Commercial Data Capture: 3 points to consider
Seemingly every large corporate and most listed companies in Australia are working to leverage big data with the intention to reduce costs and deliver efficiencies through data driven software, data analytics, machine learning algorithms and intelligent machines. In some cases this results in the replacement of some thousands of workers, in others it results in increased output or a safer work environment.
Small and medium businesses need not be left scratching their heads at how to join the party to improve efficiency and safety. Capturing historic operating activities and transactions (revenues and costs) in a digital and referable/consistent form is a great start. In this article we will look at three steps.
- Data collection
- Data management
- Data Analytics – Having the end use in mind
Planning is critical to do this well. Think about a sustainable approach to collecting data and an architecture or structure to store and share your data. A little planning and thinking at the start with a focus on the business use cases and the insights you want to achieve is the key.
Try to avoid pushing ownership of this “data warehouse” to the IT department to avoid a technology heavy solution with sometimes little reference to the end businesses case. Put very simply, using a business use case driven data warehouse to store operational information together with financial and HR data is the first step to leveraging data for your business.