The Role of Data Management in Business Growth
All businesses need reliable lists to survive, progress and scale – process lists, product, service lists and other significant outlines that turn into a set of assets. A certain type of list particularly serves as a lifeline of a business – it’s called customer database.
“We like lists because we don’t want to die.”
- Umberto Eco
This is one of the few takeaways from Umberto Eco's , interview featuring his exhibition at the Louvre. Eco is an Italian novelist who showcased his fascination about “lists” as us humans’ way of making infinity comprehensible. Perhaps this principle may be more applicable to something that has a higher probability of being infinite - a business! Lists such as a customer database, maintains the relevance of company data which allows business continuity for as long as the stakes holders in each generation intends to – provided that it is managed properly. In effect, these managed databases become a system that assists in establishing constant and stable growth for the company.
The customer database of every company is a strength that should be at the core of the business. This strength must be valued and carefully managed to help the organisation take advantage of it with ease. However, as a company aims for growth, its database also expands and managing it may eventually become challenge or worse, results to having unusable data that only consumes a large amount of space in its server. In fact, there are over 87% of organisations in the US that have incomplete databases while 75% of 600 major enterprises in Australia, UK, and US admitted having problems due to bad data.
To avoid facing such problems and becoming part of the statistics, considering a dependable database management system is a must. This data management process infograph might come in handy:
While the idea of the database management systems plays in your mind, it is vital to know its key features and the process to have a better understanding on how it will be useful for the company.
Raw data are handed over, scanned through and analysed to fill in all the gaps or rebuild missing data from the database (like missing email address, location, etc.). This enriches your customer database with up-to-date information needed.
Also known as data cleansing, this is a process wherein quality of your data is ensured as duplicates of entries are checked, so as incorrect spellings or any other inconsistencies present in the database’s pieces of information. Data undergoes amendments to let you relay accurate and correct details
Here attributes were set on your database; arranging and compiling data according to certain characteristics, depending on your own variables that you use for your data. This will let you easily access countless amount of information without consuming too much of your time and identify data without much difficulty.
Data Hygiene and Maintenance
As your data were organised, it is essential to sustain its order and progress through adding, deleting, modifying and updating current records. This way, accuracy and precision is obtained in every information needed and maintain proper data hygiene.
Undergoing through the database management process, can help you clean 70% of your customer’s database. It guarantees better response rate from sales and marketing activities such as appointment setting since these activities are directed towards accurate contact details.
Furthermore, having a constantly updated customer database allows short-term and long-term data analyses which offers an array of business strategies such as a reliable sales and budget forecasting. Its overall effects include increase in productivity and sales conversion. Although database management is the best tool to maximise your company’s greatest asset, only a few have had the chance to utilise it properly as studies show that regularly adhering to its process typically consumes 60% of workers time.
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