How to Develop a Data Management Strategy for Your Startup

Throughout the country, a number of businesses are having trouble with their data. It’s inaccurate or inaccessible, and it’s costing these businesses roughly $3 trillion (yes, trillion) per year.

Do you have concerns about the accuracy of your data? Do you worry that a lack of organization and good data management practices is hurting your business?

If this is true for you, it’s time to re-evaluate your data management strategy. Read on to learn everything you need to know about creating an effective strategy for your company.

What Is Data Management?

Data management is all about acquiring, storing, and processing data in a way that allows it to be accessible and reliable to all those who rely on it (employees, clients, etc.).

Good data management is essential in 2019 and beyond, but it’s a challenge for a lot of businesses. They’re accumulating so much data on a consistent basis, it can be tricky to keep track of it all and make sure it’s accurate.

Why Does It Matter?

Having a solid data management strategy in place provides a lot of benefits to businesses of all sizes. Some specific benefits include the following:

• Gain insights from data to improve customer experiences and business management tactics
• Protect your business from risks and liability in the event of a data breach
• Save time and money by making data easily accessible to those who need it

Many business owners understand the importance of data management. However, they’re not very good when it comes to taking action and implementing a strategy to help them manage their data.

Creating a Data Management Strategy

If this is the case for you and you’re not happy with your current strategy, or if you don’t have one at all, start by following these guidelines. They’ll help you get a strategy in place so you can make the most out of all the data you’ve collected so far:

Establish a Team

Putting together a data management strategy is no small task, especially when you’re part of a large company with a substantial client base.

Don’t try to tackle this whole project on your own. Instead, assemble a team of competent individuals who can help you put together a plan and also make sure it gets carried out.

Remember, this team shouldn’t be comprised solely of tech experts. It should also include people from other departments who can provide insights into the data you’ve gathered and ensure it’s accurate and organized in the proper way.

Identify Key Data

Once you’ve assembled your team, the next step is to identify the key types of data that you plan to gather and manage. You’ll have to figure out how you’re going to get your hands on that data, too.

The specific types of data you need to collect will vary depending on your business goals. For example, you may need to gather information on the topics that most interest your target audience. You may also need to collect data on customer demographics or how people find their way to your business’s website.

There’s not a clear answer when it comes to deciding what types of data you want to collect. This is another reason why having a team is so important. They’ll be able to provide input and help you figure out which data points matter most to your business.

Set Clear Goals

Now, it’s time to set clear goals regarding data collection and data usage. How much data do you intend to collect? How will that data benefit different departments at your company?

When setting goals, be sure to set both short-term and long-term goals. This will help you create a broader vision for your strategy and ensure that it provides the greatest benefits to the business.

Draft an Outline

At this point, work with your team to draft an outline for your plan.

This outline should include information about the specific goals you want to accomplish, as well as the steps you’ll take to accomplish them. It should feature details about the technology you need to utilize and the costs associated with carrying out your plan, too.

The more fleshed out this outline is, the easier it’ll be to follow and ensure your data management strategy succeeds.

Make a Storage Plan

You need to have a plan in place for data storage, too.

Will you use a particular data management software to help you keep everything organized and accessible to the people who need to use the data? Do you need to work with a data center or invest in a generator to provide your business with extra power for managing your data?

You can read more here on the different generator and storage options you may need to utilize.

Implement and Adjust

Now, it’s time to go ahead and implement your data management plan. Work with the members of the team to get everything organized and ensure that all aspects of the plan get carried out on time and as planned.

When you’ve launched your strategy, you can definitely celebrate the victory. Don’t assume that the hard work is over, though.

Now, it’s time to evaluate how effective the new strategy is and make adjustments as needed. Managing your data will be a long-term project, and your team will have to stick together to ensure it continues to be as effective as possible.

Manage Your Data Today

Now that you know more about data management and why it’s essential to the growth and longevity of your business, it’s time to start taking your data management strategy more seriously.

Follow the tips outlined above and you’ll be able to create a strategy that works for your business and helps you get the most out of your data, while also making sure that everything is correct and up to date.

Do you want to learn more about data management or other aspects of running and organizing your business? If so, check out some of our other business management resources today.