As owners of small businesses, we normally wear all those hats. And, if we have developed to where we are not wearing all those hats at similar times, we are at least rotating through them, few times in a month.
One of those hats that happened to be scary and increasingly important is to wear that “data scientist hat.”
Despite this data, scientists came in a variety of skills and many forms, but with the small industry data scientist is typically accountable for parsing through, and also analyzing information to hand over key findings regarding the business. The aim is to apply data and the answer to address test, find chances, and finally, helping a trade save money and time.
While many of us do not have the comfort of hiring one bona fide facts scientist to deal with these figures, but, there are some things you must know and take into consideration as you run the business and aspire to be as proficient as possible in the business functions.
Below are the few data management tips and challenges in handling each.
The Data Strategy: DO YOU OWN ONE?
The driving structure and overarching of managing information is a data policy. A data approach is basically a road map that will recognize how a business will handle, collect, manage and will store content. While the data strategy may differ in its depth and breadth, the easiest strategy explaining every component is important.
One example is, managing a little fitness studio. The collecting of data is through the third-party sites and these collected data will be stored in their platform. But, it had the ability to download the reports and export contents like the member lists and email addresses. However, they don’t have the capability to access the financial information of a person from the platform like the credit card numbers, which will provide the security level for the members and will keep us taken out of the sensitive data.
There is an implemented bare bones information strategy that will outline who have access to the data of members, which the computers may be used to download the reports and how to use the mobile devices to have access with the data. There are also restrictions on consents for anybody who will log into the third-party spot from the backend.
Although this may appear like overkill for the 5-person operation, are just being taken-off with the data and to know exactly who and how it is being interacted.
The Data collection: HOW AND WHAT?
For the main part, there had been two immediate inquiries that outbreak the information strategy and drive in the roadmap.
What are the data that you want to gather and how are you going to collect that data?
From a data compilation may take place in different formats like digital, printing and in-person, the method which the data are collected and shared is a serious matter. When dealing with the personal identification data and the sensitive one, the outlet for gathering data must be secure.
One example is – the credit card data is really sensitive these days, particularly with the latest onslaught of information, data breaches which has placed the credit identities and information in jeopardy. The law of thumb is, if you do not have to tap this information, then, do not! Use chip reading device or online portals that may be applied directly to the front of customers. You can also use a merchant service that may encrypt and process data to make sure of the top-level security for the transactions.
The Data storage: WHERE?
Once you own data, you need to store it. While the data storage may be comparatively cheap in these days, but, you do not want to apply a service that will not have a bank-level encryption, that has no reputation or has a bad reputation.
The data must be stored through the trusted platform that will be scalable and expandable based on the company’s future and with the current needs.
For example, the data storage spaces, like the Google Drive, or the Dropbox, it will permit you with a certain amount of open space, then it will start charging the moment you hit that particular threshold. This may be suitable since you don’t want to invest the big amount of space if it is not really necessary, but, you also do not want to completely switch the platforms when you are growing.
The key thing that you will consider here is the security. Make sure that however and wherever you store the data, it is absolutely in good hands, it’s safe!
The Data Sharing: WHO?
Right after you resolved the puzzle in the information gathering and storage, that kicker in placing the data to work is the data sharing, which may also pertain to the data integration.
Because of the numerous best data storing series that are cloud-based – setting of the data, hardware devices that may be a nice thing – these schemes are becoming chic enough to speak with one another and foster combination in between programs.
For example, with a scheme like the Neat that is applied to expense data and store receipt, the challenge applied to lying in taking out the information and importing it to another platform, like those in the online or some other accounting platforms.
Because the technology goes on improving, and the platforms keeps getting smarter, the information in the form of expenditure reports may simply be exported from a premium service to an online service with just some clicks. From an accounting and operational standpoint, this might be the game changer, and it is absolutely the time-server, as it makes an automated and streamlined workflow.
Data use: WHEN?
The final item in the data strategy is considering how and when you will apply the data. Understand an implication of applying the data and making sure that you have consent for that use.
Nobody is mainly excited when they obtained an email that they never marked up for, or the charge that they did not agree on. Be very cautious about how you apply the data you are collecting, and do not break any of the data applied policies, which might be publicly posted, then might be accessible for anyone that is willingly giving up data.
Here are some added considerations, as you go deeper into the data strategy, ponder with the following:
- Data policy publishing and enforcement
- Data hacks and data responsibilities
- Data protection – the smarter and the more updated information may go from being an elephant in a room to the best trades enablers you may unleash for the small industry, so long that you are doing it right!