structured data, though it does not strictly adhere to the form factor. Unstructured data is nearly anything that falls outside of the other categories. Items like emails, social media post comments, photos, infographics and other sources of information can qualify as unstructured.
Making the Most of Your Data Assets
Companies who want to thrive in today’s data-driven world understand that all of these informational sources are valuable, even if they come from unconventional locations. This leads them to create mechanisms for collecting, capturing, and categorizing the information, ensuring they can derive insights from it.
Additionally, they are diligent about securing their data. Processes and solutions are implemented to keep the information out of the hands of ne’er-do-wells and ensure it is not damaged, either intentionally or incidentally.
Often, this means businesses need both technical solutions and skilled professionals in place to manage the data. Precisely what a company requires varies, depending on the types and amounts of data, as well as what they hope to accomplish with it.
Creating a Data Strategy
While data can provide a company with powerful insights, analyzing it only creates value when the process is guided by an overall strategy. Your data teams need to know what they should target for potential discovery. Otherwise, the sheer number of options available can easily become overwhelming.
An effective data strategy will mean different things to different organizations. After all, no two companies have the exact same goals, so you can’t rely on what other businesses are doing to serve as your guidelines. Instead, each entity needs to consider its objectives first, then determine how data can potentially help them achieve their goals.
Ultimately, data is becoming increasingly critical in the world of business, so treating it like an organizational asset is a must. If you would like to learn more, the skilled team at The Squires Group can help. Contact us to discuss your questions with one of our knowledgeable staff members today and see how our data management expertise can benefit you.