Is Business Data Necessary?

These days, everything seems to be about data. From social media to advertisements to small businesses, we are actually all a part of the data that is being collected and analyzed. While this may freak some of us out, (especially when there are breaches!) this is how businesses, no matter the size, determine the best products and services to sell us and the best ways to target those products or services to a specific group or groups of people. 

I’m sure you may have noticed Facebook ads that seem to pop up immediately after discussing say, being hungry for pizza or needing to buy body wash or diapers. Maybe you were searching online for a certain product and Google decided that they can show you numerous ads for those products for the next couple of days. It’s obvious that data is being collected every minute of every day. 

If you own a business, you’re most likely collecting data of some kind so you can decide the best ways to move forward. There are so many programs available online for us to keep track of data. These programs are also great for marketers, non-profits,  webmasters, and bloggers too! There are plenty of options out there depending on how big or how small or how much data you need to keep track of to succeed. If you have other employees or partners who also need to keep track of data, it may be in your best interest to find a program or service that will help you better share this information across your network. 

What is data governance? One of the best definitions you’ll find out there is this: Data governance is a set of principles and practices that ensure high quality through the complete lifecycle of your data. It is imperative that the people who need to can have access to the data they need to have access to without fear of being locked out. Essentially, how you govern your data will determine whether you succeed or not. What is business data?

Everything, literally everything, that has anything to do with your business is business data. For instance, my husband and I own a small trucking company. It still amazes me at the amount of time we spend on compiling data for so many different aspects of the business. From events to new laws for each state to fuel purchased for each truck, where it was purchased, how much the fuel costs, how many miles were driven in each state on which day, and much, much more. It is a very tedious process but without this data, we could have a nightmare on our hands whether it comes to state audits or our taxes. We each keep track of certain things and on different computers. A couple of our employees work from their homes as well so it is crucial that we are all on the same page and able to access each other’s data at any time. 

People, places, things. Rules, contracts, laws. What is important to you and your business. Data is the core of your business or organization. Banks and investors and anyone who has any interest in your business or organization will sometimes require this. Collecting business data is expected anymore so rather than pulling an all-nighter (and hoping you can find a few others to do the same.) to gather this information for an audit or even a bank if applying for a line of credit. Trust me, I’ve learned the hard way over the years and now I am very meticulous and sometimes maybe even overbearing at times when asking my husband where or when data for a different department will be entered. Being prepared and always being on top of everything will be extremely beneficial for your business! Not only does it help with your stress levels but it shows potential clients, investors, customers, that you are on top of your game. Beyond that, having your business data governed and functioning properly across all levels and departments could help you with any potential legal issues and will always make you look more professional.