Data control is a business activity that encompasses the collection, storage and management of vast amounts of information generated within a company on a daily basis.
This practice is considered one of the most important pillars for business success, providing essential guidance for strategic decision making.
Data-driven decision making allows managers to move away from guesswork and leverage concrete sources. According to a report by Capgemini consultancy, data-centric organizations achieve 22% higher profits.
Fortunately, advancements in technology have made it easier to gather consumer information. However, effective use of this data requires adherence to guidelines, as inefficient management can pose risks to the company.
So, what are these guidelines? How can you effectively control the data generated by your business? Keep reading this article to uncover the answers to these questions and more.
Alongside data control, data analysis plays a crucial role in business success. Check out our post on Types of data analysis: 6 steps to put into practice for further insights.
Data control involves the collection, storage and use of consumer information by companies.
To put it into practice, organizations must leverage modern and secure tools that not only facilitate data gathering, but also ensure its utmost protection, mitigating the risk of any potential breaches.
When customer information is lost or mishandled, it becomes challenging to understand their consumption habits and identify the most effective communication channels, directly impacting the accuracy of managerial decision-making.
To recognize the importance of information as the foundation for strategic decisions; some companies now employ Artificial Intelligence (AI) to enhance data management efficiency.
By harnessing the power of data, businesses gain valuable insights into their target audience, enabling them to craft comprehensive marketing strategies that cater to each stage of the customer journey.
Data control is often facilitated through the use of dashboards. Continue reading to learn more about the purpose and functionality of dashboards.
It is crucial to grasp the distinction between data and information to avoid confusion, as these terms may seem similar.
According to Valdemar W. Setzer’s article, “Data, Information, Knowledge and Competence”, data is a sequence of quantifiable symbols, while information is abstract and refers to the meaning of data. In essence, information emerges from data interpretation, and as a result, it can be perceived differently by individuals.
When it comes to storage, information is archived in a data format that machines can read but not comprehend.
Considering this core difference, data control primarily revolves around managing the initial records during the early stages of a company’s operations. Meaning that, when a customer completes a registration form, the company acquires data specific to that individual.
To handle these raw data effectively, many organizations use Artificial Intelligence tools which can process and understand the data in its uninterpreted form.
Once the data is interpreted by the teams, it is transformed into valuable information that guides strategic decision-making and aids in achieving organizational goals.
Effective data control plays a vital role in supporting managerial decision-making while safeguarding against misuse, which could compromise the company’s reputation with stakeholders, including customers, suppliers, investors, and society at large.
Centralization and security of an organization’s data are paramount for efficient management, enabling leaders to interpret it with greater agility and transform it into actionable insights.
Moreover, it is crucial to recognize that data extends beyond customer-related information. It has the potential to drive growth in various areas of the company, such as:
For instance, data related to stock levels can guide purchase decisions while data about daily production volumes informs managers about order fulfillment and manufacturing capacity.
Considering the vast scope of data, it is clear that its relevance permeates across multiple areas of the business.
Behind every company lies a vast array of data. These data serve as the foundation for entrepreneurs and managers to make strategic decisions.
Therefore, it becomes evident that data control plays a pivotal role in shaping effective business management. The more efficient the data control, the better the quality of decisions made.
Unfortunately, there are still leaders who underestimate the importance of data management, relying only on basic or irrelevant information.
In response to this challenge, the market has witnessed the emergence of various tools, of which two have become essential for enhancing data management:
Enterprise Resource Planning (ERP) is a commercial automation software designed to optimize and streamline management processes, working as an intelligent center that analyzes and generates reports for every department within a company.
With a focus on internal data, ERP covers a wide range of operational aspects, including:
Employing advanced cloud technology, modern ERP software offers enhanced security and real-time control for efficient data management. By generating comprehensive reports, this software empowers businesses to reduce operational risks and make strategic decisions.
With ERP, managers gain better control over expenses, optimize profit margins, enhance purchasing and inventory management, and streamline production processes. Moreover, the software enables the monitoring of internal workflows, identifying bottlenecks and providing opportunities for timely corrections.
