3 Key Differences Between Data Management Heroes and Hoarders

Data is the new oil. It’s the raw material for our digital age, fueling everything from artificial intelligence to big data analytics. But what happens when you have too much of a good thing? Too many companies are hoarding their data rather than using data management strategies to grow and scale.

Data Heroes are the type of people who are passionate about data, and they use it to make better decisions, leading to the best outcomes for their company. Data Hoarders are the opposite; they don’t want any information that could lead to making a wrong decision, so they collect all data possible but never actually analyze or act on it.

Does any of this sound familiar? Read on to learn three significant signs that a company is hoarding data instead of using it to grow and scale.

1) Holding on to Old, Outdated Data

Old data can affect business growth in many ways.

Sooner or later, business leaders will realize that keeping old data is not the best business decision. For business growth, data should be accurate, up-to-date, and complete. Lack of a modern data strategy can lead to basing business decisions on incomplete or inaccurate data.

By keeping old data, business leaders might miss business opportunities by not knowing the right time to change market conditions. On the other hand, business leaders might lose business if they decide to react when it is too late to profit from a business opportunity.

Business leaders need to ensure that all data has a business purpose and meaning behind it to keep data accurate.

2) Data is Collected, But Not Used

Some business owners do not use data to grow their business because they are afraid of making the wrong decision. This isn’t good because collecting data can be challenging, so it is best to use it. The more data you collect, the more tasks there will be for your team to complete. This can be overwhelming, creating a culture of fear of making the wrong business decision.

Some business owners think ahead and design a business strategy around data collection. This planning will allow for a good balance between data collection and knowing when to stop collecting data. It also allows you to understand what kind of data needs to be collected.

3) A Culture of Data Fear

Data hoarders oftentimes fear making incorrect business decisions, which can trickle down into other parts of their business, including marketing and sales. Business owners should use the data they collect to grow their businesses and make accurate decisions that keep the company running smoothly.

Companies must put more trust in the data they collect to help them grow and scale their business. Instead of fearing data, business owners need to consider the business benefits behind data collection. Using data correctly can make decision-making easier and streamline workflows by helping employees do their job smartly.

Let BrainSell Help You Become a Data Hero

It is essential for business owners to remember that data can be a business driver. Data heroes are the kind of people who manage data wisely and strategically, while hoarders don’t want to take any risks with their business decisions because they fear making the wrong one.

We have helped many companies gain control of their databases and turn into the data heroes they were born to be. Reach out to us and talk with a data growth expert about your specific needs and goals.