Data is essential and is used to generate value for organizations in various ways. However, the true value of data is still underestimated at many organzations.
We all collectively understand that the data we have isvaluable, but how aware are we of the consequences of losing it all, or if it is manipulated, or if a data breach happens. How do we handle data then? Or analyse it and report on it? In recent years, questions likes these are being explored more and more as data has become a key topic of conversation in the boardroom of many organizations. In other words, data is now in the driver’s seat.
What is Data Management?
Data management is the process of storing, organizing and maintaining the data created and collected by an organization. When businesses generate and consume data at exponential rates, data management solutions become increasingly important for analyzing and reporting on massive amounts of data.
The role of data in an organization
Today, data is collected from a variety of sources and processed in organizations. IoT technologies, intranet services, sensors, space & workplace, visitor and cleaning management tools, service request system, and quality monitoring systems are all possibilities. One key thing to remember is the importance of data is not determined by its source, format, or consistency. It all depends on how you handle and manage the data as a whole. Recognizing the importance of data and how it can add value for organizations is a vital first step on the path to improved data usage.
An organization’s data is used by many people. So, how will the organization secure its data from being fragmented and dispersed? In order to prevent that, an organization needs to get the basics right in three areas:
- Data integration
- Data Governance
- Data Literacy
Looking to get the basics in place to improve your data management? Be sure to check out this free Guidance Note from IWFM - “Harness the power of data.”
For many organizations, data is undoubtedly the most underutilized asset and they still have a long way to go in the areas of data collection and analysis. During the IWFM research, one senior leader, while describing his own organization, pointed out that “We're data-rich, knowledge poor.”
Getting insights and creating true value from your data will help you improve your market intelligence and contribute significantly to your company's success. Why? Because, overall, data is only valuable if it assists an organization in making informed decisions. Your company may have the world's biggest data pile, but it's worthless unless you can turn it into meaningful knowledge. Gaining successful insights means extracting what you want from your data and finding out its value.
Organizations should spend less time considering how much data they have, where it came from, and how they can use it. Instead, you shouldstart by determining where your company could add more value to outperform competitors. From there you can determine what data assets you'll need to achieve this goal.
How creating value from data helps an organization
Effective data management has become increasingly important in recent years since organizations are subject to a growing number of compliancy regulations, significant increases in information storage capacity, and the immense volume of data and documents produced by their day to day activities. As explained in the aforementioned IWFM Guidance Note, improving an organization's data usage and data management can unlock various opportunities and capabilities such as:
- Reducing inaccuracies by setting procedures and practices for data use and fostering interest in the data used to make decisions across the company.
- Increasing the organization’s efficiency, improving business operations, and eliminating unnecessary extra costs such as duplication. When data is easily accessible, you won't have to worry about employees conducting the same research repeatedly.
- Gaining a greater understanding of your (internal) clients and their preferences by better data analytics. You'll see patterns in their actions until the data is structured.
Discover Planon Universe
Do you want to understand how an integrated workplace management system (IWMS) can help you to leverage the hidden data treasures in your organization and get practical guidance on using data in an increasingly digital world?
Watch our webinar and find out how to get your data into the driver’s seat at your organization.