Many organisations have a glut of data that is not used effectively. Leading organisations have effective systems and processes to determine what data and information should be collected i.e. what their meaningful indicators are and how it is handled, stored, analysed and interpreted. The organisation then uses this information to increase its understanding of the internal and external environment it operates in and systematically reviews it to ensure it remains relevant, meaningful and effective.
Consider these key points:
- How does your data link to your strategy?
- How do you determine what data should be collected?
- How do you ensure that data that is not useful is not collected?
- What person or system is responsible for collecting the data?
- How well do you understand variation so that you don’t over or under react to what the data is telling you?
- How do you share the data with others?
- How do you ensure the data is valid, reliable, timely and secure?
- What technology do you use to capture the data?
We see many organisations that spend hours and hours developing and providing reports and statistics that are never read.
Do a data audit on your business/organisation starting from the data used to inform strategy and work your way down. You’ll be surprised by the opportunities for improvement you find!