One area that’s becoming ever-more critical to the success of businesses around the world at the moment is how they handle their data and convert this into useable business insight. With so much potential to be gained by companies that use this effectively, implementing strong information management solutions is not an area that companies can afford to overlook.
But keeping on top of this constantly-evolving area can be a real challenge for many firms, particularly given the increased complexity of modern business operations. But by keeping these five key factors in mind, you stand a much better chance of success and giving your firm the tools needed to adapt and expand.
Supercharge your speed
Not being able to deliver information fast enough can be a real killer for businesses, as it means that opportunities pass a firm by before it has time to respond. Therefore, tools that are able to more quickly gather and analyse information will be a must. In fact, it was recently stated by Gartner that the best-performing digital businesses will be able to spot potential opportunities in a matter of seconds.
A single interface – no more silos
One big problem with traditional data warehousing and information management solutions is they tend to siphon off data into silos, which do not interact with each other, making it difficult to effectively compare data from across the business. To combat this problem, businesses need to look at applications that can bring details from all these silos and present it in a single interface that can be accessed easily by anyone that needs it.
Evolution, not revolution
With many firms still operating on legacy systems that have been in place for many years, it may be easy to conclude that as these are no longer relevant to the modern way of doing business, radical overhauls will be necessary to bring firms up-to-date. But in fact, this may not be the case. By deploying information management applications that can sit on top of existing solutions, companies will often be able to integrate their data without having to go through costly and time-consuming migration processes.
Evaluate data early
With so much data coming into firms from more sources than ever, much of this may be underutilised. In fact, only three per cent of useful data gathered by businesses is adequately tagged – and even less than this is analysed. Therefore, firms need to make plans to review their data at the point of entry and ensure it is effectively tagged and stored in the right place. This can guarantee it is easily found and interpreted by employees and analytics tools and not left to gather dust.
Don’t neglect mobile
With more staff members expecting to be able to view key business information wherever they are, making sure your information management tools are accessible via mobile devices should also be a priority. With this comes a raft of decisions about what platforms to support and how to ensure security, but the efficiency benefits that can be seen a a result of this will often outweigh the challenges.