Strategies for Managing Data for Making Good Business Decisions

August 16, 2023

3 min read

Strategies for Managing Data for Making Good Business Decisions

Every day, companies deal with more and more information. If this data is handled well, it can give insights that can help make strategic choices. But to use this potential to its fullest, careful planning and strong data management methods are needed. This piece will look at some of the most important ways to manage data and how they can help businesses make better decisions.

Novatech helps companies structure, manage, and integrate data as part of our Managed IT Services division. We adhere to the policies we are mentioning in this piece and we understand the importance of data for every department within an organization. Our goal, when helping our clients with their data, is to ensure your data is just as safe as we would require of our own data and to have the highest industry standards to protect your most important business asset, your data.


How to figure out what your data is worth

Recognizing the value of your data is the first step in making a good plan for how to handle it. All data is not made equal. Some information will directly affect your choices and actions, while other information may not be as important. If you know how valuable each set of data is, you can put them in order of importance and put more resources toward data that could have a bigger effect.

Knowing the value will determine how the data is stored, how it is backed up, and how it is prioritized. If you do most business through email, and you work with sensitive data often, then the application of data security will focus more heavily on your email systems. However, if the data that is sensitive is contained in an Electronic Medical Records (EHR) database, then our approach would need to be different to help your company. Our goal is to understand what data matters the most, and ensure that data is protected and secure.


Governance of data and quality

Data control is the process of making sure that data is available, usable, correct, and safe. A good governance strategy has clear steps for storing, archiving, backing up, and protecting data. In the same way, making sure data quality is important. Incorrect or missing data can lead to bad choices, so it’s important to clean and check your data often.


Data Integration

Most businesses get their data from different places, which makes it hard to combine and study. By putting all of this information into a single, unified view, companies can learn more about how their operations work as a whole. This can be done with the help of tools like enterprise resource planning (ERP) and customer relationship management (CRM) programs.


Safety and compliance

With the number of data breaches going up and laws getting stricter, data security and compliance can’t be ignored. Along with regular audits, strong security steps like encryption and two-factor authentication can help keep your data safe and in compliance.


Leveraging data analytics

Once you have a plan for managing your data, the next step is to look at the data. This means using analytical tools and algorithms to find patterns, trends, and insights that can help make strategic choices. Implementing tools for big data analytics can be very helpful for companies that deal with a lot of data.


Putting money into training and developing skills

Lastly, it’s important to put money into training and skill-building for your team. Effective data management requires the work of a team, and everyone involved needs to know the basics of data management and analytics.

In the end, a good data management strategy can turn raw data into insights that businesses can use to make smart, strategic choices. By knowing the value of your data, making sure its quality, integrating data sources, putting security first, using analytics, and investing in skill development, you can make the most of your data and steer your business toward success.

Contact our experts today to learn more about our Managed IT Services.

Written By: Editorial Team

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