In 2021 if your business does not have a competitive data structure, which informs business strategy, chances are you might not get success. This is because all your competitors are already using data management strategies and best practices to-

  1. Reach out to new clients
  2. Explore newer geographical markets
  3. Improve employee productivity
  4. Streamline operations
  5. Cut down on wasteful expenditure.

With tech and digital platforms becoming second nature, businesses need to make the most of data management processes to flourish. However, what most businesses lose sight of is the fact that having an optimum data management process in place means eliminating mistakes!

In this article, we are going to help businesses avoid some of the most common data management mistakes. This will help them get the best ROIs from their efforts in 2021.

How Avoiding Data Management Mistakes help an Organization?

Experts like gartner data catalog point out that any business looking to make the most out of their data should first look at eliminating mistakes.

Like any business process, how much you are able to benefit from data management depends on a number of factors. Eliminating and avoiding mistakes contributes to success. This can help in successful storage and access points for data, improving security, ensuring greater filtering, and higher outputs.

It also means that your datasheets, folders, and files will not get corrupted or damaged due to faulty use. The cleaner and clearer the data, the better the filtering and streamlining of processes.

If you assess and measure the cumulative output from the same, you will see a marked difference in terms of your KPIs at the end of the year.

List of 5 Data Management Mistakes to Avoid for Businesses

  1. Not having someone in Control of your Data Management activities-

Experts suggest that businesses should always have an individual who is the overriding controlling authority. This cannot and should not be the business owner, as they would not have the time to deal with such issues. You need someone from a data management background, to check for security, control access, and put in place processes for effective data utilization.

  1. Taking too much on your plate right from the start-

While data is expected to simplify the life of businesses, it can sometimes get a bit too overwhelming. If you are looking to run everything at once, especially from the start, your employees and teams can get confused. This can help in creating an aversion to data management and this is something you need to guard against. Going slow is the best strategy.

  1. Ignoring Data Quality and Governance-

Businesses need to understand that not all data is good. Sometimes, poor data quality can lead you on a wild goose chase. This is why it is important that you pay attention to the quality of data for maximum results. Your data management strategies should be governed appropriately. Data governance allows for better decision making and should be a continuous project.

  1. Not Aligning Data Management with the KPIs-

Before a business undertakes data management, it needs to start with a question in mind. ‘What can this data help me achieve’ is not the right question. Rather the question, which you should be asking is- ‘how can I increase new customer acquisitions?’ This will allow you to structure your data accordingly and play a supporting role in helping you achieve your KPIs.

  1. Not paying attention to Security-

If data is to be believed, businesses suffered from a cyber-attack every 15 seconds in 2020. This is going to increase by leaps and bounds in 2021. Businesses need to ensure that they have adequate security infrastructure in place to guard against data attacks and thefts. Using a cloud, training employees, and fixing access points along with firewalls is a good start in this area.

The Final Word

Data is important and the last few years have established the same successfully. Going forward, we need to understand how we are going to make the most out of our data use. Improving the quality of the data, as well as aligning it with your businesses’ KPIs is a sure way to achieve success.