THE SECRET ANATHEMA OF DATA

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We keep meeting and discussing data, being a core part of our job. Data enthuses us, and also encourages us to explore what benefits we can bring to the table for clients who already have a vast repository of data, most of which is stores in a non-sequential, unorganized or simply haphazard manner. We always tell our clients that this data needs to be brought up to shape and be reformatted to look both decent and intelligent.

 

Here are some numbers to help you understand the quantity of data out there and the need to store this data carefully.

 

  • Google has over 2 million searches every minute
  • Over 20 million emails are exchanged every minute
  • Over 2.5 quintillion bytes of data is generated everyday
  • Over 3 billion people exchanged information online in 2016
  • An average billion-dollar organisation loses 130 mn USD due to mismanaged data.

 

While talking to clients, these are concerns we often hear:

 

  • My business model works more on gut.
  • We do need data analytics, but that is a slightly later priority.
  • Let’s focus on the business first, we can organize the data later.

 

As you can notice, most of the concerns are priority based. Storing and analysing data is not a priority for most businesses especially when they are starting out or are not dependent on digital transaction channels. However, the need to tap into the potential of data is actually higher for businesses in the current environment. How then do you begin?

 

I suggest; Let’s agree to sort the past later. But let data, beginning today be collected, organized and stored in a methodology that allows you to extract information from them in the blink of an eye.

 

This reminds of the Japanese ‘Five S’;

 

  • Seiri – to Sort/Organise
  • Seiton – to Straighten/Orderliness
  • Seiso – to Shine/Visualisation
  • Seiketsu – to Standardise/Define
  • Shitsuke – to Sustain/Discipline of continuity

5s

 

In this changing environment, we miss the core point that employees generate data, one of the most expensive resources, every day.  This data can help us solve both HR and business problems.

The relevancy of the same can be found in the successes of new-age organisations like Google and Amazon which are wholly data dependent. Data helps them define markets, territories, products and features that define revenues and profitability.

 

Is your organisation geared up yet?

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