Updated: May 12, 2022
This is a blog post by Lamdatek. We are a startup based in Santa Monica, CA. We provide data consulting services and business intelligence analytics for companies in different industries.
We may often hear a business owner complain, “We are losing money, but we do not know exactly why”. Yes, it is not only happening to small businesses with revenues less than $1M a year, but it is also a headache to a lot of mid-size to big companies with more than $50M annual revenue.
It’s a common issue
Companies are missing out on revenue opportunities and losing customers because of bad data practices, according to a new report from Dun & Bradstreet; a commercial and data analytics company. The report points out that more than 41% of business owners say there is no one in their organization who is responsible for data management. More than 54% say that they do not have any budget to implement data management practices soon.
“Businesses must make data governance and stewardship a priority,” said Monica Richter, Chief Data Officer, Dun & Bradstreet. “Whether leaders are exploring AI or predictive analytics, clean, defined data is key to the success of any program and essential for mitigating risk and growing the business.”
Where to start
Nowadays, technology is changing how businesses operate. Data analysis, skills and knowledge, along with data management implementation techniques are going to have a significant impact on how to use technology to run a business. Companies can now access data-driven tools and business intelligence software that allow them to learn more about their customers than ever before.
However, implementing a data management system can be very costly. For companies to find and train proper employees can be time consuming. If data analytics consulting and business intelligence services are less costly and faster, it is more efficient to get an expert in the field instead of implementing the system in-house. This will rapidly change data management practices for firms.
Benefits of data management to improve business operations
Data analysis involves a more detailed approach than just presenting numbers and figuring out what to manage. Understanding, recording, analyzing, disseminating and presenting findings in a digestible manner will help make faster and better decisions for the business. Business owners in turn will be able to understand customer trends and predict behaviors, increase profitability, and drive effective decision-making.
Know your target customers
Manage “clean” data - Obtain accurate data
Help solve problems
Create better business plan
Cut costs of operations
Those are some benefits that proper data management techniques can help to improve and grow businesses. Different industries and business sizes may have a different approach to manage their data sources. Broad knowledge in data analytics is important. A good data analyst needs to understand the technical side, while having expertise for business performance indicators.
Stay tuned for our upcoming blogs on data management and its advantages for different industries and businesses.