Data management is crucial for businesses of all sizes. However, many entrepreneurs are still in the early digital transformation stages. And many entrepreneurs who are not in the early stages are not up-to-speed as big companies in regards to big data in the workplace, according to an SAP-sponsored survey about global small businesses.
Data Management and Data Analytics
Data management and data analysis goes hand-in-hand. Data management is the process of organizing and maintaining data to handle ongoing information for business maintenance and growth. Data analytics mainly refers to a combination of applications, including basic business intelligence (BI), online analytical processes (OLAP) and reporting, different advanced analytics forms, etc. Now, that data management and data analysis are known, you can find out how to increase your profits, boost revenue, and improve customer retention and satisfaction. The following includes four ways that data management can help your business grow:
Boost collaboration
Small businesses can use cloud storage, like Amazon Cloud Services, to make data and cloud storage. Software subscriptions and consulting time are sometimes costly; however, it’s a great investment to gain access to centralized data and files. In other cases, there are now more affordable cloud services where you’ll just pay a small subscription fee. You’ll just choose what services (costly or more affordable) are best for your brand.
Gain more knowledge and feedback about your customers
Software experts SAS stated that a main data incorporation advantage for business operations is the ability to analyze and use historical information and insights to make proper management decisions. Google Analytics is a free web traffic monitoring tool by Google that offers all data types about site visitors. This tool uses various traffic sources and metrics to assist businesses in learning helpful information about the site’s visitors. Small businesses will be able to see what visitors are searching the most and the least, what items are bought more, and more.
Improved Service Level Performance
Providing utmost customer service always reign supreme, and certain analytics can do this to obtain better order fulfillment, better supplier management, and maximized customer value. For one, you can look at certain data to track the status of same day delivery for your customers. You can also track the performance of your suppliers to determine which have the highest probability of success of providing orders based on location. Another thing is that you analyze customer refund requests and complaints allowing business owners to eliminate poor performing suppliers. Also, customer value is maximized when you have the ability to analyze your customers’ tastes and preferences and market accordingly.
Better product management
You can also take a look at data showing which ones are the most popular among consumers according to their regions and the season. There are literally thousands of different products that could be offered.
The bottom line is that obtaining good analytics will ensure good growth. Azure Consulting will get you on your way for top-notch data. With several years of experience, they know firsthand what to do for your business from cloud services to real-time monitoring.
Meghan Belnap is a freelance writer who enjoys spending time with her family. She loves being in the outdoors and exploring new opportunities whenever they arise. Meghan finds happiness in researching new topics that help to expand her horizons. You can often find her buried in a good book or out looking for an adventure. You can connect with her on Facebook right here and Twitter right here.
