Data is now being considered the power of any booming business. Have you ever thought about what would happen if you do not manage your data effectively? If you look at the market or competition, you can see that most businesses manage their data in one form or the other. The sole proprietor at the end of the street might be managing his customer data, sales and finances in a journal whereas a corporate firm will be using computers, software and data management systems for the same purpose. However, often the question that arises is why data management is essential to stay competitive and promote business growth?
It is important to know that as competition grows, so does the need to stay ahead of your rivals in all essential business components. Here, data management is essential.
Data management includes anything and everything that helps the business stay up-to-date and well informed on the current trends of the market, customers, vendors, technological advancements, competitor strategies, industrial rules, regulations and standards, etc. Just imagine a situation where you are sitting in a board meeting and one of the stakeholders asks you to explain the probability of future profit margins, or the need for a human resource department.
Businesses need data management systems (also knows as business intelligence), to keep up with the growing number of customer data. When this is achieved across the enterprise, businesses will be able to interpret, analyze and extrapolate the data to extract information and take important decisions based on that information.
For example, SAP is enterprise planning and data management software that helps businesses manage their finances. Once the purchase has been made, many companies will require specific enablement to help them run the numbers and reports. Click here for SAP Business Objects Classes. Other helpful reporting and data virtualization tools include Tableau and MicroStrategy. Organizations typically have many disparate systems and the SAP solution puts these into one comprehensive enterprise platform.
To move to the SAP system, you will have to go through a data migration project to move and integrate all your data onto the platform. Organizations will require an ETL / data integration tool in this project. Depending on the size of the project, most SAP data migration projects utilize the leader in ETL, the Informatica PowerCenter Software. The data migration team will require Informatica PowerCenter training prior to moving ahead with the migration, these SAP projects can take anything between 6 month – 4 years and can be very complex. Hiring outside help / resources in senior roles is highly recommended to increase the chance of success.
In order to keep up with the growing customer base, mergers or acquisitions, any business will need to implement SAP in their operations so that proper record can be kept for shares, dividends, sales, purchases, profit and loss. Once all the data is being managed on an easily accessible platform, it will be much easier to read and interpret data, and generate reports that help the main decision makers.
According to the Dolphin Energy Company’s CEO, Dr. Werner Hopf, ineffective data management can lead to the following:
IT Strain– Growing databases on a normal system makes the performance sluggish and the constant pressure to keep things operational puts more strain on the IT department.
System Maintenance–Growing data means, more time needed for backup and restoration. As most businesses need 24 hours data management, maintenance can become quite tricky unless a management tool is implemented.
Increased Complexity– Operational issues become complex as the data grows and manual tracking becomes difficult. You need to be prepared for effective data management and
As businesses grow, new data comes in and the previous data becomes less important but is still helpful, just like when filing for tax returns. Hence, to stay in competition and make your business growth smooth, you need to be smart and consider a data management approach. ExistBi is one such provider of data management services. Visit www.existbi.com for more information.
Article by Max T. Russ, August 17, 2015