Sunday, February 26, 2017

Enterprise Data Management and the Role It Plays in Organizations

Whether you are a smalltime business or an industry giant, big data affects organizations in several ways. For instance, it allows companies to improve internal efficiency and customer service. It also tells useful information like what the customers want, which platforms they use to purchase, and how they decide to buy.

With big data being a powerful force that drives decision making, it is important that organizations make use of the collected information effectively and efficiently. Failing to establish a solid enterprise data strategy to manage your inventory of data may result to serious risks. This is where enterprise data management (EDM) comes in.

EDM, according to Techopedia, is “an organization’s ability to effectively create, integrate, disseminate and manage data for all enterprise applications, processes and entities requiring timely and accurate data delivery.” Its primary role is to prevent mismanagement of information and data through a structured data delivery strategy. By doing so, organizations can get rid of issues and conflicts resulting from mismanaged data.

By implementing a solid enterprise data strategy, organizations can also control vulnerabilities relative to data. It then ensures that the right information properly gets to the people, managing the data to its full potential.

Although enterprise data management slightly varies from organization to organization, its principles still remain. Data must still be modeled, managed, and secured for organizations to trust its processing results.

Aside from its main purpose, EDM also helps organizations in the following ways:

· Strengthening data quality process – a robust enterprise data strategy reduces gaps, redundancies, and inconsistencies in data quality tasks.

· Establishing accountability for data management and governance – accountability is a critical part in an effective enterprise data strategy. EDM helps establish mechanisms for accountability through data stewardship and governance tasks for each data source, owner, and application.

· Anticipating and managing data risks – data provides both useful information and risks in an organization. With strengthened data quality and governance, data transparency can be achieved, reducing various data risks.

· Making the enterprise more informed about the collected data – awareness of the total amount collected and stored helps avoid wasting storage costs for unnecessary data.

· Creating road map to foresee new big data sources – EDM helps understand the amount of effort the organization provides in maintaining daily operations and the capabilities of your systems.

· Improving the top and bottom lines – with effective governance and use of data, organizations will improve productivity and increase customer retention, customer approval ratings, and revenue. On the other hand, EDM will also lower the costs of quality and compliance.

With the amount of data quickly rising in the recent years, managing it is one key to achieve success in your chosen industry. Maximizing its full potential through effective enterprise data management should help you reap the rewards it has to offer.

Clearly, big data is a force to reckon with. And it is every organization’s responsibility to utilize it accordingly through careful planning and strategizing.

Tuesday, February 21, 2017

The Market for Qualitative Market Research

The information that a business can reap from a very effective market research is invaluable. Market research, especially a qualitative one, can dictate the course of a business plan. A smart analogy of the data presented on certain market researches give clear vision on where a business is currently at and where it stand among its competitors . In reality, it is not easy to just plunge in into business without looking up what is out there in the market. This is where it can do great wonders. With effective market research and a good strategy, a company can gain advantage on economic shifts, demographics, and the current market trends.

There are several ways in conducting a market research. One of the most effective types is using a qualitative market research. It is often done in times when trying to gain an understanding of underlying reasons and motivations on a certain specific area and trying to uncover prevalent trends in thought and opinion. It is also effective in situations wherein an insight is needed to be tried out in a setting of problem to generate ideas or hypotheses that can be beneficial for further researches.

It is important to understand that it can be used for pilot studies, to illustrate the results of a statistical analysis, in mixed methods studies. It aims to develop an initial understanding and sound base for further decision making so the data collection doesn’t necessarily follow a specific structure as it can come out in form of in-depth interview or discussion of theories. In this kind of market research, samples that are prepared are a lot smaller in quantity. Respondents are selected to fulfill a certain audience quota. But with how quickly market trends come and go due to the current technology emergence, one may question where does qualitative market research really stand in the market?

Researches can be really expensive even if a company decided to conduct it on their own. It might take some time for results to come up a solid data that would be impacting to business. Time is directly related to the costs, as the longer the research takes, the more costly it may turn out for the company. Another factor is that not every company may be able to conduct their own marketing research as it will require people that are knowledgeable in the research field as well as machinery an even if they are able to, the validity of the results may be compromised. In a qualitative market research where data analysis isn’t statistical, interpreting the data can be difficult.

Given the factors above, market research outsourcing has found its own premise in the market wielding the advantages a company can get from outsourcing including cost efficiency, the quality of work, and access to machinery. Outsourcing market research proposes minimizing the error on a research process end plus with guarantees.

There is no taking away that it is indeed an important aspect in business. It is necessary to understand that research is also considered as a first step in undertaking many key marketing tasks that may involve a marketing plan, product development, need analysis, hazard and risk assessment, branding, and even pricing. So if you are taking that first step, might as well start on a steady well-thought out plan that will come up from a quality market research.