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Companies must sort critical data from their extensive data repositories and discard the rest.
Companies invest in the latest Enterprise Resource Planning (ERP) software to benefit from their improved features, capabilities, and processes. But a significant amount of them pays little attention to their data repositories. Research shows that businesses store data equivalent to about 200 million DVDs every day. The growing amounts of unnecessary and unused information impede decision-making and brainstorming effective strategies. Companies should keep only necessary and critical business information and shouldn’t fall victim to the data-dump syndrome.
If data is managed carefully, it can give various insights into the business environment. Further, businesses can run these insights through machine learning algorithms and contextual intelligence systems to better prepare themselves to compete in the market. But all of it requires a dedicated data management strategy.
This article will shed light on how businesses can create a dedicated data management strategy.
1. Reimagine how front and back-office data can help you.
A substantial amount of companies have their customer data stored in repositories distributed across various organizational groups. Moreover, there are multiple data sources — both structured and unstructured — linked to those data repositories across both the front and back office.
Today, more companies realize the importance of consolidating data into a single source. And that is why they are implementing top-notch Enterprise Resource Planning (ERP) software like Sage X3 and Customer Relationship Management (CRM) systems like Sage CRM. But the problem remains intact because most of the information is still unused.
Businesses must sort useful data and discard the rest because of the following reasons:
a. The effectiveness of the algorithms that automate business processes will be boosted.
b. Relevant data delivers crucial market insights that uncover unseen opportunities and help increase revenue.
c. User-friendly dashboards that help to make business-oriented decisions.
Also Read: How can marketers use their data more effectively?
2. Ensure that the correct data is present at the right time.
You must have heard the proverb “Data is the new oil” umpteen times. This quote emphasizes the importance of data in the current business environment. Business management software such as ERP and CRM systems capture a significant amount of data daily. Still, the problem is that with the substantial increase in data volume, human analytics has fallen flat. Moreover, with the introduction of Industrial Revolution (IR) 4.0 technologies — such as machine learning, artificial intelligence, Internet of Things (IoT), and data science — manually managed analytics is becoming error-prone and sluggish. It requires a complete revamp.
Businesses should do the following immediately to enrich their analytics profile:
a. Add automated reasoning to dashboards.
b. Implement predictive forecasts
c. Add automatic workflows
As mentioned above, the three things will provide added advantage to your business by helping you estimate what the customer is most likely to buy, identify skill gaps in employees, and predict financial turnover.
3. Focus on improving data security.
Cybersecurity has emerged as a critical topic that companies need to focus on. Do you know that more than 375 cyberattacks happened daily in 2020? And the figure is only rising. Companies must protect critical customer data from hackers. Otherwise, customers wouldn’t like to entrust them with their personal data. The same goes for employees who have to share sensitive information while joining the company mandatorily. Businesses have to also adhere to government rules, regulations, and norms such as GDPR because they can attract severe penalties if not followed.
Also Read: ERP and Cybersecurity – What no one is talking about?
Conclusion
Remember that data is at the core of making market-specific decisions. This warrants a data-first management strategy that will ensure you have relevant data stored in your repository. This data will help you brainstorm comprehensive strategies and avoid becoming victim to the data dump syndrome.
At Sage Software Solutions (P) Ltd., we are home to world-class ERP software and CRM software that will solidify your business tech support fundamentals and enable you to build a customer-centric organization. To know more about it, SMS SAGE to 56767. You can also write to us at sales@sagesoftware.co.in
Disclaimer: All the information, views, and opinions expressed in this blog are those of the authors and their respective web sources and in no way reflect the principles, views, or objectives of Sage Software Solutions (P) Ltd.
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