Embracing the power of ERP means eliminating manual control and unlocking higher efficiency in data management.
While many people may confuse them, there is a huge difference between a CRM platform and an ERP software. CRM, as the name implies, is a Customer Relationship Management software, specifically designed to manage external data encompassing consumer behavior, market trends, and related insights.
Given its role in storing personal data, it is imperative to adhere to the General Data Protection Regulation (GDPR) to ensure proper data processing and security.
As a highly strategic system, CRM provides a comprehensive view of potential customers, enabling organizations to tailor products and services to better meet the needs of their target audience.
Data management entails the collection, cleansing, processing, and integration of generated data before its analysis. With technological advancements, Artificial Intelligence has emerged as a valuable ally, mitigating human errors in this task.
It is also worth mentioning that data management enhances the quality and accuracy of analytical outcomes. As this process is time-consuming and demanding, technology is gradually taking over these repetitive activities.
Efficient data preparation empowers managers to pose the right questions, leading to valuable insights and unlocking lucrative business opportunities.
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In today’s technology-driven age, the effective implementation of data control needs the adoption of modern management software. However, it is equally crucial to foster a data management culture within the organization.
This concerted effort yields significant rewards, enabling a deeper understanding of the target audience, improving internal processes, and optimizing product offerings, ultimately enhancing competitiveness and solidifying the company’s position.
To cultivate a data management culture, organizations must:
In today’s market, there is a wide array of data processing systems available to companies, offering various features and capabilities. As managers, it is crucial to select the system that best aligns with your specific needs and objectives.
The first step in this process is to map these needs. Thus, you can identify the most suitable software solutions, saving valuable time and resources by avoiding trial and error.
Ultimately, explore companies that offer free trials. This allows your team to familiarize themselves with the system and determine which one best addresses your unique needs and preferences.
Once you have selected the appropriate system, it is crucial to embark on the process of digitizing your files and records. Embrace the transition from physical documents to digital formats, as this significantly enhances the speed and ease of information retrieval.
Maximize the potential of the system by transferring all available data into it, eliminating the need for physical storage space and centralizing information in one place.
By digitizing your data, you not only simplify access and retrieval but also optimize decision-making across all departments. This heightened efficiency and accuracy ultimately enhance your business’s competitiveness in the market.
When selecting the right software for your business, prioritize options that are already cloud-based. This eliminates the need for additional tasks such as manual data entry and backup procedures.
By keeping your data in the cloud, you can reduce reliance on physical servers and avoid the need for costly investments in storage equipment. Additionally, cloud storage enables real-time access to data from any location, empowering your team with flexibility and efficiency.
It is worth highlighting that access can be restricted, allowing employees to only view data relevant to their specific tasks and responsibilities. This ensures proper data privacy and security within your organization.
During the implementation of data control, it is crucial to prioritize security measures to align with the requirements of the General Data Protection Regulation (GDPR).
Compliance with these regulations is paramount to protect privacy and handle data carefully; encompassing collection, processing, and storage in accordance with stringent protection standards. Therefore, the data of customers, suppliers, employees and investors must comply with these rules.
As data represents a valuable asset for your business, it is essential to establish a robust infrastructure that mitigates the risk of unauthorized access.
Remember, data control is a highly strategic endeavor for your company, and when coupled with an effective management system, it presents a significant opportunity for business growth and success.
When selecting an effective data control system, it is important to consider key factors such as cloud storage capabilities and the generation of insightful indicators from the data. These indicators play a crucial role in helping managers interpret the data and transform it into valuable information for strategic decision making.
Having a dedicated indicator software provides the ideal platform to centralize your business performance management. It enables seamless alignment of strategies, project connections, and execution of action plans.
With an efficient business management system, you can easily monitor and consolidate strategic, tactical, and operational indicators, facilitating decision making.
One standout system in the market is Stratws One, a comprehensive management software that helps you better organize your routine, manage and engage your team to focus on achieving the company’s goals.
By optimizing your team’s time and promoting unified management, Stratws One improves communication and fosters collaborative processes, leading to overall operational excellence.
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