Managing data according to its value and relevance, which change throughout the life cycle of the data, is key to realising and unlocking this value as a fundamental part of business processes, says business data multinational Commvault territory account manager for South Africa Mike Rees.
Data stewardship skills will become more significant as businesses create and encounter more data as more business and consumer processes become digital. Being able to derive the value from data based on its relevance at a specific time is the objective.
“While it might seem that this is a complex question of what to store and what to process, as well as applying the necessary protocols and procedures at the right time, which can add costs, this is not the case.
“Determining the strategic role that data plays in an organisation and using it to inform the business strategy and operations will ease data costs because companies will more readily be able to identify and, thereby, manage data effectively and efficiently.”
Analytics and business intelligence will be less costly and more effective if good data management practices are in place. Understanding the data will also enable the business to determine the most appropriate way to handle data in terms of risks, regulations and/or business benefits, which will also indicate the hardware footprint businesses require.
“In most cases, a better understanding of the value of data for business purposes will reduce the storage required and improve the processes relying on critical data.”
Further, the value of data changes throughout a supply and value chain, and suppliers or clients might find value in data a company considers noncritical.
Data security and control are critical, but sharing data – in a controlled and transparent manner – among business partners and suppliers can allow for supply chains to adapt and respond more rapidly.