The Importance of Data Collection for Your Business

Make Better Business Decisions

According to a Helical IT survey, if a decision is made relying on data rather than pure intuition, the chances of succeeding are 79% higher. By implementing a centralized data collection process, an organization is able to make data-driven decisions. Once a system is in place, the quality and quantity of data that a business collects over the years, and how it decides to use it, will strongly influence its competitive advantage and sustainability.

Save Time at Work

290x195bigdata3“A manager in any organization spends an average two hours per working time hunting for data. Half of that information later turns out to be useless,” says Cindi Howson in her book on business intelligence, released in 2007. Not having a data collection process that is set up specifically for a company results in countless lost hours by high level managers. An appropriate system will help gather and display data that is collected from all different areas, or silos, of an organization so a manager can easily identify problems across all aspects of the company. The data collected should be displayed in an easy-to-navigate dashboard with specific Key Performance Indicators. The KPI’s can be shown as graphs or charts with the option to drill down further to clarify the specific data that is feeding it.

Increase Return on Assets (ROA)

A study commissioned by Sybase and conducted by the University of Texas said a 10 percent increase in intelligence and remote accessibility would increase ROA by 0.7 percent, pushing the median ROA in the study to 10.95 percent. This illustrates the extra revenue that can be gained out of existing assets by simply recording a small amount of data to those assets in the field. It’s proven that collecting data such as maintenance schedules, daily/monthly inspections, and location will help improve asset lifetime and maximize usability.

Information Management Without The IT Department

As data management is becoming more user-driven, and with business decision makers needing immediate access to their organization’s data, information management and analysis are slowly changing to become the responsibility of those outside traditional IT roles. This is great news for small to medium businesses that want to implement a system but don’t have the budget for an IT department. Using a user-friendly cloud based mobile app, an organization can have all their employees trained in one meeting and customize the collection process going forward.

Before deciding on what data to collect, it is important for a company to narrow down some of the biggest challenges they are currently facing. They should also set goals they plan on reaching, such as ROI and how this will be measured. Having a game plan in place will help avoid collecting unnecessary data and wasting the time of those collecting, and those trying to analyze the data.