In today's digital business environment, data has become a key asset, often compared to oil that needs to be extracted to generate value.
Data in the Digital Business Environment
A prime example of data utilization is the Looking Back at 2024 feature on the Zalo app, widely used by many. By selecting this feature, users can automatically see statistics on new friends added over the past year and the most engaging content.
In reality, numerous data exploitation models exist in the market. Depending on their needs, businesses use data for various purposes such as assessing customer demand, planning marketing campaigns, boosting sales programs, and enhancing customer care. Overall, data is indispensable for these activities, and the more detailed it is, the more effective the results.
Speaking at the panel discussion during the ROX Up 2025 Business Conference hosted by ROX Group, Mr. Bui Quoc Khanh, CEO of TNTech, remarked, Data is like oil—if not extracted, it remains underground forever. Properly structured and analyzed data serves as a powerful tool for business operations and management.
The challenge for businesses is how to turn data into gold. Many companies are now emphasizing the development of a data culture to educate employees on handling and safeguarding data.
For instance, at ROX Group, several initiatives have been proposed to achieve this goal. Among them, data standardization from the outset plays a crucial role. The Group enforces unified data collection forms, adheres to clear data entry protocols to minimize errors and maintain consistency, and requires departments to declare a data dictionary following established guidelines. Additionally, the Group has built a dedicated data management team, with each department appointing personnel responsible for data quality control, ensuring high standards for both input and output.
Alongside these measures, ROX Group places a strong focus on training and raising data awareness. Short-term training programs help employees understand the importance of accurate data while equipping them with modern tools for effective analysis and reporting.
Equally important is leadership's role in fostering a data-driven culture. When executives base their decisions primarily on data, it encourages departments to maintain accuracy and completeness in their records.
These initiatives not only address current challenges but also lay a solid foundation for future data management and reporting. In this way, data truly becomes a competitive weapon for ROX Group.
The Strategy for Extracting the “Digital Oilfield
While the above measures help businesses establish a valuable data repository, the real game-changer lies in how the data is used. However, a common issue is inaccurate or inconsistent data, making reporting a cumbersome and time-consuming process. Analysts often question the validity of data and spend hours verifying and correcting errors.
Additionally, the diverse reporting demands from different departments and executives significantly increase workloads. Constantly retrieving and querying data from multiple sources, combined with varying reporting requirements, creates immense pressure on employees. Furthermore, many reports merely present raw data without offering in-depth, multidimensional insights.
To enhance multi-dimensional data analysis, ROX Group has identified three key strategies:
First, improving analytical skills and mindset among employees is essential. Employees are trained to use advanced tools such as Power BI and Excel, enabling them to not only read but also interpret data, uncover trends, and understand the business narrative behind the numbers.
Second, the Group is developing dynamic and visual reporting systems. By implementing real-time dashboards on Power BI, departments can analyze data from various angles, connect key indicators, and make swift, well-informed decisions.
Third, strengthening data integration across departments is crucial. For example, linking sales data with marketing or finance with HR can provide a comprehensive view of business performance.
Additionally, leveraging AI-driven analytics is seen as a promising solution. AI can automatically analyze and suggest trends, make predictions, or detect anomalies, allowing employees to focus more on decision-making rather than manual processing. By adopting this approach, ROX Group can maximize data value and enhance decision-making efficiency comprehensively.