By PAUL GRAEVE
The Data Group Founder
Have you ever considered what your company’s most important assets are? You might think of buildings, raw materials, equipment, employees, processes, or systems. Depending on your industry, these may indeed be crucial. However, one of your most critical assets, regardless of your industry, is technology. This term encompasses all the software systems that run your business, often a significant line item in your budget. But have you ever wondered what these systems are truly doing?
The Real Role of Technology
You might say, “They run the manufacturing lines, help AP pay the bills, or assist the sales team in managing prospects.” Yes, that's true. But at a fundamental level, what these systems are really doing is capturing all the data that is your business.
Data: The Lifeblood of Your Business
Your body has various systems—brain, heart, lungs, liver, bones—all connected by blood. Without blood, these systems, and you, would die. Similarly, your company’s data is its blood, the driving force that makes every system work. Data triggers every action in your manufacturing lines, informs AP what needs to be paid and when, and tells the sales team when to follow up with a prospect.
Understanding the Value of Data
We often think about the systems but overlook the fact that data is the driving force behind them. Consider the last time your business wanted to replace an old system with a new one. In smaller businesses, this might take a week or two, but in large enterprises, it can take years. The most crucial aspect of this transition is the data conversion, which is often the entire project. Installing the software is simple; it's the data conversion that takes all the time and effort.
This process highlights that it’s not the system itself that’s important, but the data within it. Yet, we typically only give data the attention it deserves during such transitions. We finally realize that without data, the system is worthless.
Investing in Data
So, here’s the point: Technology is not valuable on its own; the data is. Well, to be fair, systems and technology are valuable, but without data, they are worthless. You’re investing a lot of money in these systems to “run” your company, but the real value lies in the data—the blood—of your business.
To become a Data Driven Leader (DDL), you must shift your thinking from investing in technology to investing in data. Once you make this mental transformation, ponder this: Are you investing in your data as you should? Consider it a maintenance cost of your technology. Just as you invest significant money to maintain any company asset, you need to invest seriously in maintaining, managing, owning, controlling, and using your data.
Owning and Using Your Data
The purpose of my soon to be released book is to help you own, control, and use all your data. By recognizing the true value of your data and investing in it appropriately, you can transform your company into a truly data-driven business.
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If your business has a data problem, book your free consultation with The Data Group here!
