Running a business is built on the principles of making money, for the most part. There's plenty of enjoyment in being at the top of the pack in the business world, but when it comes down to it, if you don't have a profitable business in the private sector, you'll be losing your own hard-earned cash.
You'll have your IT, human resources and finances in check at all times, but with the wealth of information you have at your fingertips now, it's important to make sure you've got all that under control as well.
But how will keeping your huge stores of data aligned allow your business to be made more profitable?
Taking the guesswork out of operations
There's already so much to do when running a business, and the operations, finances and executive tasks are all taken care of by chief officers. While there is such an ambiguous list of responsibilities for a chief information officer, however, there's very little point in even having one in place.
While there are such ambiguous responsibilities for a CIO, there's very little point in even having one.
It's not just something we've been banging on about. According to the SAS Institute, data management is important for figuring out the ways you can reduce costs, make clearer, faster decisions and implement new technologies and services. Looking at your current suite of goods and services on offer, are you aware of exactly how it's all performing? This includes knowing who's buying or using from your business, as well as how frequently certain products are requested. It even goes into how a particular promotion affects the overall performance of your organisation.
If you don't have clear data management, you'll be living in a murky world, where a bulk of information is clouding the waters around you and you won't know quite how to decipher everything.
Figuring out the weak points
A health check for your business is of vital importance to understand where you are falling down, and how your information could be structured more effectively to propel your profitability upward.
— BBC Future (@BBC_Future) June 7, 2016
IBM suggests that packets of a company's data can be as large as multiple zettabytes. One zettabyte is the equivalent of 36 million years of high-definition television hours – think you've got all of that under control? If not, it might be worth checking out our free white paper to see how information affects every inch, and every one, in your business.