Does More Data Mean More Problems
Today’s industries face a constant yet shifting battle to manage the ever accelerating flow of Big Data. To be competitive, every company intent on maintaining market share must contain and make sense of the volume, velocity, and variety of incoming information. Those that embrace a data-driven culture will maximize productivity and profit by harnessing their data with an enterprise quality management system (EQMS). So, does more data mean more problems?
What data driven looks like
Fundamentally, the data-driven corporation has an established strategy to capture, clean, and utilize the full capacity of its data. Industry analysts view the data-driven concept based on five elements which incorporate the “three V’s” of Big Data:
- Volume, which refers to the sheer number of bits generated by digital computing systems.
- Velocity, which refers to the speed at which data both grows and travels.
- Variety, which refers to the almost infinite number of data creators available, including mobile devices, video and audio files, and storage and analytic capacities.
Mastering a data-driven culture means managing the three perspectives of data to gain control of and exploit the benefits of the information gathered. Meanwhile, here are five tips to do just that:
The five elements of data-driven culture
Single source of truth
Optimally, all enterprise data combines into a unified whole that provides a consistent and reliable base of information upon which the company relies. Using this single source of enterprise intelligence, the various company units can speak the same language, draw conclusions based on the same indicators, and make decisions based on the factual reality of the business. Without a central repository of corporate data, confusion, division, and, ultimately, waste and loss result.
A comprehensive clearinghouse of information is useless if staff can’t access it. Access, however, is more than just handing out passwords. To maximize data usage, a strategic access plan that incorporates “who” should have access to “what” will also include security measures to protect data from inadvertent or intentional access by intruders.
Feeding the source of truth is the language around the data itself. Data is information, but so is its organization, classification, structure, and definitions. The enterprise “data dictionary” gathers the language of access and usage of data into a commonly understood vernacular for the company to use.
Flowing from the data dictionary is the comprehension of what the data means. Some information is informative on its face; other information requires complex computational analysis to unlock its value. Knowing which is which is yet another example of data literacy.
Data-based decision making
Leadership that can check the dashboard to see the number of widgets produced in a day can’t make critical decisions using that information if they don’t analyze its relevance to the entire organization. Data-based decision making reacts to continuously updated company data. Traditional decision-making processes often relied on years of experience, whereas tomorrow’s business leaders base their decision making on the company’s statistical realities. This will unlock the opportunity to maximize productivity while cutting waste.
Today’s EQMS is uniquely crafted to speed development and implementation of a data-driven culture within any enterprise. Quality management systems have evolved precisely to address the challenges posed by the ever growing volume of disparate bits of data coming in from all corners of the Internet. Consequently, today’s EQMS can already capture data from across company sectors, provide appropriate access, measure quality and compliance factors, and inform decision makers.
Data is driving today’s hyper competitive markets, and corporations are extending their platforms and product lines based on the mounting tide of information that is now defining their metrics. Looking forward, even bigger success is available for companies that adopt and embrace the data-driven opportunities presented by today’s EQMS.