How to Create a Data Strategy for Your Business

Every towing service business has data, be it data about customers, their purchases, engagement with products, among others. No matter what type of business you are involved in, there will be data that can be harnessed and used to make better business decisions. As your business scales, your data will grow. The ability to manage hundreds of thousands of data points is critical for success of any company. Even though data is so common and abundant, you can bottle it up especially if you don’t have resources needed to make full use of it. It is important to have a data strategy in place to make the best use of data you have.

Data Strategy

Data strategy creates a comprehensive and holistic vision of the data within a business. It brings together key components of data lifecycle management, that is the collection, storage, maintenance, usage and cleansing, with the aim of creating an integrated approach across all apps and teams. Doing so helps in maintaining accurate, consistent and relevant data everywhere. Businesses should create a data strategy as early as possible. Additionally, they should revisit that strategy periodically and add new applications and features to their business.

When looking forward to come up with a data strategy, there are key components you need to understand.

Which data is valuable?

A data strategy starts by identifying the data that is useful for your organization. Doing so determines what is worth collecting in your lead generation forms and other data collection channels. You need to start by looking at various components including lead data, customer data, website data, social media data as well as data pertaining your products and services. You also need to come up with a strategy on how you will be collecting your data. Even if you know which data to collect, you need to ensure its high quality. Quality data is accurate, complete, relevant, consistent, accessible and timely. The result is having quality information that can contribute to data-driven decisions.

How to store data

This defines the steps an organization takes to secure, analyze and manage its customer data. This comes under data governance strategy and be a critical part of your overall data strategy. You need to ensure you choose adequate data storage solution. You also need to come up with a solution on how you will maintain a single source of truth in your data. Ensure that your data is aligned between apps and it requires data synchronization. Doing so will help in connecting the dots between your apps, from your CRM to your automation software and accounting systems. Additionally, you should communicate any data changes between the same. With real time updates, you will be sure you are looking at the latest data.

You also need to have a plan in place on how you will remove low quality and outdated data. Low quality data includes any data that is incorrect and expired, otherwise corrupted data. To keep it out of your database, you can come with a strategy that defines what bad data looks like in your organization, how you can identify it, and how and when you will remove it.

 

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