Data Management Solutions for Growth
This article originally appeared in the September 2005 edition of The Business Monthly
With the amounts and types of data that businesses have to coordinate in order to successfully grow, better methods for information organizing, mining and storing are continually needed. Better data organization saves employees time they would have spent searching for information and allows them to focus more closely on the client, which will in turn result in a growing client base.
Below are listed a few types of data that can efficiently and effectively be managed. There are of course, many other types, depending on the nature of your business.
Organizations should have a system in place for managing customer data. Without it, how would you know what additional products and services to offer your clients? With logically organized client data, businesses can easily target new products and services to a distinct group of clients. This will, of course, create more opportunities for growth with clients that you already serve, and it is common knowledge that it is less costly to maintain and grow relationships with current clients than it is to obtain new ones.
Businesses can take advantage of data management technologies in order to organize key information within the organization. Every area of an organization has access to data that could be managed in a more efficient way. For example, Human Resources will need to manage information about the company's employees - everything from hire date and salary to demographics, illnesses and insurance records. Operations could utilize data management in order to better keep track of inventory. Regardless of the specific area of a business, there is a data management solution that will work. If employees are spending less time searching through company data, they will be able to devote more time to achieving company goals, with the result of growing the business.
Have a hard time keeping track of what is due when, or the specific details of an upcoming company event? Whether you have an internal calendar that can only be viewed by employees or one that is accessible to the public, the information provided on the calendar needs to be effectively organized. By employing data management solutions, the calendar(s) will be easier and faster to maintain. This technique could result in more involvement from people within the organization as well as from outsiders, allowing you to build and grow new relationships.
Are you able to productively manage transactions as they take place? Transactions that come through your company offer much data that can be used to better your position in the marketplace and help the business to grow. By understanding what transaction is taking place and the profile of the person/company initiating the transaction, you can align and focus your efforts on a niche market and grow your business in that area.
Every business has knowledge to share that others would be interested in having. By offering fee-based or free-of-charge subscription services for others to gain new knowledge or ideas, you will be able to discover what type of individual/company is interested in the information you have to contribute. This will help you align marketing efforts to target and grow your business in markets that find your knowledge base valuable.
There are vast arrays of data types that can be managed in organizations so that work processes are streamlined. Whatever your growth goals encompass, data management will help your business gain advantages that lead to growth.
by Connie Mazur
CEO, CyberVillage Networkers, Inc.