The key to understanding the ROI of each enterprise software application starts with your data. Every time we use enterprise software, we collect information about how we use that tool to complete our work. Just imagine with the number of applications we use daily how much data is collected. This data could be used to tell us about how productive we are and how to improve. It could also help us determine the value of the software tools purchased to make wiser acquisitions in the future. Unfortunately, this is exactly where many companies struggle. When such a vast amount of data is collected from such a wide variety of applications, how do we capture that information and turn it into real-world savings?
5 Questions to ask yourself to master your data
1. Where is your data?
With multiple applications being used across departments, do you even know where data is stored? If you do know where it’s being stored, is it in one accessible location where individual records are easily found and queried? Before you start analyzing your data, a management system should be in place. This system should make it simple to access and query data for both human users and reporting software. This includes connecting systems so data collected is automatically stored in a master file, making it easier to eliminate duplicate records and giving you a complete picture of the inner workings at your company. Using workflow software to create a fully integrated ecosystem that filters and stores data from multiple applications is a good place to start.
2. What do you hope to learn from your data?
Now that there are software tools to not only complete but monitor almost any task imaginable, it’s important to know how data can be used to learn about the inner workings of your company. However, you need to have a good idea of what you want to know about your company before you can begin to analyze your data. Do you want to reduce costs? Do you want to find ways to increase productivity? Only when you find out what exactly you want to measure can you start to analyze your data. One place to start is determining the most effective metrics and KPIs for your company. Then, take a look at what factors contribute to your chosen metrics and KPIs. For example, if you’re measuring employee efficiency, you are going to want to take a look at a few things. For example, how long it takes for each employee to complete their tasks and how your company spends money to complete those tasks. This way, data collected will finally have a logical connection between records, even if the records come from different sources. Then, you’ll have a basis for establishing what data is important.
