Data is important in a business, but not all businesses or companies know how to properly manage data. Without reliable data on their internal operations and external surroundings, business companies cannot exist or prosper today. Modern firms acknowledge the importance of data management and the management of any other valuable asset in today’s industry.
Data management is not only needed by big businesses, small businesses also need to manage data to increase business productivity and ROI. Data management companies in India is a managerial activity that uses information system technology in carrying out organizational data management tasks to meet the information needs of all their business stakeholders.
Problems with traditional data processing:
- Data Repetition – data repetition requires updating (update) all the data files that are stored.
- Data Integration Difficulties – data stored in separate files requiring special output programs causes difficulties in ad hoc reporting systems
- Data Dependency – a program generally tells how data is stored so changing the storage format requires changing the program as well
- Database Management System (DBMS) approach is to consolidate data records into a single database that can be accessed by different application programs.
Data Warehouse and Platform for Customer Data
A data warehouse is a database where a company transfers all data from different sources into a single repository. All company data such as website activity, financial data, product analysis data, CRM records, helpdesk and even search engine rankings can be combined and stored in one database like Amazon Redshift.
The customer data platform is a platform to collect customer-relevant data and display the data to end users for processing according to their purpose. Data Warehouse is a large database that stores data that has been extracted from various operational, external, and other databases within the organization.
The company’s database collection process usually uses several special applications.
For example, your online store sells men’s clothing. Usually, there is one application to collect customer data at the time of purchase, one application for accounting and another application for chatbots to answer customer questions. The goal of data integration is to unify all the data and provide a complete picture of the customer. Integrated data will improve the quality of the data.
Benefits of Data Management
Data management has many benefits for a company or business, both large and small. Here are some of the benefits:
Understanding Customer Data
Customer data from CRM, marketing automation and your advertising platform can all be combined.
You can understand and identify which customers will bring you profit.
Evaluating the Acquisition Channel
The customer data warehouse can link customer acquisition costs with customer retention data in Google Analytics and you can also understand the overall ROI of your business.
Understanding the Purchasing Cycle
Usually, in the B2B business model, potential customers do not immediately click here on your ad and buy your product. Another benefit of this management is to understand the buying cycle of potential customers who have opened your website until they finally buy your product.