{"id":148380,"date":"2019-07-19T06:00:43","date_gmt":"2019-07-19T11:00:43","guid":{"rendered":"https:\/\/www.ict-pulse.com\/?p=148380"},"modified":"2019-07-18T20:18:54","modified_gmt":"2019-07-19T01:18:54","slug":"5-tips-businesses-leverage-data","status":"publish","type":"post","link":"https:\/\/ict-pulse.com\/2019\/07\/5-tips-businesses-leverage-data\/","title":{"rendered":"5 tips for businesses to better leverage data"},"content":{"rendered":"

Although there is a general appreciation about the importance of data, relatively few organisations and businesses have implemented the requisite systems in order to capitalise on the benefits, such as improved competitiveness, innovation and disruption, that can eventuate. In this article, we highlight five tips through which organisations can better leverage the data they possess and can access. <\/em><\/p>\n

 <\/p>\n

The saying \u2018data is the new oil\u2019 has been around for a few years, but many organisations, especially in the Caribbean are still paying lip service to saying, and have not yet begun to mine the benefits of the data they already collect, or can easily generate. Thanks to the Internet, increasingly, organisations, which includes businesses, are required to compete for customers globally, and need to capitalise every opportunity.<\/p>\n

Data is a crucial component through which organisations can improve their competitive advantage. Data can also facilitate disruption and innovation: but the effort must be made to tap into that resource. Below are five tips organisations can implement to help them better leverage the data they possess, and can access.<\/p>\n

 <\/p>\n

1. \u00a0Conducted a data audit<\/h3>\n

It might seem obvious, but to a considerable degree, we might not be truly aware of all the sources of data in our organisations. Some might be readily available, whilst others might need additional thought and resources in order to properly extract it. Hence, one of the first order of business is to get a good sense of the data set that can be generated; their associated formats; and some of the possible outputs (or information) that can be generated when that data is processed.<\/p>\n

Conducting an initial data audit will help management to begin to understand the breadth and depth of the data that the organisation can generate. More importantly, the team should also begin to have an appreciation of how through leveraging that data, the organisation\u2019s performance could improve.<\/p>\n

 <\/p>\n

2. Prepare a data strategy<\/h3>\n

Having conducted the data audit, the next step would be to examine the organisation\u2019s strategy and develop a data strategy. It is emphasised that the data strategy would be informed, and would be underpinned by the organisation\u2019s overarching strategy, as its goal is to help the organisation achieve the goals and targets specified in the latter.<\/p>\n

The data strategy should thus aim to manage risks, whilst improving outcomes. However, it would also be beneficial also develop metrics against which implementation of the data strategy can be properly monitored and evaluated.<\/p>\n

 <\/p>\n

3.\u00a0 Establish policies and standards<\/h3>\n

When data is seen as an asset to an organisation \u2013 an important strategic tool \u2013 it is prudent that little is left to chance, and that all parties are clear about its role within the organisation. Accordingly, it is recommended that policies, guidelines and standards be established that address, among other things,<\/p>\n