The outbreak of COVID-19 pandemic has made it important to minimize human interaction in business operations. As most people are staying at home and practicing minimum mobility, it is time to scale up your software-based systems to meet the business needs and consumer demands. However, when businesses consider replacing their operations with digital technologies, they need to ensure thoughtful technology decisions, practices, and investments.
One of the core pillars that guide the decision making for a digital business is data. In order to formulate a successful digital business strategy, it is imperative to layout some data principles. The three basic data principles for a successful digital business are:
- Data Is An Asset: The first data principle for a successful digital business is to understand how digital business is different from conventional business. Although the underlying concept of a digital business is same as that of a physical business, the difference lies in the role of data as an asset. The success of a digital business is based on collecting data and applying it to accelerate workflows, increase flexibility, target value propositions, and achieve business goals. The data plays the role of most important assets for a digital business as it provides the necessary information required for formulating successful future strategies.
- Increase The Value Of Data Assets: The main difference between data and other assets is that data can be applied to multiple domains continuously. However, it is important to choose a suitable way to use data in a constructive manner for the effective use of resources. The second data principle for a successful digital business is to take steps to increase the value of data assets. While deciding a suitable way of using data, the main focus should be on increasing business’s efficiency while improving data sharing.
- Data Security: With an increasing number of data breaches, it is necessary to implement the third data principle of data security. Business data may include personal information of users, business strategies, trade secrets, etc. A data breach can lead to loss of credibility among users. It can also cause financial loss to the organization by damaging the brand image or resulting in loss of business. Thus, in order to ensure the success of a digital business, it is important to keep the business data secure.
For more information on data principles and strategies to implement digitization of businesses, contact Centex Technologies at (254) 213 – 4740.