Tips for managing and analyzing a large volume of data
The key for an effective decision making is the ability to extract the most important insights from the data the company has. However, because of the high number of data that is generated every day, it is not always easy to get the best out of the information. Managers are constantly looking for new ways of managing data, so that they can keep abreast of what is going on in the business and so they can consciously decide. In today’s article, we leave you important tips for managing and analyzing a large volume of data!
Required to analyze the business in real time
Information is growing at a very fast pace, which makes it increasingly difficult to analyze in a timely manner. The most appropriate solution is to analyze the data in real time to make the most of the information. Products like Multipeers allow us to analyze every second what is happening with the business. This tool allows you to consult all company information on a single dahsboard, which greatly simplifies your analysis. In this way, you can make the most of the data to make the best decisions for the business. Alarming the large amount of data generated in companies to a real-time analysis allows you to get insights essential to business success.
Ensure data security
It is critical that companies have the right tools to be able to cope with the vast amount of data they are creating every day. Datapeers, for example, is an innovative solution that helps companies meet legal requirements and improve the quality of development processes, ensuring data protection and confidentiality. The new EU data protection regulation and Brazil’s new data protection law have reinforced the importance of information and the increasing need to protect it.
Deletion of unnecessary files
Backing up your files frequently is very important and critical to businesses today. However, there is no logical reason to keep dozens (or even hundreds) copies of files with repeated information. Deduplication allows you to reduce data by eliminating repeated files. This will allow a more rational use of storage space and in the long run will bring savings of time, money and human resources.
Find solutions quickly
Data controllers should be able to quickly define various forecasting problems. Companies should focus on simple predictive models and find possible solutions. In this way, they don’t spend as much time as they would if they created a model of a very sophisticated machine that consumes more resources and more expenses. Although the Big Data issue seems very complex, the trick is to simplify processes and invest more time in data extraction and analysis.
Automation of processes
A process is something that the company does on an ongoing basis. As it is something that is repeated over time, it is essential to create norms and routines to improve each process. Automating everything that is possible, eliminating what is unnecessary and standardizing what is repetitive are some of the possible ways to improve business processes, leaving companies more free to analyze data. However, it is critical that companies have the right tools to best cope with the vast amount of data they are creating every day.
Simplify data analysis
When we sit down to analyze the data and make decisions, we tend to complicate and create models that are too complex and time-consuming. A simple model like a decision tree is enough to solve many problems. Managers should focus on reducing the time between the time the data is generated and creating the first simple predictive model. The faster this model is, the faster the company extracts value from the data and will have positive results because of this.
Define KPIs
Companies produce thousands of data in a short time and it becomes impossible to analyze all available indicators. KPIs – key performance indicators – are the indicators of business success and are those indicators that demonstrate to us whether the company is going the right way. It is essential that managers define the most relevant indicators so as to always know if the expected results are being achieved. It is humanly impossible to evaluate all the indicators, it is fundamental that the manager focuses on those who show us exactly what the state of the business is.
Create simple and intuitive reports
The tendency of managers is to create reports with many pages and complex terms that make it difficult to analyze them. The ideal is to make short reports that contain only the information essential to making the right decisions for the business. Create appealing and easy-to-read graphics because through these elements it will be easier to convey your message and better understand the data.
Application of continuous improvement methods
The Kaizen method seeks continuous improvement. It uses several methodologies such as PDCA, 5S, DMAIC, among others. For these methodologies to be successful in companies, it is necessary to create reports automatically and make the information available to the entire organization. In this way, the management of the company will be better and better and this will be reflected in the decisions taken!
Find out everything you need to know about the new data regulation. Download our GDPR e-book and get started today to protect your business!
Marketing administrator
About the author