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Why Is It Important To Manage Data?

Managing data is an important managerial task in an organisation today. An organisation success is not only dependent on the possession of resources, but how the resources are efficiently utilised.

“… data and information within an organisation and its environment form part of the strategic, tactical, and operational resources of an enterprise.”

According to IDC[1], the amount of information around the world will reach about 35,000 exabytes in 2020. It is also estimated that information processing will continue to increase 29-fold over the next 10 years. With such an exploding amount of data in the world, data will become a key basis of competition, forming the basis of productivity growth, innovation, and consumer surplus. This is especially prevalent today as the adaptation of more advanced technology and software has further increased the volume and detail of information captured by organisation. Furthermore, the widespread usage of multimedia, social media and worldwide web will contribute to the growth in data.

Here are some ways where big data can create value: –

  • Big data can make information transparent and usable at much higher frequency
  • Through data collection, organisations can collect a much more accurate and detailed performance information from product inventories all the way to HR book keeping matters, to make better management decisions.
  • Big data paves the way for narrower segmentation of customers, allowing organisations to tailor their products or services to better suit their customers.
  • Sophisticated analytics can facilitate better decision making.
  • Big data can be used to improve the development of the next generation products and services.

“Companies in the top third of their industry in the use of data-driven decision making more, on average 5% more productive and 6% more profitable than their competitor.” – Andrew McAfee &Erik Brynjolfsson

From human resources to manufacturing, big data is used to drive decision making most of the time. When an organisation uses quantitative data in their decision making, there is lesser reliance on gut feeling. Having data allows an organisation to accurately capture consumer behavior and environmental characteristics, encouraging innovation and changes to be more relevant to their targeted audience.

  • When presented with data, managers can kick start their decision making by  asking themselves the following questions: –
  • What do the data say?
  • Where did the data come from?
  • What kind of analyses were conducted?
  • How confident are we in the results? Or Is the results a good representative of our customer base?

In the oil and gas industry, new technologies and processes that capture and transform raw data into actionable insight sprout out every day. These data are especially valuable and useful in improving asset value, enhancing safety, reducing risk and protecting the environment. However, accessibility of these data are not universal throughout the organisation, hindering decision making.

Prioritising Data and Information Management for Operations is a 3-day course that provides participants with hands-on techniques to break down such barriers. Case studies and examples will be drawn to better illustrate information on how hydrocarbons flow from the reservoir, through the well and production facilities to the sales point. For more information, please visit us at http://www.opuskinetic.com/training or contact us at info@opuskinetic.com

Opus Kinetic believes that people are why organisations are successful, and giving people the knowledge to perform well at their job is integral for success. We pride ourselves as the premier provider of knowledge, offering acclaimed in-house training, leadership training courses, oil and gas training courses, courses that target health safety and environment, etc. Our training courses are well researched and updated with the latest industry trends. For more information on our professional training programs, you can visit us at http://www.opuskinetic.com/training.

 

[1]International Data Corporation (IDC) is a provider for advisory services, events for IT, telecommunications and consumer technology markets