Remember starting a lemonade stand as a kid? All it took for a successful business was a little tenacity and a folding table. Though some may pine for the business model of a bygone time, the fact is that we live in a time of data overload. That fact alone makes data management consulting even more important to your business.
Today, data is perhaps the most valuable asset for businesses across all industries. The applicable use and management of data can mean the difference between layoffs or a hiring spree. For something so critical to your business, making the right decisions requires more than a little tenacity. Tenacity can only take you so far until you realize you need something a little more… reliable.
So, when is it the right time to hire a data management consultant? This guide will help you decide whether data management consulting services are best for meeting your business objectives.
The Data Lifecycle And Your Data Strategy
Understanding the lifecycle of data from collection to governance is the first step to harnessing its full potential. Strong data and analytics strategies (which can include everything from data governance, metadata management, analytics insights, and more) are a critical part of your data strategy. Unless you’re an expert yourself, navigating the nuances of complex data can be overwhelming.
The lifeblood of a business begins with gathering raw data from various sources: identifying clear objectives and implementing techniques to ensure its accuracy. Figuring out how to store all that information in a way that can be easily accessed and comprehended depends on the volume, the speed of access, and budget.
How does one make sense of that mountain of information? Separating the wheat from the chaff, so to speak, or cleaning and filtering that data is the next step. The technical aspects often involve complex algorithms. The goal of data processing is to filter out errors and convert the data into a coherent format so that it generates valuable insights and is aligned with business needs.
Digging Deeper With Data Analysis
The beating heart of the data lifecycle is data analysis, where data is transformed from numerical values to meaningful insights and patterns. Turning raw numbers into actionable insights requires technical skills, but also a keen understanding of industry context. That’s where data management consulting services shine.
Ensuring the security of the resulting data is another key part of your data strategy. Like storing your hard-earned money in a vault, keeping it protected from unauthorized access, breaches, and theft is the best way to safeguard your investment.
In many cases, a company may not have a dedicated data management team. IT teams may have a basic understanding of data management. In some cases, they might have expert understanding in rules and regulations, such as HIPAA or GDPR, but not in other areas. In these cases, data management consulting acts as a buffer zone. They can help identify key areas where organizations like yours have vulnerabilities because they’re enmeshed in a variety of industries.
Finally, make sure you have the framework in place for the quality, privacy, and compliance of your data. Robust governance can make all the difference in how effective your data can be for the positive growth of your business. Proper governance maintains data accuracy and ensures its ethical use.
The Role of a Data Management Consultant
If all of this sounds like a Herculean task, fear not: this is where professional data management comes in. The traditional method of in-house data management is something of an anachronism in the modern business world.
In-House Data Management vs. Outsourced Data Management Consultants
Nowadays, internal data strategy has only the most narrow application, and still requires a tremendous output in infrastructure investment. Relying on a team with that infrastructure in place frees up your business from rigid constraints and allows for limitless growth potential.
Some ways that consultants can help your business include, but are not limited to, are:
- Capacity to Handle Data: Is your company set up to handle the sheer volume of information you need to process to stay competitive and meet business objectives? Studies show that only 46% of executives were able to handle the data and provide value to their organizations.
- Resource Allocation: Is your internal infrastructure prepared to allocate the resources needed to specialize in every aspect of your most valuable data assets? Just like you wouldn’t stick your hard-won money under your mattress and hope for the best, why should you tax your members with the task of handling the cornerstone of your business?
- Cost-Effectiveness: Outsourcing your data processing is cost-effective. With the architecture already in place, your business doesn’t have to go to the expense of restructuring its framework and training personnel.
Need Professional Data Management Consulting Services? Here’s How to Tell
Your Spreadsheets Give You a Headache
Your business needs a data overhaul when glancing at your files gives you a panic attack. Have your spreadsheets turned into endless mazes of data? Filled with broken links and outdated, impractical information? Consider a data makeover. Professional data consultants can streamline everything, secure data integrity, and help you maintain data quality. As a result, companies like yours can easily digest and extract actionable insights that give your organization a competitive advantage.
