Data plays a big role in an organization. It can make or break a company. According to a study conducted by Symantec, the total data stored by businesses today is 2.2 zettabytes, and is expected to grow 178 percent for small and mid-sized businesses. If managed correctly, data can be a driving factor towards success and Operational Excellence. It can help a business serve their customers better and increase productivity. It can be an extremely important element in the decision-making process, being the facts and figures that a company calculates every day. Once this data is configured, it allows opportunity to create context, relevance and purpose. All the composed information then helps the top management, and all involved employees, in making good decisions.
Managing data allows for companies to react quickly and efficiently with respect to the changing demands of the customers. It gives leaders visibility throughout the company, and produces quicker, more logically-made actions. Follow these points to manage data better.
- KRA’s (Key Result Areas) should be assigned to everyone on board and this will determine the success criteria for every employee in the organization. (Each employee should have a set of KRA’s that he/she should achieve in the prescribed time)
- These KRA’s gives each individual a consistency of purpose towards their tasks and goals, keeping them aligned with the overall goal of the organization.
- KRA’s give us the answer for ‘What’ is needed from the team. ‘How’ to go about it would be answered by the KPI’s (Key Performance Indicators). KPI’s give the information on the performance of the employees in achieving their KRA’s.
- With ‘How’ and ‘What’ defined, it is easy to move towards why it is needed. The ‘Why’ can be summed up in two words – Operational Excellence.
- As we rise above the roadblocks with information, use actionable dashboards to evaluate, manage and make decisions based on the data collected and draft the action plan.
Following these bullet points can lead to a more effective work environment. With the age of information growing, data is more accessible at our fingertips. Managing data more efficiently is one step closer to achieving Operational Excellence.