Data is everywhere. Whether it’s financial analysis or market segmentation, everything is data-driven. This means you have an increasing amount of data requiring more space and even more management. Making the most of it is crucial.
The good news is that there are ways to save costs while also having better access to data. This article will highlight how you can save costs and still have maximum data access to ensure that your business never has to suffer.
1. Avoid Data Silos
Data silos are compartmentalized repositories of data that don’t connect with other applications or any team within your infrastructure. You have data everywhere including Excel, accounting, sales, and inventory and this can create data silos. Silos restrict clarity of vision within an organization.
The best way to break silos down is by integrating them with other systems. Extract, transform, and load (ETL) is the most popular type of data integration. In this process, data is extracted from the source system and then consolidated and loaded into the target system. Real-time integration can also be used to break down data silos.
2. Maximize Up-to-Date Reporting
Whether you have many data silos or an integrated end-to-end solution, your team might be using only the included reports or they may be creating reports manually using the tools and methods they know. This can lead to slow reporting, inaccurate reports and insufficient reports. These manual reports are frequently created in Excel and that makes them difficult to maintain, difficult to refresh and difficult to share.
This problem can be addressed by using cloud-based reports. These reports can be updated in real-time to provide accurate, up-to-date information about all aspects of your company.
3. Embed Dashboards into the Teams’ Tools
A standardized dashboard can be the source of truth. It can be embedded into the tools that your company employees use. These dashboards can answer the most important questions about your data. Not only that, but when a dashboard is embedded in the most commonly used tools, the employees won’t have to leave that tool to find the information required to make data-driven decisions. Embedding dashboards is thus a great way to improve access to data.
4. Facilitate Data Literacy
Your company employees may not be well-versed in the use of data. Therefore, to improve access to data, you must create a plan to teach everyone data literacy. This would allow them to interpret and use the available data in an accurate manner. To encourage data literacy, consider holding monthly workshops or lunch-and-learn sessions. This will help build a strong knowledge base and ensure that everyone is able to use the data effectively.
Are you making the most of your data?
By using the strategies mentioned above, you can ensure that cost-cutting will be the first and foremost priority. Moreover, your employees will be able to utilize the data in the best possible manner, ensuring that your company will never have to compromise in delivering the best.
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