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Poor Business Information Management – What Is It Costing Your Business?
Is your business drowning in information?
Are you buried in tons of paperwork and just don’t know where to start? Are you spending more time doing paperwork than running the business?
Does your current business data management system provide ready access to your business data and the analysis needed to make informed business decisions?
These may seem like simple, basic questions, but many small and medium-sized businesses go unasked. What does this mean for your business’s bottom line?
Business data management is paramount to making your business profitable and successful. Working as hard as you do on your information and data, and turning it into an asset rather than a liability, will give you an edge over your competitors. Effective business data management can be the key to the business success you seek.
How to manage business data
All businesses today generate and require access to large amounts of information and data, much of which is critical to the efficient and profitable operation of the business. Information such as customer contact details and sales data, appointment scheduling, stock control or managing product flow and financial records are the life-blood of any business. It needs to be managed effectively to get the most out of it.
The process of simply collecting and recording business information can take up a lot of your staff’s time and therefore your money. Just as important as the collection of business data is how it is managed and used. Many hours can go into recording business data, and many hours can be wasted if the information is not stored in such a way that it is possible to access or analyze the information it contains. Of course, recording business information on random notes or in structured text documents like Word is better than nothing. But information stored this way is hard to track and even harder to find. It is virtually impossible to perform any meaningful analysis on large amounts of data stored in this fashion.
Using spreadsheets, such as Microsoft’s Excel program, provides access to structured information as well as the ability to perform some effective business analysis on small subsets of data. However filling out spreadsheets and keeping them up to date can be a time consuming task. And what do you do when you have large amounts of data that you want to analyze for trends or business opportunities. Unlike databases, spreadsheets are limited in the number of records they can manipulate and rarely provide the correlation between disparate data holdings necessary to perform meaningful analysis.
Making the most of your business information
I think we can all agree that proper business information management is an important aspect of effective business management and should be a key consideration to ensure the success of your business.
As you’ve probably realized by now, using handwritten notes, document files, and even spreadsheets may not be the most effective way for you to manage and use your business information. In fact, when you consider the time and effort it takes to collect and store information, collate it, and then try to understand what it all means, you come to the conclusion that unstructured business data is costing you. Businesses have lost not only thousands of dollars in time and resources dealing with information, but also thousands of dollars in lost opportunities that could have been identified by proper analysis of that data.
You really need a database for efficient and effective management of business information. Databases provide significant advantages over other forms of information capture, storage, retrieval, and analysis. More importantly, the database enables quick access to any data contained in the database through sophisticated, and yet easy-to-use, search functionality. Most database systems today handle virtually any size data-set, be it large or small, and have the ability to perform tasks as simple as ‘customer relations’, ‘inventory management’ or ‘asset management’ to more complex sales. and/or trend analysis, across tens or even hundreds of thousands of individual records.
Perhaps just as important is the ability of relational databases, such as Microsoft Access databases, to greatly reduce the time and effort required to compile data. With functionality such as data import, default field values, lookup tables, drop-down lists, and the ability to do common data (which can be used multiple times in 1000 records) only once, they can significantly reduce the time and effort required to collect them. and store information.
Over time many database applications have become available. While all of these database systems provide basic data storage and retrieval capabilities, modern database applications such as Microsoft Access databases provide graphical user interfaces, simplified queries, and extensive internal reporting functionality that are capable of analyzing and charting large amounts of data. Over a very short period of time, often only seconds. Microsoft has gone to great lengths to include all the modern features that any business needs to effectively handle their information management and analytics needs. A Microsoft Access database is packaged with an ‘Office’ (professional) suite of software tools and its integration with those tools makes document, spreadsheet and database information and data transfer a simple process that greatly enhances and simplifies data collection, analysis and reporting. . Capabilities Existing users of MS Access Databases will also find that many of the sample databases that ship with Access Database, while basic in design, already provide some good business information management tools.
Microsoft’s Access database is easy to use, basic databases can easily be created by a beginner, it also has advanced functionality and features that can be used to create a more powerful, integrated business information management system. As a result, many ‘business to business’ companies have emerged that specialize in the development of custom, business specific, Access database applications. Where you need to create a database to meet the specific requirements of your business, but do not have the time for someone with the advanced training and knowledge required to create a database, then using a specialist Access database developer may be the answer. Since there are so many companies offering this service, the development rates are usually very affordable and you will find that the time required to get the task, customized database, up and running will be significantly reduced.
Effective, efficient business information management is essential for anyone looking to grow their business and profits.
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