Why Your Company Needs to Build a Good Data Strategy

Posted by Nick Christou on Aug 20, 2019 1:00:00 PM

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Data is the vital piece to running a consistently success business. In fact that’s worth repeating: Data is the vital piece to running a consistently success business! But for so many, it's still a complex puzzle. Understanding what systems to use or how to structure data to maximize your use of it isn't as easy as it sounds. 

From customer insights to purchasing decisions to finding the right employees and contractors, using data to make timely and relevant decisions is integral to your operations. But for many companies, all this data is either ignored or put aside until we have more time to make sense of it all. When the real pressures of quarter end earnings or delivering products on time hit, the "nice to have data project" takes backseat. Weeks turn into months and before you know it, one of your key goals for the new year is to implement a data strategy to drive the company's growth. That's why having a solid data strategy is so important for every business.
If you're not familiar with data strategies or don't know how you would go about creating one keep reading for our expert tips and advice.

What Is a Data Strategy?

In the simplest terms, a data strategy is a roadmap for how your company will collect, store, manage, and use various types of data. It is the foundation for all of your data operations, and it can help your company in many ways.

A well-built data strategy will...

• ... explain how your company will use data to meet goals and benchmarks.
• ... describe the types of data your company will and won't collect, as well as general ways of acquiring it.
• ... unify data-related operations and goals across your business to avoid duplication or conflict.
• ... find gaps between business goals and current data so you can work toward closing them.
• ... detail the impact of the data you collect and how to benefit from it.

Every company's data strategy will look different because every company collects and uses different types of data. The key to a good data strategy is that it defines what your company wants to accomplish, and it contains information and results your company can act upon.

Why You Need a Data Strategy at Your Company

Many business owners think they can get by without having an organized data strategy. Others simply don't know what data is available to them or how to use it effectively. A set data strategy can help in these and many other situations by providing answers and guides to your data-related questions.

When you enact a data strategy at your company, you get the following:

A Better Understanding of the Data You Have

You probably know how powerful data can be for making decisions or finding opportunities. But you might not know all the data you have access to. Without experience, it can be tough to know what to collect or how to make use of it. A data strategy will guide you in finding, collecting, and sharing important data. This will help you make better decisions and find more opportunities.

More Control Over What Data You Collect

Just like it can be hard to know how to make use of data, it can also be hard to control data collection. Today there are various regulations and data compliance rules depending on your industry and location. You need to have an understanding of what data you get from customers, vendors, and employees, or you could end up in legal trouble. A data strategy can give you insight into and control over your data collection efforts.

More Efficient Data Management

Managing huge data sets can be complex and time-consuming. It can be even harder when you have multiple employees or departments working with different sets of data at the same time. In these situations, information is bound to get lost, forgotten, or ignored. A data strategy will help you decide what data is important and who should manage it. That way you can avoid conflicts, duplication of work, and lost data.

Better Security and Prevention

One of the biggest fears of many company owners is seeing their workplace become the victim of a data breach or data-related incident. Along with the fines, a data breach can also make people distrust your company and work. A data strategy will help you determine response steps quicker in the event of a breach or attack.

Get Help With Your Data Strategy

If you're not sure how to set up a data strategy or what information you need to include, contact us today at Helios. As an experienced data analytics and research firm, we have many experts who can answer your questions and help you understand the process. Contact us now for a free consultation and get control over your data today.

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