Good data flow and business performance
Good flow of quality data has a positive impact on decision-making and business performance. Companies who achieve it are more likely to meet their objectives, they are typically more ‘intelligent’ than their competitors.
An accepted definition:
Intelligence is one’s ability to gain knowledge and one's ability to use this knowledge to problem solve or meet an objective.
Managing the flow of data
Applying this in a business setting requires a company to manage dataflow through technical and non-technical means. For example, a good CRM system which is suitably configured might be one obvious solution. More challenging is implementing effective systems to connect the unstructured and non-digital data and knowledge with those who need it. Companies tend to have an abundance of this, and it is arguably some of their most valuable.
Map data flow
Mapping data flows makes good business sense to truly understand its journey into, around and out of your business. The outcome is a detailed map of a company’s current Data Circulatory System and the opportunity for improving it.
Data Circulatory System health is derived from these six components:
- Data is high quality – relevant and complete.
- Data is fit-for-purpose – in the right format for its use.
- Data flows freely – available when and where needed.
- Data flows at speed – is responsive and available without delay.
- Data accrues constantly – it is captured effectively and consistently.
- Data is GDPR compliant – use is maximised, risk is minimised and always GDPR compliant.
Over time, through continuous use and enhancing of data and knowledge assets, a company becomes more [and more] intelligent.
Data and knowledge as a catalyst
Undoubtedly, data and knowledge can act as a catalyst, there is practically nothing which happens within a business that cannot be aided by these resources. People can make decisions that are:
- Well informed, supported by evidence
- Taken with greater confidence
- More accurate and precise
- Taken more quickly
Other benefits
There are other benefits to mapping and improving data and knowledge flow. The productivity gains and cost savings can be extraordinary, for example it can reveal:
- Costly data duplication
- Inefficient and time-consuming informal data systems
- Risky data use practices and data protection weaknesses
- Poor quality data and sources
- Excessive data storage requirements
Lee Wickens, Director at Fivefold sums it up well:
“Data is an increasingly important business asset, one which plays a significant role in achieving competitive advantage. It enhances the value of businesses who accrue, use and maintain it to a superior standard.”
