Is Corporate Data an Asset or a Liability?

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by Samuel Pordengerg Jan 20, 2023 News
Is Corporate Data an Asset or a Liability?

Businesses are collecting more and more data. Data can hurt businesses more than it helps if different departments process it in different ways. To turn data into an asset, companies need to engage the people giving it, keep it updated, and improve interdepartmental communication.

There may be duplicate, inconsistent, or incomplete information when companies add more business applications. Collaboration can plummet when teams are using different tools. Data isn't used to its fullest potential when this happens Data security and regulatory challenges can be created by differing permission controls.

Poor data quality costs businesses over $12 million a year. The question is whether corporate data is an asset or a liability. Information can be an asset if it is accurate. It becomes a liability if it is in silos that consume too much resources.

Data can be turned into an asset. You should ask three questions to start.

  1. How can you better engage the people providing the data to increase its quality?Integrating business applications and normalizing legacy data is only part of the solution to poor data quality. As a company leader, you must also motivate the people who provide the data to be better ambassadors. This includes employees, customers, and vendors, among others.

    People want to create better data when they know what it is for. When customers interact with different parts of your business, they don't want to be surprised, and they want consistency across your organization. They will be more likely to comply with data collection requests if they know that the data they give will affect their experiences.

    This looks like it in practice. T. Scott Law is the founder and CEO of end-to-end revenue cycle management provider Zotec Partners.

    Law says that partnering with providers has improved processes that make a real impact on the financial experience. The seamless flow of fast and accurate data helps us to maximize everything from patient registration to claims management. Our data is shared with our clients so they can benchmark their performance and better understand the trends in the revenue cycle.

  2. How can you improve the data’s timeliness to aid company decision-making?Corporate data is valuable when it can be relied upon for critical, timely decision-making. Research finds that nearly 90% of companies say data is critical for success. Yet 82% of companies rely on stale information. Organizations must utilize timely, accurate data to better understand the past and predict the future.

    Elyse Flynn Meyer says that real-time data helps marketers and business leaders make decisions based on campaign performance. It is possible to see what campaigns are driving brand awareness, qualified leads for sales, and customer conversion in a matter of seconds. It helps to reduce marketing spending by focusing on the right channels and tactics.

    Easy access to updated information is needed by your employees and vendors. You will lose your competitive edge if they make decisions based on old or poor quality data.

  3. How can you eliminate communication silos to drive collaboration?“In some cases, your data silo might result from your company culture. And a culture shift might be exactly what you need to break down data silos,” says Kelly Kirwan, content marketing manager at Segment. “Departments should be encouraged to learn from one another’s data on an ongoing basis instead of teams like product and marketing only meeting when it’s time for a launch.”

    Managers and employees who cling to a silo mentality need to empathise with their peers. They will be better served by it. Helping people see the bigger picture is something you should do as a leader.

    Internal corporate communications are improved by many training exercises. Managers and employees should be spending time observing other departments if your business is trying to break down data silos. Understanding how different departments can benefit from improved information sharing is important.

Ensuring that data doesn't become a liability is important for businesses. If you engage the people who provide the data, improve timeliness, and break down silos, your company will benefit from the information it collects.

Written by someone else.

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