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Unlocking the real value of your business data

Good data management can lay the foundations for business success.

Data is one of the most valuable assets for a business. By effectively leveraging its data - from customer and employee data to financial, sales and marketing data - a business can gain insights into its operations, improve decision-making, and gain strategic advantage. 

But while data can deliver tremendous value, today, many businesses are finding it more challenging than ever to manage their data. This is due to the growing volumes of data a business typically produces, referred to as 'data sprawl'1, which can make it challenging to monitor and control. Moreover, this data can be dispersed across multiple sources - from internal data centres, private and public clouds, to end user devices. This lack of digital integration can have serious implications for a business. 

According to a 2023 World Economic Forum report2 on SMBs, 74% of surveyed businesses said they struggled to maximise the value of their data. This is not surprising, given more than half of the businesses also stated they were impacted by a lack of IT integration - with 55% experiencing varying degrees of difficulty in finding data and 54% in maintaining data in their company's systems.

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Organising your data for better outcomes

The lack of digital integration leads to data silos that can seriously impact business efficiency and growth. According to research by MYOB3, three in five Australian SMBs reported their apps and tools were running in silos. 

To unlock the power of their data, businesses need to connect and organise their data better. Doing this can help build a data foundation that enables them to seamlessly leverage data. 

But before exploring any end-to-end solutions for better data management, there are a few steps business owners need to take for best outcomes. A good starting point is to define a business' data goals by understanding what different business areas plan to do with data. This can help determine ways to manage their data that provide real business value.

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3 in 5 Australian SMBs reported their apps and tools were running in silos.

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Source: MYOB Digital Disconnection Challenge report

Crafting the right data strategy

Once a business' data goals have been identified, the next step is to develop an effective data strategy. There are a few important things to consider while defining such a strategy.

  1. Acquiring new data: Managing the acquisition of new data is vital to business growth. This is often a challenge for a small business without the extensive resources of a large enterprise. For example, if a business is looking to manage the acquisition of new customer data, it can look at utilising cost-effective channels like organic social media, SEO, paid social and search to run campaigns. 
  2. Ensuring data quality: Another key consideration is keeping data clean and updated. As new data is acquired and managed, outdated data also needs to be removed from systems. Investing in data quality tools to review and rectify data quality issues can be a worthwhile investment in this regard. 
  3. Being data compliant: A business also needs to ensure it complies with the relevant data privacy laws and regulations. Regular reviews of data compliance processes to rectify any potential gaps or issues is highly recommended.
  4. Prioritising data security: With data breaches continuing to rise, it is critical to prioritise customer and employee data protection. Building a strong security posture is the best way to ensure data security. Cybersecurity training for employees is also important to mitigate internal risks or compromises.

Connecting data for business success

In the age of AI, a business needs to be data-ready to embrace its full potential. There are several benefits to AI adoption - from AI-enabled chatbots that help improve customer engagement, to AI-powered analytics to generate instant insights.  Leveraging generative AI needs accurate data for more reliable and accurate output. With clean and accurate data, AI can significantly improve efficiency and productivity.  

Reliable and fast digital connectivity is critical for a business to integrate multiple systems and build a strong data foundation. business nbn® fibre plans# have been designed to provide businesses with the right internet speeds and solutions to help build such a data foundation. With full fibre (FTTP) direct to your business, you can access a range of high speed^ plans from a wide choice of service providers. business nbn fibre plans also offer features that recognise the unique data demands of business, like higher upload speeds than your nbn residential plans with the same download speeds, which in turn will help support the digital integration of your business. Crucially, nbn offers business-grade support to your provider#, so they in turn can provide a higher level of support for your business, which include business-grade technicians+ and target fault restoration times as low as four hours, 24/7*. 

By designing business nbn fibre plans specifically for Australian business needs, we're working hard to help give you an enhanced internet experience to help unlock the power of your data - both today and into the future. 

Have you checked if your business is eligible yet?

Find out if you can access our business nbn fibre plans with a full fibre upgrade.

Sources

  1. Palo Alto Networks: What Is Data Sprawl?
  2. WEF: How can SMEs become data-driven enterprises?
  3. MYOB Digital Disconnection Challenge report

^ Your experience, including the speeds actually achieved over the nbn network, depends on the nbn access network technology and configuration over which services are delivered to your premises, whether you are using the internet during the busy period, and some factors outside nbn's control (like your equipment quality, software, broadband plan, signal reception and how your service provider designs its network).

# business nbn is not available on the nbn Fixed Wireless network. Not all providers offer plans based on the full range of wholesale business nbn products, product features and services. Availability of wholesale business nbn products, product features and services depends on your access technology and area. Ask your preferred provider if they offer plans based on these wholesale business nbn products, product features and services in your area.

+ nbn aims to always use business-grade technicians, however on occasion, may need to route work to a non-business grade technician in order to meet assurance targets.

* The fault restoration times described above are where no site visit is required. Fault rectification time may vary depending on the location of the premises; and all times refer to what we offer to providers - which may differ to what times they offer you. Not all providers offer plans based on the full range of nbn's enhanced service levels. Not all your faults with a retail service will relate to a fault with the nbn network. Faults may relate to matters in a provider's network, your premises equipment or network resources being accessed.

This article provides general guidance for informational purposes only. It is not a substitute for the guidance of a business or technology consultant or any other professional advice.