23 Jul 2019 0 minutes to read Contributors
Whatever industry you work in, you will almost certainly have come across a story about how data is transforming your sector. That might be helping to cure a disease or making a building more energy efficient. Perhaps more annoyingly, data is also responsible for those targeted ads you keep getting – and ‘disrupting’ the global economy.
Data is now widely recognized as a vital business asset. In fact, Harvard Business School Professor, John A. Deighton, goes so far as to say, “Used well, data changes the basis of competition in industry after industry.” The problem is that, in many cases, data is not used well.
Crucially, it’s not just about collecting the data. You only get real value when you manage and analyze data effectively. Here are four ways a smart data management strategy can help you drive business growth.
When you put systems in place to properly manage and update data, your employees gain faster access to the information they need to do their job. A database that is full of errors and duplications not only wastes valuable time. It also leads to frustrated, dissatisfied and less productive employees.
A modern business needs engaged teams that can find, understand, evaluate and share information easily. Not spending their time grumbling over slow, inaccurate databases. Effective data storage also makes it less likely that your employees will be conducting the same tasks or research projects that have already been completed by another team member.
The speed at which you can make decisions, bring new products to market or change direction is a key factor in determining business success. Being slow to react gives your competitors an opportunity to get ahead. A good data management system allows you to access information and keep up-to-date with market trends and competitive threats.
Every part of your business can benefit from good data management. For example, your marketing team can analyze campaigns more accurately, and your HR team will have processes in place to ensure passwords and account access rights are closed when employees leave.
Data security is an essential part of database management. It protects your customers, employees, suppliers and business partners from data loss, thefts and breaches. Proper planning will ensure you’re GDPR compliant, and reduce the risk of vital information falling into the hands of the wrong people.
The right data and business intelligence gives your management team the opportunity to make smart decisions. Many organizations are now combining data from multiple sources, including finance and accounting platforms, team planning software and performance management systems. Your database is where all this information comes together and good workflow ensures that data is accurate.
This is where the business value can be tremendous. Accurate, rich and easily accessible data can give you real competitive advantage. On the other hand, an inadequate data management system can hamper decision makers across the organization.
Most businesses today have an abundance of data. Too often, they fail to analyze it effectively, which results in poor and inaccurate decisions. The winners will be those who learn to manage and interrogate data to develop smart, actionable insights.
Visit https://www.sqltreeo.com to find out how we can help make your databases run smoothly, accurately and compliantly.