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How Owning Data Can Lead to Business Growth
One of the easiest and most essential things that can lead to business growth is for organizations to own their data. Data is transforming the way economies work around the globe, changing the face of business, and assisting in business development.
It is said that data is the next oil in that it can be the most valuable resource an organization has. Data must be captured so it can in turn be used later. While an organization is undergoing standard operations, data is being generated by the minute, relating to all things within the organization. Even though an organization might not know how to use certain data points at the minute, it will likely come into play later. If it is not secured immediately, it won’t be usable at a later time. Like an oil spill, once the data is gone, it is impossible to regain.
How to Store Data for Future Business Growth Strategies
It can be tricky to know how to capture data and when to use it later. Yet, through cloud technologies, it is easier than ever to keep track of and store data. For example, an organization can create a data lake, which is data that is essentially kept in low-cost storage. The cost of storage has plummeted now and it is easier than ever to access that data itself.
In order to have an enterprise data warehouse, which is a database that centralizes a business’s information, you need to know what the data will be used for down the road. It must have a purpose if it is to be made useful.
The technology spectrum changed in that consumption of data is changing. It can go to many places including being deposited into human-interpreted analytics or into artificial intelligence programs. It is easier to insert it into these programs now that the technology to store the data has improved so vastly.
Taking advantage of the low cost, new ways to store data is essential to the operation of an organization.
Authored by: Dr. Bryan Bechtoldt, EdD
Bryan is the President and Principal for SVA Consulting, LLC, a member of the SVA family of companies. In his role, Bryan works with SVA’s clients to help them prepare their organization for transformation through shaping vision and development of implementation strategies.