The Pause for Perfect Part 3: Top Tips for Improving Data Management Practices

Over the last couple of posts, we’ve explored how working on data management, even if not perfect, still leads to valuable outcomes in Part 1, and we’ve explored data management tips to live by in your organization in Part 2. We’re concluding this three-part series with a look at how to improve data management practices over time, and the numerous benefits this approach carries.

Now is the time for improving data management practices. Why? It is directly correlated to the performance of a company and central to achieving the core competencies that will separate companies from their respective competitors. 

Around 2.5 quintillion bytes worth of data are generated each day, according to a recent article by Big Data Analytics News. The same publication stated that the volume of data created worldwide as of 2023 is 120 zettabytes and is expected to reach 181 zettabytes by the end of 2025. 

All this data either complicates operations or, if used effectively, holds the potential to improve performance, drive operations, and potentially discover new revenue streams. The same analysis above cites a major organizational problem in 2023 being the fact that 95% of businesses said that they struggle with managing unstructured data. At the same time, the analysis states that there exists a 60% increase in operating margins by retailers that use big data and 72% of manufacturing executives rely on advanced data analytics to improve productivity.

So what can you do to improve Data Management Practices? 

1. Start with the end in mind, and define clear objectives and goals for your approach towards data management. This will help guide all data management efforts and ensure that you are focusing on the most important aspects of data management. Take this opportunity to align with the organization’s overall strategy.
2. Invest in data collection and storage tools that focus on the quality of your data to improve the accuracy, reliability, and efficiency of your analytics capabilities.
3. Institute regular audits and reviews of your data management practices to identify areas for improvement and ensure that your data is being effectively managed. Partner with IT, security, HR, and other vertical business units for greater effectiveness.
4. Drive data literacy. Train your users on effective data management best practices and the importance of seeing data as an asset in your enterprise. 
5. Don’t go it alone. 

Data management can be overwhelming. Partnering with a company like Ippon Technologies, which works with customers around the world and in every industry, can help you implement a data practice that meets all of these challenges - and more. 

Our approach not only improves the ability of your organization to better manage data but also helps foster a culture of excellence by promoting the importance of data management; and providing training and support to staff. 

Learn more by downloading our Data Maturity eBook, The Future of Data Management, which helps you assess and better understand the current state of your data management capabilities, and offers a roadmap to implement doable, data-governance best practices that ensure that data is handled securely, effectively, and in compliance with regulations.