Data is an essential resource for any business today.
Yet, data can also hinder your company if not managed correctly. Data collection can be expensive and time-consuming, while data storage costs are not something we can neglect.
Most importantly, though, too much data may mean that you have so many data points that it becomes difficult to see what's important or relevant to your work.
This blog post will explore how businesses should rethink their data management strategy to avoid these issues and get the most out of their data without sacrificing productivity or efficiency!
Analyzing massive data for actionable insight is a significant issue.
Brainpower is perhaps the most scarce resource of all. So data analysts are wrestling with data that keep growing in size and variety and with data that is often noisy, contradictory, and full of holes.
Businesses need to carefully consider what data is essential and relevant for their needs to avoid wasting time and resources on data that isn't necessary. Too much data can lead to difficulty seeing what is needed or appropriate, impacting productivity and efficiency.
A great way to prioritize would be to identify data closely related to the organizational core competencies. For instance, a restaurant channel may wish to store its customer demographic data. It's relevant to their business in a pronounced way. But, keeping their client's medical records may be excessive.
When you have a list of items to track, use the 80/20 rule to filter the most impactful variables.
Let your service providers handle what data relevant to them.
Let's suppose you have a website for your business. You can track wherein the screen your customers lingering longer. You can track how many pages they visit and what items on the page get a lot of attention. You'll quickly learn what your customers want from your website without storing the data yourself.
Your business can spend more time and money focusing on essential things by doing this. Thus, it isn't a bad idea to pass it to a service provider rather than manage it all in-house.
Just make sure that the part you are letting a third party handle complies with data regulations.
Too much data will take up too much storage space.
Data collected incorrectly or stored ineffectively can become useless. As mentioned earlier, data storage costs are not something we can neglect.
It's important to consider what format the data will be stored in and how long it needs to be kept. For most offline analytics purposes, it's better to use relational models. Relational databases effectively reduce data redundancy while allowing data to be searched quickly. For this reason, data warehousing solutions such as Salesforce offer a relational model to manage data of an astronomical scale.
Most importantly, businesses need to regularly clean and delete data that is no longer needed. This will prevent it from taking up too much storage space.
There are a few things to keep in mind when dealing with data. You can avoid common data dilemmas and get the most out of your data by following these tips.
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