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Strategic Business Data Management: Tools and Practices
According to a BARC research report, businesses that use big data in their day-to-day operations see their profits increase by 8% while the costs are reduced by 10%. Big data analytics have been changing the way businesses operate by helping them achieve more with limited resources. Strategic business data management helps you drive growth with data-backed decisions and enhanced operations. It works two-fold to increase productivity while decreasing the waste of resources.
In this guide, we take a deeper look at how businesses can put strategic business data management to the best use with the help of tools and strategies. They will help you improve in every department of your operations and cultivate a growth culture in your organization.
Without further ado, let’s get started.
1. Equity management platform for scaling expansion
A whopping 90% of businesses say that data and analytics are central in their plans going forward and for the transformation of their business. This involves making use of big data in every operation from production to management.
One such area in this regard is equity management. Often considered a complicated realm of business operations, equity has become more mainstream with the introduction of equity management platforms.
Ledgy’s equity management platform helps companies automate their equity and scale themselves for global expansion. It allows you to:
- Grant shares and options to employees around the world,
- Integrate equity into all your key systems, and
- Help your team understand their ownership stakes.
An equity management platform aligns your teams and stakeholders behind shared goals. It makes returns tangible by demonstrating how the value of equity has grown at your company. This helps your stakeholders understand things in a much more dynamic way.
The platform also offers additional features that aid your expansion and scalability with the use of data management, such as:
- Ensuring compliance in different countries,
- Ensures integration with your existing systems, and
- Providing enterprise-ready security and privacy.
2. Stay ahead of your compliance
Compliance is one of the most crucial aspects of running a business that entrepreneurs dread.
Between keeping up with the changes to various rules and regulations and making sure you stay on the right side of the line to the existing ones, it can be challenging to keep up with your compliance duties without external help.
Strategic business data management has tremendously eased compliance management with tools and platforms that help you record and process everything. Toku’s token tax compliance platform simplifies tax compliance to give you better control over it.
You don’t have to process your compliance-related processes manually. The platform keeps track of them for you. Moreover, it updates on its own about the changes made to current rules and regulations.
This ensures that you never take a misstep in your compliance obligations and are always one step ahead. The platform also takes into consideration the cryptocurrency, ensuring that every aspect of your business is addressed and accounted for.
The tax spectrum of the platform takes into consideration the following compensations:
- Base pay,
- Off-cycle bonuses, and
It also processes complex cell-to-cover processes, converting tokens into local fiat currencies to ensure remittances are paid to local authorities in their accepted currencies.
3. Craft a comprehensive data management strategy
Data-driven companies are 23 times more likely to convert leads and 6 times more likely to retain customers. Data management enhances every department of your business. However, to make the most of big data, you need to have a data management strategy in place.
Simply, a data management strategy is a roadmap to using data in various ways to achieve desired goals. Data handling and management is a vast field. By crafting a strategy around it, you simplify its mechanics to suit your goals and needs better.
Here’s how to craft a dynamic and efficient data management strategy:
- Lay down your goals — The most important aspect of data management is your end goal. Lay down both your short-term and long-term goals with every department as well as overall as a company. Doing so narrows the spectrum and dictates with more clarity the path you need to take with your data processing.
- Outline the various processes — Once you know what you want to achieve with data processing, you can lay out different processes that you need to perform to achieve them.
Brainstorm, consult with your team, and take external help if you need to. Remember that it’s extremely important to choose the right processes to achieve desired results with your data management.
- Install tools to carry out the processes — Upon outlining the various processes, you need to put different tools and resources in place that will carry them out. Focus on optimizing the processes as much as possible to make sure no resource is wasted and only the highest quality of output is produced.
- Install review systems — The last step of creating a comprehensive data management strategy — one that teams often miss out on — is establishing a review system for all your processes.
This helps you see the efficiency of the processes you’ve set in place regarding the end goals you hope to achieve with them. You can tweak, change, and replace things as needed to achieve the best results.
4. Train your employees to manage data better
Another important strategy in perfecting your strategic business data management is to train your employees for it. Simply installing a road map or various tools for data processing is not enough, you need to have the most adept hands working on them for best results.
Conduct workshops and training sessions for your employees to train them in data management. Begin by explaining to them the basics about it before moving to more advanced topics such as practical execution.
Remember to include specific training about security measures in carrying out data management tasks. Data theft is one of the most widespread threats today. And training your employees against it is one of the most prominent ways to safeguard yourself from it.
A tip regarding training your employees is to enquire about the technical literacy of your staff before you train them in any way. Some of your employees might be tech-savvy while others might struggle with it.
Identify such workers and teach them about using tech systems before you delve into data management and security protocols. It’s important to empower your employees and work according to their strengths and weaknesses. Doing so will help you gain the trust and appreciation of your team as well.
5. Collect and store data smartly
While there are many tools available that will help you collect and store your data, it’s essential to work around these processes smartly. You don’t want tools that collect any and all data without verifying their sources.
This will not only fill your storage space with irrelevant data but can also land you in legal trouble by stocking up incorrect data. Look for platforms that conduct ethical collection procedures such as scraping.
Similarly, look for platforms that organize the data right away and not after the fact. This can be done in two ways:
- Pick a platform that performs both collection and organization of data tasks. It will allow you to coordinate both more efficiently.
- Pick two different platforms that integrate with each other smoothly. This option allows you to have more comprehensive tools that are excellent at their tasks without compromising as you might have to with the previous option.
Both options have their pros and cons. The goal should be to make data collection and storage seamless. You should not be struggling to organize data after it has been collected. Organizing it right away helps you see if it’s sufficient or not.
6. Process only what’s relevant
In the vein of the previous strategy, it’ll be more efficient to only process the data that’s relevant to your project or current goal. This is because data keeps changing and evolving. Simply storing away data records, no matter how comprehensive is going to render them useless with time anyway.
The better way to go is to identify what data sets need to be processed at the moment and collect fresh data for it. Or take up recent data. This may take more time but it helps you avoid using historical or irrelevant data and produce more accurate results.
Most data management tools help you process recent and relevant data by allowing different options regarding how far back you wish to go with collection and processing.
Be smart in data collection and processing for improved results with strategic business data management
Data management has come as a boon for business administration and planning. Use it smartly to achieve desired results with your business operations.
Invest in equity management to scale your business with ease. Invite employees in and reward them with stakes in your company. Manage compliance obligations with ease by staying ahead of the ever-changing rules and regulations.
Create a comprehensive and dynamic data management strategy to make sure every aspect of data collection and processing is taken care of. And train your employees in data management to make the most of your tools and practices.
Let us know in the comments what you think are the best practices for strategic data management.
Atreyee Chowdhury is a professional content and copy writer with more than 10+ years of experience. She’s passionate about helping SMBs and enterprises achieve their content marketing goals with her carefully crafted and compelling content. She loves to read, travel, and experiment with different cuisines in her free time. You can follow her on LinkedIn.