Unless you have lived under a rock for the last five years, you will know that big data is a thing and it dominates business strategies from the UK to the Far East and the United States. It’s the new currency that everyone is trying to get a piece of because the data is where the answers are hidden.
However, this is a gift and a curse. Sadly, a massive 47% of organisations fail to utilise the information to their advantage. Although the number is a 15% jump from 2015, it’s still very small considering how big data is used. The fact is that it’s hard to create a culture around facts and figures when you may not understand well enough.
The biggest task is to develop a data-centric mindset to boost everything from product development to marketing. If you’re unsure how to do it, you should read the following top tips.
Be Data Literate
As you know, having the data at your fingertips is only the first step. To ensure that the information transforms into actionable results that you can implement in real-time, you have to improve your literacy. The bad news is, the field of computer science is complicated and hard to understand.
The good news is, it’s probably the fastest-growing sector in the tech industry at this current moment. As a result, a data science leadership masters program for your employees is accessible if you’re willing to invest in their futures and the future of the business. The brilliant element of modern-day classes is that they are available online, so nobody has to miss work.
What they’ll gain is pretty spectacular as raising awareness of APIs and how they differ could open the company up to a whole new world of communication and growth. To become literate, you have to study.
The world of business has a soft underbelly, which makes it a dark and dangerous place. For those worried about security, you have every right to fret. A single leak can cause irreparable damage, and 64% of people are unaware even if they do happen. It’s scary when you stop to think about it.
While this makes it easy to restrict access – you’re doing it for security purposes – it prevents staff from tracking and analysing tools. Letting your IT review new measures and ask for feedback from colleagues, for instance, could open their eyes to problems they didn’t spot. Plus, restrictions on what data employees can access is bound to make their jobs harder, turning them off to the idea of a data-driven culture.
Why would they bother when they try and are rejected? By carefully making files and documents more accessible, you should be able to strike a balance between safety and opening up channels for the team.
Invest In Equipment
Big data isn’t the sort of thing you can do with a half-baked attitude. Bosses that don’t invest in the right tools will quickly realise the error of their ways. Of course, replacing the equipment, or continuing with it regardless leads to escalations that cost the business, both in terms of money and reputation.
Without a centralised portal, you won’t be able to open up channels for data purposes. Without artificial intelligence, it’s challenging to sift through reams of information and pick which information is relevant. As you know, these tools are expensive and require leaders to make quick and decisive decisions.
Yes, consider the financial implications, yet don’t fret over every penny. Otherwise, you’ll miss the boat.
Don’t Make It Boring
The opposite of this strategy is to make it exciting, but that’s not easy, either. Therefore, it’s better to focus on eliminating the element of boredom to ensure morale doesn’t plummet. It will if workers spend their days staring at computer screens trying to make sense of a plethora of numbers!
The key is not to be greedy. The emphasis on big data means more and more enterprises are motivated to collect as much personal information as possible. That way, they can glean extra insights. However, the info is pointless if you can’t utilise it and only works to annoy your staff (and your customer base).
So, one easy way to make data collection less boring is to figure out what’s essential and what’s not and make an effort to store and analyse the former.
Creating a data culture in your workplace is tough, yet it is doable as long as you are ready to invest in your employees and business assets.