Have we become data Diogenes?

Yes, you read that right. Data Diogenes. What do I mean by this? The obsession that most companies have with storing hundreds and thousands of data without knowing exactly what to do with them.

I recently read a book that talked precisely about data management in companies. I am referring to the book “Data Driven: Profiting from your most important business asset“, by Thomas C. Redman. It explores the ability of companies to make the most of their data and make more informed decisions, be more competitive and much more efficient at the operational level.

The important thing is for companies to be able to transform this obsession with storing data into knowledge. Transforming information into decision-making power.

Data Diogenes: the paradox of data abundance

It is a reality that we generate data at a dizzying pace. Both on a personal and professional level, at every step we take: data that is recorded on your smartwatch, emails, calls, banking apps, transport apps, social networks, information about our customers, about orders, etc. Digitalization, online transactions or commercial operations produce a disproportionate mountain of information. The bad thing is that many companies do not have a clear plan on what to do with it and this is what ends up turning them into data diogenes.

So, the paradox of data abundance comes from the fact that yes, we have access to more information than ever before. However, many companies do not have the ability to leverage this resource effectively.

Tips for not being a Data Diogenes and being a data-driven company

Just as Redman invites companies to change their approach to data, I want to share with you some practical tips for you to take the plunge and start giving data the place it deserves.

Start making effective decisions and optimizing time thanks to good data management with these tips:

1. What the data tell you.

Understand your data: what types you have, how they are collected, where they are stored, if they are of quality… When you are a data diogenes you do the opposite. Audit the state of your data, identify the sources it comes from and verify its accuracy.

2. Clear and precise objectives.

If you know what your goal is, it will be much easier to focus your efforts effectively, managing data in a way that helps you achieve your objectives.

3. Data, yes, but quality data.

A big mistake that many companies make is to settle for any data. Data must be of high quality. To this end, we must define processes that clean, correct and maintain the quality of our data over time. This will help us to make more reliable and accurate decisions.

4. Analysis tools

Our best ally will also be the fact of having statistical analysis software, data visualization tools such as business dashboards and business intelligence platforms.

5. Data: all in one.

Nothing like having an eagle’s eye view of your company. Don’t waste time consulting data in dozens of excel spreadsheets and various softwares. Integrate them. Unify the different data sources so that you have the key information at a glance. Invest your time in what is really important: making decisions.

6. Data-driven culture

Promote a data culture in your company. Get your teams to value data, to get used to having data as a protagonist in any decision that is made.

In short, the potential of data is in your hands. Encourage teams to get involved, to feel and experience data at first hand, to define new strategies, to integrate and become more flexible when the situation requires it. To measure the real impact that a good analysis, management and visualization of data has on their work. Stop being a data diogenes and take action now.