Data: Cash or Trash? From "My Point of View" diary

In the early days of my professional career, I recognized the significance of data in the business world. However, is data an essential asset that benefits companies, or is it simply an obligation that compels organizations to invest in expensive storage systems, maintenance, and power consumption without a clear understanding of its purpose?

It was the late 1980s when we began to realize that, beyond purchasing goods and services, customers were leaving behind a trail of transactions, collected on a massive scale. Within this data trove lay valuable insights: trends, preferences, characteristics, periodicities, and their product and service inclinations. This wealth of information enabled us to refine cross-selling strategies and boost sales—an opportunity we hadn't fully grasped at the onset of my career.

Soon, I came to appreciate that managing this data was a crucial aspect of any business. It represented an invaluable resource that allowed us to draw conclusions, make strategic decisions, and chart our desired course. I realized that data had to be formatted, specified, clarified, and visualized in the most effective manner to facilitate quick and informed decision-making.

My dedication to this cause led me to delve into data management, understanding the landscape, how it influences database status, and the importance of displaying results for swift decision-making. Whether in casual conversations, phone calls, or meetings, I could glance at a well-presented data visualization for 10 to 15 seconds and gain a comprehensive understanding of our counterpart's situation, where we stood, our objectives, and our direction. This brief time frame was all I needed to turn data into actionable insights.

Many entrepreneurs invest substantial sums in storage equipment, computer systems, and power consumption, all of which are growing expenses. Yet, when they inquire about the return on investment, they often find themselves unsatisfied or view it as unnecessary expenditure.

 The tragedy lies in the fact that data analysis needs often go unnoticed. The sales department is preoccupied with other tasks, overlooking the value of data as a supportive tool for decision-making. Data analysts may possess the skills to dissect data, navigate databases, and uncover hidden insights. However, they may miss the needs of the sales department and the importance of presenting data swiftly and accurately.

From the management aspect, despite investing significantly in data infrastructure, sometimes, there's an oversight regarding the need for employee education to leverage data as an asset. A conscious effort is required to bridge the gap between the commercial and operational departments' demands and the data administrator's capabilities.

Data architects, analysts, scrapers, transformers, and presenters, each plays a vital role. When brought together, they unlock a profitable source within the company, which was often seen as an unaffordable expense, failing to generate the anticipated returns.

In conclusion, data has the potential to drive a company's growth. Extracting valuable insights from stored data is akin to discovering treasure, yet it remains a choice that each company must make, weighing the importance of data within its operations. Will data be a treasure trove or simply remain as digital clutter? The answer lies within the hands of every organization.