3 Steps to Manage Business Data From Scratch

Content

• Step 1: Know Yourself

• Step 2: Build a Complete Data Environment
  • 1. Set Standards
  • 2. Build Platforms
  • 3. Control Key Links
• Step 3: Perform Business Analysis
  • 1. Set Clear KPIs
  • 2. Build a Complete Indicator System
  • 3. Set a Reporting System
  • 4. Create Basic Inquiry Reports
  • 5. Create Business Reports
  • 6. Create Strategy Reports
  • 7. Build Analysis System
• Conclusion

In the Internet era, every company in the world has a bunch of data, but not all companies can manage this data and then make intelligent decisions. How can we make the most of this data for our business and drive our business forward? What exactly can we do to harness the power of our data?

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Step 1: Know Yourself

According to Inderjit Mund, Data Management Practice Director, Jaywing, most businesses have a desire for data-driven insight, yet many are not realizing that ambition. The result is that data management is often fragmented and driven by multiple stakeholders. This leaves organizations dealing with a high degree of inaccurate and disparate data and there are a number of challenges to maintaining it:

1. The sheer volume of data.

2. Taking a reactive approach to data management.

3. Lack of processes and systems.

4. Fragmented data ownership.

5. Lack of a data culture.

Step 2: Build a Complete Data Environment

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1. Set Standards

The required standards should include encoding rules, naming rules, division classification rules, and sharing rules.

Standards Planning: Determine the scope of implementation according to the actual situation of the enterprise, and make plans based on priority and difficulty. The content of the standards like data distribution, data flow, service rules, etc. can be explored by questionnaires, on-site interviews, and collecting documents. Based on all the information you get, you can complete a research report.

Standards Design: Create standard data designs and definitions, such as data service description definitions, type length definitions, and more.

Implementation Mapping: Mapping defined data standards to business systems and business applications, indicating the relationship between the two and the applications of the impact.

Standard Execution: Check the implementation of standards with professional tools.

Maintenance Enhancement: As the business develops, data standards need to be continuously revised, improved, and effectively maintained.

2. Build Platforms

Unify the names and standards of master data that may be shared in every business unit.

3. Control Key Links

This includes identifying key links of master data management, arranging the order to deal with key links, and assigning the exact key links to relevant the people or department.

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Step 3: Perform Business Analysis

1. Set Clear KPIs

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What data should you analyze? How can you give feedback to business people? All problems like these should be solved by the indicators you set.

Of course, you have to set clear KPIs with business departments. You can do research about what KPIs each department cares about, from the bottom of your organization to the top.

It is also possible to convert the existing SCOR, scorecard, and other performance systems or existing business analysis systems into indicators that can explain the situation.

2. Build a Complete Indicator System

After setting the KPIs, start from each line of the business.

• Think about the key outcomes of this line of the business which is responsible for corporate goals (KPA, Key Performance Area).

• What dimension can measure each KPA (KRA, Key Result Area)?

• What are the key performance indicators (KPI)?

Finally, aggregate all the business lines and form a complete indicator system.

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3. Set a Reporting System

After setting the indicator system, you will know what data set each business unit needs to analyze. Data is usually presented in the form of a report.

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4. Create Basic Inquiry Reports

The basic reports are created for grassroots business and daily work focused on a specific task. For example, sales performance inquiries, commodity inventory inquiries, in-transit inventory inquiries, purchase order inquiries, etc. You can get whatever you want by querying such reports.

5. Create Business Reports

Business reports are used for daily management. They are not only for a specific job but cover a work module managed by the relevant department. For example, the store manager performance dashboard, inventory management dashboard, abnormal store management dashboard, etc. These types of reports are based on daily management, and you can monitor the current status of your business by viewing such reports. They can help you find potential problems and make more intelligent decisions.

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6. Create Strategy Reports

This kind of report is used for high-level positions, such as the daily profitability status, project progress monitoring, and so on. These types of reports are usually presented in the form of a dashboard for corporate to track what they care about in a global perspective.

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7. Build an Analysis System

This is the so-called data analysis part and differs from the display of business reports in that it pays more attention to a specific business problem. For example, reducing the cost of the supply chain or making a marketing strategy by analyzing the marketing environment.

They are typically used in traditional enterprises like smart manufacturing, big data marketing, supply chain optimization, market activity ROI analysis, new retail business enhancements, user portraits, and customer labels.

Conclusion

You should know how well you are managing your business data now, then try to plan a complete data management system, set a clear indicator system based on your business process, and customize your reporting system.

Fortunately, nowadays, we have so many great reporting tools like FineReport, JasperReport and so on. When you choose a reporting tool, you have to pay attention to the following functionalities:

1. Support the ability to connect data from different systems to consolidate data and break down information barriers.

2. Support the processing of large volumes of data.

3. The front-end is visually appealing, it's easy to create reports, and the reporting tool must have powerful analysis functionalities to meet your customized requirements.

Comment below to tell me what kind of problem do you have when you manage data from your business!