Data is the essence of a company. If you cannot effectively store, analyze and harness data about your customers and business processes, you probably won’t have a business at all. Many companies simply ‘get by’ and manage data in a piecemeal way as they go along. But here’s why a data manager can make a huge difference to all aspects of your company.
No business can escape data. Whether you are self-employed or work in a large corporation, you will generate data. As well as customer and client transactions, data is generated from invoices that need to be paid, and website analytics that need to be scrutinized. Even companies that have a relatively small amount of data still need to manage it properly. In most cases too, businesses could be doing a lot more with their data.
The simple fact is that data means very little unless it is managed properly. Sure, businesses tend to find a system that works for them, however crude it may be, to keep things ticking over. But without a proper data management strategy, these basic processes can be time consuming and open to human error. On the other hand, properly organized data can make businesses slick and operate at a more competitive level.
Here’s why businesses thrive with a data manager in place.
They Understand Your Data’s Potential
Bringing an expert in data on board means that the true extent of your data can be mapped and understood. When a data manager starts digging into it, you will begin to understand the breadth of the word ‘data’. They’ll get a handle on everything from the financial processes in your business to the insights you can glean from analytics about your customers or clients.
Even before a proper data management system is introduced, mapping your data will show you what it could be used for. This could include marketing – for example, finding that sweet spot in the week when your customers are most likely to buy your product. On the other end of the spectrum, you may find colleagues in certain teams are not performing well because they do not have access to the right organizational data – and for that you need better data accessibility. The possibilities are endless once you understand how much useful data your business really has.
They’re Responsible For Meeting Data Regulations
There is increasing awareness across the globe about the value of data. With this has come a huge range of regulations that must be followed. Unless you are a trained professional in the data management remit, you are unlikely to understand just which data regulations you need to be following. Having a data manager therefore means someone in your company is taking responsibility for this important area. They will ensure you meet state, federal and international laws in relation to data protection, and build the proper processes to keep your data safe. This is important from both a commercial sense and from the perspective of protecting the personal and financial details of your staff, customers and suppliers.
They Can Build Appropriate Systems
Once a data manager has an overview of all the information your business holds, they can put the right systems and processes in place to manage it. This could be introducing new software that takes some data out of simple spreadsheets and places it into systems that can automate certain processes, such as generating or paying invoices. It could also involve integrating a customer relationship management (CRM) system that links with email clients and marketing tools, so that contact with customers or clients is managed effectively across an organization.
The right technology is just one part of introducing effective systems. Training staff on good data management and what constitutes ‘data’ can also be an important part of the process.
They Can Spark Business Success
Once data is managed well and properly captured, a data manager can help a company perform better and make more profit. Firstly, making processes more streamlined, efficient and automated means that some employees will have more time on their hands. This time can be diverted into other areas that can help a business thrive, whether it’s marketing or sourcing prospects for a sales team.
Secondly, the data that is captured can be analyzed and used to make better business decisions. It could help to compare prices among suppliers, so you can source products for your company in a more cost-effective way. It could show you patterns and trends among your customers, so you can better address their needs with your product or service offering. The data captured could also help you to do things such as improve your customer service processes, reduce risk and carefully monitor your Key Performance Indicators (KPIs). Ultimately, you can use the data you capture and manage in the way that makes most sense to your business.