Directors, Executives, and Managers need to take decisions on a daily basis. Taking these decisions without any prior information is generally considered high risk; almost as risky is taking decisions based on information that is out of date or inaccurate. So how do you ensure your business decisions are based on reliable and useful information? Furthermore, how do you make sure your data is secure and accurate?
Most businesses have a plethora of data sources, both internal and external, so where do we start on this journey to data clarity. The obvious answer is to download a data modelling tool, there are many available for free, perform some graphical analysis and present the figures. However, this fails to fulfil the requirements we have already established above, for the data to be secure, reliable and useful.
To address these issues, you need to define a data management strategy for your business. One that provides an approach to getting the desired information to support the decisions being taken. Preparing this strategy will require input from key stakeholders, identification of data sources, technical assessment of data volumes and infrastructure requirements, giving an overarching view of your existing position, as well as a go-forward plan to ensure your business gains clarity from its data and decisions are made based on one version of the truth.
Make your data strategy preparation an easy process; Download our guide 5 steps to preparing a data management strategy and benefit from the expertise of the team at TouchstoneBI, specialists in data management and business intelligence.