Data is now considered one of the most valuable assets in the world – some even say it is the new oil. When used to its full potential, it allows businesses to become more efficient, effective and profitable.
But data is a complex commodity, and organisations are struggling to harness its power and unlock all that it has to offer. Most understand the need to gather data, but are left scratching their heads as to where to start.
To use data effectively, organisations must ask and answer three key questions:
- What type of data do I need to record?
- How should I measure and analyse data?
- How can data collection and analysis drive efficiencies?
Here at BCN Group, we always recommend identifying your end goal to ensure the way you gather and analyse data is aligned with what you want to achieve – making employees more efficient, gaining greater insight, streamlining costs, etc.
From this, you can then identify the data you need to capture. This might be internal financial information, the information of visitors to your website, or management of stock – when it comes to data, there are literally thousands of points to collect and track.
In your hands: the power of data
Once the right data has been captured, the correct analysis needs to be applied to maximise the value it offers. By using tools such as artificial intelligence and human skill, a much clearer view can be obtained and recommendations for improvements made and implemented.
Understanding what data needs to be collected, and how it should be measured and analysed, goes a long way to unlocking its true power, allowing businesses to be more efficient and profitable.
Data and analytics also allow businesses to make smarter decisions based on the evidence and facts available to them.
Given that much of this process can be automated, it also means employees can focus on other aspects of their job function, freeing up time for more detailed and accurate analysis of data and even presenting opportunities for additional training and development.
With great power comes great responsibility
Data provides tremendous upsides, but it does create additional risks that need to be considered and mitigated. Data breaches are becoming increasingly common, and organisations must ensure they have the necessary cyber security protections in place.
When it comes to data, this includes:
- Only grant access to employees that need to use the data, and only grant access to the specific data they need to use
- Under GDPR, make sure you have consent to collect data, only collect the data you need and make sure you have a valid reason for collecting it
- Ensure you have control of the data, and can wipe devices remotely in the event they become lost or stolen
- Make sure employees are properly trained in how to access data safely and securely and understand what threats my look like and what to do if a breach happens
Here at BCN Group, we work closely with our partners to help them understand the power of data, how it can be used to make their businesses more efficient, effective and profitable, and how to unlock its true power in a safe and secure way.
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