Swamped with Data but Starving for Insights
You have mountains of information, but no clear idea what it’s telling you. Struggling to make sense of what you’ve collected is common, and data management consulting can help. Turn that raw data into knowledge that will help you make better decisions and decipher trends you didn’t know existed.
Managing data chaos comes with many benefits: it can optimize your operations, improve client engagements, or to provide decision-makers with more accurate data. A data management consultant can help you with everything from light vendor research to implementing complex modern data management processes–and everything in between.
Did you know: A recent study found that 76% of business leaders had difficulty understanding their data. Are you one of them? If so, data management consulting is key to managing your data assets.
Wasted Time on Manual Data Input
Take back control of your greatest commodity: your time! Give your team the freedom to work smarter, not harder. Did you know that approximately 80% of time in data projects is spent on cleansing and preparing data? Jettison the tedium of data entry and let data architecture simplify the data entry work.
Think about this: automated data management systems can process data up to 100x faster than manual systems. How much time could you save by delegating the minutiae? Allow your business the time to focus on what it does best with a data consultant.
Navigating Complex and Volatile Compliance and Regulations
Keeping abreast of fluctuating data regulations like GDPR, HIPAA, or CCPA can be an expensive use of time and resources. Navigating the ever-changing world of data compliance, data governance, and wading through fine-print legalese is a drain on your assets. Data professionals specialize in keeping your business compliant with the latest regulations, saving your business from potential fines and keeping you on the right side of the law.
You’re Not Sure What Data Management Tools Are Best For Your Business
Let’s face it, there are a lot of providers in the data management space. Choosing the right vendor to implement your data strategy can be overwhelming. It is important to consider the ways each vendor can help your company benefit. Understanding how well each vendor can address the challenges your company faces is also important. Data consultants help you evaluate and implement a data architecture that is right for your business.
How Data Management Consultants Can Help Your Business Objectives
Focus on Internal Processes
Remain competitive: focus on growth and innovating key business data rather than wasting time and money to implement and maintain a data management strategy.
Cost Management
Outsourcing your data management consulting means budgetary consistency. Eliminating unforeseen expenses from in-house processing departments and allows your business to plan better and use resources more effectively.
Cyber Security Expertise
Data management professionals are intimately familiar with methods to thwart cyberattacks. Breaches can spell disaster for your business, and most in-house data systems simply aren’t equipped to prevent hacking.
These threats are not just for government agencies or large-scale corporations. At Data-Sleek, we’ve equipped clients of all sizes in the tools needed to safeguard their assets.
In the past several years, the cost for non-compliance with data management regulations has skyrocketed to an average of up to $14 million annually. Is your business prepared? If not, put data management consulting on your roadmap. An expert consultant will guide you in choosing the right solutions that ensure data privacy and security.
Steps Used In Data Strategy Consulting To Create A Strategy For Your Business
Any organization looking to take advantage of their data requires a strategy. Not just any strategy, but one that takes into account the future of the business and the industry it competes in. Data management consulting helps you with the following steps:
- Outlining Your Goals: A consultant will help you articulate your business’s goals. What do you want to achieve and how can a data strategy meet those goals?
- Determine What’s Possible: In this day and age, virtually anything is possible. A consultant will help you understand what areas of your business are a best fit for data management solutions.
- Build An Action Plan: Data management consulting helps you to identify and prioritize what steps you need to take to get the most out of your data.
- Put It Into Action: Data management consulting services can put into action a plan that’s best for you. Tenacity can only get you so far. Sometimes it’s best to hire an expert that will do it right, the first time.
Ready to Revamp Your Data Strategy?
Navigating the complex world of data management doesn’t have to be difficult. Competing in a data-driven landscape requires specialized experience. Our data management consultants can help you make the right choices in your data management strategy. We tailor our solutions to address your company’s unique needs and goals. Our experts have helped many companies like yours navigate data challenges. We can guide you on vendor selection, craft and implement a full solution, and equip your team with the tools and training needed to propel your business forward. Schedule a free consultation today and take control of your data.
