Data is collected for everything and anything. Whatever data you need, the information is out there. People in general use data every day to make decisions about their life. You as a business owner or staff member working in transport or logistics need to make decisions every day for your operations to function. Are you using data to do this?
In our conversations with businesses we have found that they fall either end of the spectrum. Either you have so much data that you do not know what to do with it, or you have little data so have to make decisions based on assumptions rather than fact.
Fujitsu stated that ‘information is the currency that counts today and will count in the future, and this is not just in the monetary sense. Those who do not know how to deal with the four V’s of data management – volume, velocity, variety and veracity – will lose the race against competitors, the cyber criminals and the supervisory authorities.’ So let’s break this down into how you can wear the proud crown of data management for your business:
- Volume – you need to be able to know that the right amount of data is coming in so that it can give you a full picture of how your business is performing, like a map of your empire. It has to be meaningful to you so that you can analyse the data in a way that you understand. If there’s too much data coming in that you don’t know what to do with, look at which bits of data you don’t need and do not collect it anymore.
- Velocity – it is no good to you and your business to have out-of-date data. You need to know that your data is giving you a real-time and as up-to-date picture as possible so that you can make snappy decisions for your business. Right information, right place, right time with the right person painting the picture.
- Variety – Where does the information come from? Getting a variety of data is a challenge if you don’t know where to look for it, but once you look at what your business needs to understand, you can also see where to acquire the data you need to assist in understanding. You have your customers, staff members, inventory, vehicles, warehouses, external data sources like the weather or highway updates etc. What is publicly available to you and which parts do you need to investigate more? What do you need to be able to see the map of your empire clearly?
- Veracity – any king knows that trust and relationships are key to ruling an empire. To make any decisions about your business, you must trust that the data that you have is accurate, true, reliable, authentic and accessible to those who need to see it.
If you can master the four V’s of data management, then the next step is to see how your processes and systems work so that they are fit for business with data collection being an integral part of operations.
If data is a new concept to you or you feel like the map of your empire isn’t quite complete yet, then call us now to see how the TALE project can support you with free workshops and non-repayable grants to improve how your business uses data.