Making Data Relevant

One of the first steps in ensuring that you invest in relevant data is to improve how you collate, collect, and classify the data,” “The methodology as well as the technology you use to collect and store your data is critical to how the data will serve your organization. This is defined by the type of data you need, when you need and how you need – identifying the information that your business can use to further its growth and ensure its sustainability is now a key business challenge.

The type of data your organization prioritizes will depend on the industry. Financial services industry is transforming to meet digitisation. Retail now relies on data that reveals shopping behaviours, customer preferences, and customer sentiments; manufacturing industry, the data would track supply chain or productivity. These businesses require a strategic view of its goals a 360-degree view and a realistic understanding of what the data is expected to deliver. Without a solid foundation that comprises strategy, output, goals, and deliverables, the data will do little more than spew information that has minimal value