Meaning ● Strategic Data Parsimony, within the realm of Small and Medium-sized Businesses (SMBs), represents a disciplined business approach to data management. This entails strategically limiting data acquisition, storage, and processing to only that which is critically essential for informed business decisions, automation initiatives, and the successful execution of business strategies. ● In SMBs, where resources are often constrained, this approach ensures that efforts are concentrated on extracting maximum value from minimal data, thereby improving efficiency and return on investment in analytics and business intelligence. Data governance then becomes simplified and more manageable, mitigating risks associated with data breaches and regulatory compliance. ● The objective of Strategic Data Parsimony in SMBs is to streamline business operations, enhance decision-making speed, and reduce the costs associated with managing large, often unwieldy datasets, allowing SMBs to better compete in their respective markets. Automation success hinges on relevant data input. The correct implementation drives a reduction of costs.
