Insights
Is Your Company’s Data Reliable? 5 Keys to Making Data-Driven Business Decisions
Posted July 31st, 2024 in Articles
Using data allows companies of all sizes to streamline their operations, better target their clients or customers, and maximize their return on investment (ROI). But, this is only true when their data is reliable. If your company’s data is unreliable for any reason, not only is it useless, but, even more importantly, it could potentially lead you astray.
5 Key Considerations for Using Data in Your Business
How can you make sure your company is using reliable data to make sound business decisions? Here are five key considerations:
1. Data Source(s)
One of the first keys to collecting reliable data is making sure your company is using reliable data sources. Even if your company is collecting data from its own customers or employees, how confident are you in the data’s accuracy? If your company is relying on third-party data, is the third party processing the data rather than sending it in its raw form (which could introduce reliability concerns)? Is cybersecurity a concern? These are just a few examples of numerous questions that require careful consideration.
2. Data Age
Data age is a key consideration as well. In today’s world, information can become outdated extremely quickly. Once data becomes outdated, it is no longer useful.
3. Data Collection Methods
Whether your company is collecting data itself or relying on a third party, it is important to carefully evaluate the collection methods that are being used. Not only can flaws in the collection process introduce reliability concerns, but unnecessarily slow collection methods can cause data to become outdated before it can be analyzed.
4. Data Analysis Methods
Data analysis is an exact science. It requires an informed, systematic, and structured approach—and it is absolutely essential to ensure that analysis methods do not introduce bias into the equation. While data analysis can be a powerful tool for driving strategic business decisions, too often, oversights and shortcomings render companies’ data collection efforts futile.
5. Data Interpretation and Implementation
Effectively analyzing data allows the data to be interpreted within the context of a company’s business plan and operations. This, in turn, allows for implementation of the insights gained through the data collection and analysis processes. But, this is a step that companies often fail to take as well, as they lack the resources or resolve to get over the finish line.
This is where working with a business data consulting firm comes into play. At Mithras Investments, we help our clients leverage the power of data to drive their businesses forward. If you have questions about how your company can—and should—be using data to its advantage, we can explain everything you need to know.
Speak with a Business Data Consultant at Mithras Investments
Would you like to be using data in your business? If so, we invite you to get in touch. To speak with a business data consultant at Mithras Investments, please call 305-517-7911 or tell us how we can help online today.
