How Data Can Be Effectively Utilised To Drive Revenues

Are you looking to make your business grow in terms of revenues and profits?

Do you know how you can streamline business operations in your marketing and sales team?

Have you tried experimenting with data management in your business?

Is there a way by which you can take your business to the next level using numbers and technology?

With the rise of ‘Data’, businesses have seen a rapid increase in terms of growth and development. By effectively using data across different verticals they have been business owners and CEOs have been able to create a leaner organization.

In this article, we look at how companies, both big and small, can use data in a number of ways. However, before we begin, let us look at some of the advantages of data management-

Advantages of Data Management

Businesses, which are able to adapt and effectively use data do so because of a number of reasons-

1. Data helps in helping improve the performance and output of different departments.

2. It helps in cutting down wastage and pointing out action areas, which need immediate attention.

3. You can also predict future patterns, trends and projections for your future.

4. Data is a great asset, when it comes to effective Customer Relationship Management.

5. Data can also be utilised when it comes to new product launches, expansion plans and other growth areas.

Most businesses have started to invest in data management because of the above reasons. It not only gives a business an edge over its competitors, but also helps it improve from within.

What is Master Data Management (MDM)?

If you have been reading or researching on data, you must have come across the term- Master Data Management (MDM). We can think of MDM in terms of a central storage that helps generate, process, analyse and execute data for different verticals of an organization.

Typically, MDM helps an organization leverage its key assets in terms of data for-

• Product development and research

• Customer data

• GPS data

• Purchase data

• Asset data

However, not all companies who promise to deliver on MDM are credible enough when it comes to the above points. The best MDM providers like gartner mdm magic quadrant offer great business solutions with the help of their Fast Track Data Management approach.

This enables even smaller organizations to use the full capabilities of traditional data management. You get the same benefits and advantages of enterprise level solutions, without any associated problems.

Why Businesses need a Central or Master Data Management Software?

Every business is working with tens of software, which are being used by individual departments. There is no cross-pollination, in terms of how different departments can use the same set of data.

For example, can the customer relationship team use the same data (albeit with some changes) like the marketing and sales teams? Yes, if you have the best data management system, they can.

Businesses are using different ERPs, CRMs, and other software, which leads to fragmentation and duplication of work and data. This not only helps you address complicated issues, but also basic ones. Things like margins, profitability, and the number of employees you have!

Conclusion

If businesses want to take the next leap, they cannot afford to ignore data anymore. With the help of data, businesses can manage their products, employees, reports and growth strategies better. Some experts refer to data as the new ‘oil’. This is because whoever possesses data is going to come out of the other side as a sure winner.