How to Get the Most out of Your Company’s Data

How to Get the Most out of Your Company’s Data

Utilizing your company’s data to its fullest potential is a difficult task. Each day you are generating piles of valuable data that goes unused. Causes for this may be  not having the appropriate tools, limited capacity to handle mass data, or simply a lack of expertise on the subject. Whatever the reason may be, it is helpful to get an understanding of what you can do to improve your company’s overall data management efforts. 

The efforts will impact your potential for the use of cyber physical systems. Manufacturers and service providers from a variety of industries are utilizing cyber physical systems to enhance operations and drive data superiority. It only happens if you have command of your data. 

The first step to data management improvement is to recognize the importance of data. A significant positive correlation exists between understanding the importance of data and confidence in data decision-making. But understanding it at the individual level is less than half the battle. You need to promote its importance across the organization and educate key stakeholders in order to achieve success.

Another key to improvement is to understand what data the company is producing, but leaving unanalyzed. You will likely find multiple untapped sources producing data. Maybe you have a temperature sensor to simply ring an alarm at a certain threshold, but the historical data sits untapped. Or maybe you have thousands of historical inspection reports just sitting in a database. By letting the data sit untapped, you are missing out on a world of value for the organization. 

Once you have an understanding of the importance and what data you have ready to be accessed, it is important to put together a data management team. Whether you already have data experts or need to hire new recruits, it is a worthwhile investment of time and resources. Data management is an incredibly large task that requires a knowledgeable team dedicated to its success. 

The established data management team will need to create a comprehensive strategy. There are three main areas where data management can provide value to a company; first being improved decision making. Using artificial intelligence can speed up decisions and provide much higher quality results. Second is optimizing operations. Data can be analyzed in order to find and correct inefficiencies among your various processes. Lastly, data can create new streams of revenue. Although one of the more difficult strategies, data can be analyzed for use in new product development or to find new market opportunities, which will both assist in revenue growth. 

The data management team will need to include your cyber physical systems in the strategy. CPS’s are not software only like other systems in a company. They utilize data in specific ways and can contribute to the overall goal of improved data management. 

Reassessing your use of data is a huge undertaking. Oftentimes, the best course of action is to reach out to a company with expertise in this area. They will be able to pinpoint areas that need improvement, design cyber physical systems to capture untapped data, and make sure you are getting the most value possible. Pairing a solid understanding of your data, a knowledgeable team, and third party experts will ensure you get the most out of your data.