Ep. 42 Fireside Chat: Being Smarter with Data for Business Value

Business Breaks - All Things Business

Episode Summary:

Introduction to Data Value
- Importance of data quality and governance for organizations
- QuickBooks as a tool for data analysis in smaller businesses
- Challenges for larger organizations in consolidating and analyzing data
Removing Unnecessary Columns for Data Optimization
- Issue of slow performance in data analysis tools with excessive data
- Solution of removing unnecessary columns to reduce data size
- Importance of not storing unnecessary data for analysis
Optimizing Spreadsheets for Performance
- Neglected optimization in smaller companies or departmental spreadsheets
- Constant reassessment and removal of unused columns for improved efficiency
- Impact of unnecessary columns on processing time
Importance of Data Analysis in Business
- Role of accounting tools and apps like QuickBooks and Zero in data collection
- Utilizing external data sources for valuable insights
- Excel as a widely used tool for data analysis
Challenges and Solutions with Excel for Data Analysis
- Collaboration and security issues with Excel
- Power and suitability of Excel for small businesses with fewer transactions
Importance of Data Management in Various Industries
- Relevance of data management principles beyond finance
- Criticisms of Excel from non-skilled users
- Dashboard design considerations for efficient data analysis
Data Processing Optimization and Quality Control
- Utilizing self-service analytics and centralized storage
- Addressing manual data cleaning through automation and quality controls
- Considerations of data architecture, engineering, and quality
Balancing Data Collection with Efficiency
- Selective data collection for smaller and non-big data companies
- Risks and waste associated with collecting unnecessary data
- Importance of clear analysis goals and desired information
Analyzing Data for Efficiency and Business Success
- Utilizing spreadsheets and simple algorithms for data analysis
- Understanding the goals and principles of data analysis
- Benefits of efficient data collection and analysis
Data Considerations in Supplier Management
- Challenges with inconsistent data entry in supplier information
- Potential fraud risks and data security concerns
- Impact of inconsistent data on analysis and accuracy
Data Entry Challenges and Consistency
- Inconsistencies in data entry for CRM systems
- Including irrelevant information leading to garbage data
- Enforcing data entry requirements and formatting consistency
Importance of Data Entry Consistency for Analysis
- Challenges with inconsistent data in analyzing specific criteria
- Ensuring accurate analysis through data entry consistency
- Impact of drop-down menus and free text analysis

Support the show

Please like, subscribe, leave a review and consider supporting the channel at zero cost or no extra cost to yourself by getting the best tools on the market in their niche:

- Your feedback is vital to improving the show! Please take a few minutes to complete our survey and help to make Business Breaks even better:
Business Breaks - Listener Survey Form
- Subscribe to the email newsletter to receive regular updates and exclusive insights:
Business Breaks Podcast community
- Buy me a coffee (to get a mention on the show):
https://www.buymeacoffee.com/dantehealy

- Our list of affiliate partnership deals:
https://businessbreaks.club/brand.html

- For podcast fans who are seeking an enhanced audio experience as well as the opportunity to engage with your favorite podcast hosts:
https://hi.switchy.io/podopolo