The importance of data for your business management

In order to grow properly, every company or SME must generate and obtain accurate and quality key data to make decisions in a correct and proactive way. Data quality must be considered as a company culture, and business management tools must provide a new level of service, that of personalized prediction.

In the data environment you could say, give me the data I need, at the right time, and I can make decisions.

Do companies use data to make decisions?

Similarly, on a day-to-day basis, companies also need to have accurate key data to make decisions. And there is no need to get bogged down with it. We are all familiar with a multitude of reports full of data, graphs, comparisons, trends, etc., which look very pretty, but in the end are superfluous and distract from what is really needed.

IBM estimates that 90% of all data generated by the Internet of Things (IoT) is not analyzed or used in the decision-making processes of companies.

And you, do you use the data you generate or manage correctly? Do you know if they are reliable? Do they really help you to make informed decisions? Do you have a data quality policy? What is the purpose of generating key data in your business?

Having the right and necessary KPI's (Key Business Indicators), customized for the people who must make decisions about them, is a trend and is recommended.

And, in addition, each company or business must have its own KPI's and adjusted to its needs. This is the key.

In search of data quality

Companies, in general, should already be applying what is called "data quality". And that means that, in your daily tasks, you should introduce, in time and form, the data you generate or receive, applying your company culture in the right way. In addition to not withholding or hiding information, being quick in its management.

If all the staff of a company complied with this vital commandment, it would be applying a good principle of data quality.

And if that happens and the information systems are customized to your needs, we will go to another step or degree in obtaining key data for decision making. At the same time it will allow us to generate new business strategies. They not only process their own data but all external data (whatever type they may be) useful for business management.

The evolution of data with business software

In order to generate data without wasting staff time, it is essential to implement specific proactive monitoring software to predict risk scenarios or situations, anticipate incidents, problems, customer churn, or know how to improve customer loyalty, etc.

It is no longer just a matter of generating data on the processes that are occurring or have occurred within your business, what is really important is to anticipate the future, to predict, to see beyond. This is the current trend.

Apply real business intelligence, based on accurate data, built thanks to the experience and knowledge of all members of the company, obtain data from all your devices, both laptops, desktops, cell phones and your printing fleet. All data monitoring will facilitate the management of these and optimize the strategy of your IT team through predictive analytics to solve device problems before they can affect customers, thus reducing the need to carry out numerous repairs by technicians, making the devices more durable, allowing a more sustainable approach, helping IT teams to reduce the complexity of device management through AI and deep learning to solve the problems of the computer park before they affect employees.

The vision of the data of each department of the company

For management, the CEO or the owner, for example, knowing the evolution of ROI, liquidity, profit margins or operational growth will be part of their vision of the business.

For a financier, having control of the treasury and the present and future evolution of the cash flow or having non-standard ratios, but customized ones, are his key objective.

For the IT manager, monitoring all the devices used by employees will facilitate management and reduce incidents and costs.

And for a sales manager, anticipating in advance the expected % of sales closings or the evolution of the number of opportunities, as well as the future trend in lead generation, or possible variations in NPS, will help him in his personal task.

And so on with many other positions.

Because each member of the company should have their own KPI's in order to know at all times their evolution and performance. Because, as mentioned above, we are all responsible for our data quality and actions.

And therefore, we must all work so that the reliability and veracity of the data generated by the company, reach the excellence in order that, to whom it corresponds, can make the best decisions at the right time.

Much of this must be provided by good software and business tools. Because it is no longer a matter of having ERP's, CRM's, Business Intelligence, etc., and only process, chew and offer data.

The real evolution is knowing how to anticipate, detect and warn the right people at the right time.

Let your software be a collaborator of your business, helping you and learning from all the available information. It should allow you to generate that data, that personal key KPI and help you to make the best possible decisions, or even to propose several and, if necessary, even to apply or consult it beforehand. That would be business intelligence applied.

In Control Group we help you to digitize and analyze your company data in a safe, simple and efficient way by means of different softwares adapted to your needs. We know how to help you get the best performance from your company thanks to the use of the latest technologies and solutions.