Transform your data into strategic value and unlock your competitive advantage
Does your organization have a data strategy? Do you leverage the power of advanced analytics to streamline data processes and improve operational efficiency? Or are you simply overwhelmed by vast volumes of data? A solid data strategy ensures organizations have the high-quality data they need to uncover valuable insights that support smarter decision-making.
By now we’ve all heard that data is the new gold and today, organizations are figuring out ways to include their data as a business asset in their balance sheets. These organizations are increasingly aware of the crucial link between data and business value. But not everyone is there yet. Research shows that most organizations are only capturing a fraction of the potential value from data. And one thing is clear- those who neglect data are missing out on revenue-driving opportunities.
Data-driven culture
So, how do you start unlocking the business value of your data? That’s the question business leaders are asking themselves. Because the benefits of leveraging data are clear – organizations can enhance their business effectiveness and efficiency and gain higher output and productivity.
To unlock the value of your data, you need to put data at the heart of your organization and establish a data-driven culture. But first, you need to understand why and how data can support your specific business goals. What is it you want to know about your business? What are the questions you want to answer? Once you know this, you can start establishing your data-driven strategy and move forward with an organizational structure that supports the vision and guiding principles of your strategy. For instance, you might decide to appoint a chief data officer or ‘data champion’ to help implement good data principles.
Quality is key
High-quality data allows organizations to become truly digital and data-driven. And, crucially, you need easy access to real-time, accurate, and reliable data is needed to derive valuable insights and support better decision-making. But many organizations rely on data that’s stale or difficult to access. It’s also common for organizations to waste valuable storage space on inaccurate, incomplete, irrelevant, outdated, or duplicated data which can severely damage business strategy.
So how can you improve data quality and where do you start? Well, let’s look how and where it’s stored…
Remove the silos
Does your organization have a centralized data source? Or do you store siloed data in separate databases and confine your business data to each application? If your data is stored in silos, you’re most likely limiting your opportunities. And, making it difficult for users to extract data and share the information.
In recent years, organizations have moved away from costly, outdated stand-alone tools and today, with the new breed of ERP cloud solutions, it’s possible to aggregate sharable real-time data even through a mobile app. By leveraging user-friendly analytical tools, you can draw analyses into one central dashboard and use visualization software to interpret analytical trends and complex data. And, because these intuitive tools can be used by anyone in the organization, they help drive performance in many new and exciting ways.
Quality is more than just compliance
After the introduction of data regulations, such as GDPR, many organizations implemented data protection processes and policies to ensure all personal data was up-to-date. This was mainly done in reaction to these regulations and to avoid hefty fines handed out for non-compliance. But organizations need to understand that a strong data strategy encompasses much more than compliance. And if they focus solely on compliance, they risk missing the key benefit of data management.
Unlock the full potential of your data
“If you can measure your data, you can make it better”—this is a guiding principle for data management. Today organizations need to deal with huge volumes of data, and the data itself is also increasingly complex. Most ERP solutions are great at collecting data from internal and external sources but oftentimes they don’t provide the analytics needed to analyze the data and derive insights into the organization’s performance. Thankfully with developments in the area of Artificial Intelligence (AI) such as machine learning, organizations can process data and quickly transform it into actionable business intelligence. This data can be used to derive valuable insights for more informed decision-making not only to support business goals but also to enable quick, agile responses to market changes.
Data that’s accessible to everyone
When mass quantities of data are stored in the cloud, it’s easier for organizations to harness data from multiple sources such as web traffic, social media, CRM, and ERP applications. Combine this data with tools like the Power Platform and Power BI, and users can quickly analyze and interpret the data. But it’s also important that this data is in the hands of the right people.
In the past, organizations relied heavily on data analysts. And, oftentimes, these were the only resources that had the know-how to access and interpret the data. Thankfully today everyone can get involved and add value to the business. From the CEO to the sales frontline, everyone is empowered to access, analyze, and act on relevant business data and drive valuable business impact.
The bottom line?
When all your data is stored together in one place, custom apps and processes can interact with a single, centralized set of data shapes and business logic. This offers significant savings. It ensures everyone can use the data and enables the entire organization to spend more time focusing on other priorities that bring business value. A solid data strategy encompasses the tools, processes, and policy rules that define how you manage, analyze, and act upon business data. However, a strict data strategy can stifle innovation and competition so it’s important to get the right balance.
Want to know more?
Download our ebook “5 Steps Guide to International ERP” and learn more about the steps to having a sucessful International ERP solution.
To discuss how Pipol can help you define your data strategy and turn your data into a competitive advantage, get in touch with us today.
