January 30, 2018
Ever have the feeling that you’re drowning in data and yet you can’t find the exact information needed to make critical business decisions?
You’re not alone. Industry observers estimate that information gathering is doubling or tripling every year. This leaves loads of critical information about customers, sales, profit margins and other factors – making decisions more complex at a time when they need to be made quickly to stay ahead of the competition.
Poor decision-making can result in lower profits, reduced revenue and decreased employee morale. Large corporations have begun to tackle the problem by adopting advanced data warehouses that compile essential data. But many smaller companies still haven’t moved in this direction.
Depending on the size of your firm, you probably don’t need a full-blown data warehouse, but you still need to gather, store and share information.
Here are four tips to help build the best system to manage data needs:
- Outline a clear corporate vision that can guide the decision-making process and the way data is shared throughout your company.
- Form a strategy about what information is relevant and how it can best be used to your company’s advantage. Some data that your staff members are gathering now may be unnecessary while other critical information may be missing.
- Consider whether to invest in software to manage the data you need or to buy the service from an outside source. Either way, carefully look at the technology or the data-gathering companies to ensure they provide accurate, relevant information.
- Examine technology options for storing and retrieving information, based on the needs of end users. For example, salespeople on the road should be able to link to relevant customer data. In addition, all information should be updated and synchronized as often as possible.
The Final Word: Success depends on having the right information. Your company must have solutions for gathering, sorting and disseminating data throughout your workforce. The better you manage this task, the better your business decisions.