10.11.2022 Executive Data Bytes – Collect your data and manage it efficiently!

Executive Data Bytes

Tech analysis for the busy executive.

Welcome to another edition of Executive Data Bytes! This week, we are sharing tips and processes that will help you manage your data more effectively.

Focus piece: “What Is Data Management? A Complete Guide With Examples”

Executive Summary

Data management can help you solve problems, surface trends, and make decisions with real information instead of hunches. You don't have to have an enterprise to be data-driven. Use the details in this Hubspot blog to build your data management program and watch your business grow.

Key Takeaways

• Data processing involves collecting and translating data into useful information. Inaccurate data processing can have serious impacts on data output.
• Each company should take its own approach to these stages, considering its particular technology ecosystem, and if necessary, define and add new steps to the process.
• Integration allows you to pull data from different apps and offer a single customer view. This improves data quality and allows you to track users throughout the entire customer journey.
• A recent Harvard Business Review post states that 90% of business leaders believe data literacy is important for success, but only a quarter of employees are confident in the accuracy of their data.
• According to Statista, by 2027, the global market for big data will be worth $103 billion. But managing data properly is difficult, so organizations should start thinking about it early on.

Focus piece: “3 Ways to Simplify Data Management”

Executive Summary

Data is the lifeforce that drives your business, yet only a small percentage of businesses are out in front when it comes to being data-first. This CIO article explains various ways you can overcome data management complexities and become data-first.

Key Takeaways

• You should begin by looking for obstacles that are potentially holding you back. Then, you can begin to transform your organization into a truly data-driven business.
• IT leaders need to eliminate complexity in their enterprise IT systems, including disparate management tools, infrastructure silos, and manual processes, to achieve data-first modernization.
• ESG found that only 13% of respondents could be considered data-first leaders. So simplifying data management complexity is key to becoming data-first.

Focus piece: “5 Best Practices for Simplifying Data Management”

Executive Summary

Businesses have been managing data for decades, but the scale and complexity of data management is exponentially increasing. This ChaosSearch blog explains why thinking strategically about managing data, makes it possible to simplify data management operations, no matter how much data you have or how complex your data storage architectures are.

Key Takeaways

• The first step in simplifying data management is to know which data you have to manage. Document all of the locations where your data lives, as well as which types of information you store.
• When you know where your data lives, you can also identify data silos, which are difficult to share across the organization. You should take steps to increase accessibility, and then share data more widely.
• If you currently lack a unified, deliberate data management strategy, centralize storage and analytics operations for all types of data on a cloud data platform. This will simplify your overall data management operations.
• A data tagging policy can help to reduce visibility gaps within your data architecture by defining which data needs to be tagged and which information should be included on tags.
• Managing data will become more challenging over time, but it's possible to keep your management operations simple by having full visibility and searchability over your data.

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