The 4 Key Principles of Data Management
We've heard the conversations about how important data is to our overall business goals and objectives, yet we have failed to embrace some of the basic principles around data-driven strategies.
In order to ensure the best utilization of data, we must first understand the value it plays in our day-to-day role, whichever role that might be. It could be finance, marketing, sales, or customer service.
The next step is to get specialized help if the resources do not exist within the company. Data management requires a specific skill and should not be left to the person who is currently doing everything - it's that important.
Erin McFarlane - Head of Strategy & Execution with Fairmarkit asked a very important question: Why is supplier data management being overlooked?
As global enterprises shifted to remote work overnight, the need for centralized data became immediately apparent. Suddenly, information living in someone’s head, or in a file cabinet, or even on an Excel spreadsheet or email, was difficult to share and access. In a crisis, certain pieces of data become critical, and one of them is information about your suppliers.
