The 5 Most Popular Forms Of Data Management For
There are so many ways to manage data these days. From cloud storage to paper files, you have a lot of choices on how to keep tabs on your business’s most important information. Since data is the backbone of any business, it’s important to know how to store and organize your information. If you’re looking for a way to manage your company’s data without having to pay an arm-and-a-leg, these are the five most popular forms of data management for small businesses.
Cloud Data Management
With the rise in storage and bandwidth, data warehousing solutions like off-premise data warehouses are becoming more popular. These environments offer greater efficiency by reducing costs for companies that need to store large volumes of information with ease without sacrificing their privacy standards because it’s stored on AWS servers instead!
The development of strong Cloud Data Management Tools has been a major contributor to the data-driven approach that companies like Google and Microsoft have taken in recent years. Now, many smaller businesses offer their own solutions for clients with diverse needs when it comes to managing information from all over an organization or even around multiple industries. With cloud data management tools you will:
- Have no need for expensive on-premise storage
- Reduce costs by storing data in the cloud
- Get high-level security without sacrificing your privacy standards
- Double your access time with no degradation in quality
ETL and Data Integration
When data is extracted from various sources and loaded into a single destination, this process of transferring the information with its corresponding value becomes known as Extract Transform Load (ETL). On one side we have ETL which means extracting values from different systems while merging them together in order to reflect what’s actually happening. And on another end there’s integration: it entails bringing data together so they’re able to be analyzed more easily. The advantages of using this tool are as follows:
- Affordable and cost-effective
- Unlocks insights across all connected systems
- Users will find data easily and quickly
- Your business can be more agile and efficient
Master Data Management
Master data management (MDM) is the basic process for managing, centralizing, organizing, categorizing, localizing, synchronizing, and enriching master data in accordance with your company’s sales, marketing, and operational goals. In addition to any information sources that drive your organization, master data might take the shape of product, customer, supplier, location, and asset information. This is a valuable tool because it does the following:
- Prevent data mining errors
- Mitigate risks of compromised customer data
- Decrease your workload by automating processes
Reference Data Management
The practice of maintaining classifications and hierarchies across systems and business divisions is known as reference data management. This might involve things like doing reference data analytics, tracking changes to reference data, and disseminating reference data, among other things.
Companies must establish rules, procedures, and standards to regulate and manage both internal and external reference data for successful reference data management. Reference data management tool helps by:
- Reducing the risk of errors by using the best practices in reference data management
- Ensuring change is documented to ensure continuity and reduce confusion
- Gaining insight on business data that might not be visible otherwise
5. Customer Relationship Management System
A Customer Relationship Management System (CRM) is a database that stores all customer data, such as personal information, sales opportunities, sales conversion statistics, revenue data, new offers, and subscription renewals, among other things.
Salespeople use this system to access all customer information, including accounts, prospects, contacts, cases, and other customer-related information. A CRM software would also save data on sales conversations and event attendance. CRM systems will benefit your business because it:
- Promotes teamwork among other employees
- Allows for easy access to data on customer accounts, prospects, contacts, cases, and other customer-related information
- Makes it easier to capture all required data for marketing purposes
A lot of small businesses are not sure what data management solutions they need. The more business owners learn about the different options that exist, the easier it is to figure out which one will work best for their specific needs. If you have questions or want help choosing the right solution, don’t hesitate to call us!
Do You Need a Data Management Team You Can Trust?
Cantrell’s Information Technologies has been providing Data Management systems and cybersecurity to business owners throughout the San Francisco Bay Area for over 20 years. We are dedicated to the efficacy and vitality of your data. There are currently more endpoint devices than people in most companies, so it’s important to understand how many of those devices are accessing data and what they’re doing with that information. We provide multiple layers of security for HIPAA, FINRA, and PCI compliance as well as training against IT threats when it comes to computer viruses. Many of our customers initially work with us to help them improve the way they store, access, and protect their critical business data from cybercriminals. We also help them move or expand their offices. We support the needs of our East Bay customers including businesses located in Concord, Martinez, Walnut Creek, Lafayette, Moraga, Orinda, and Pleasant Hill. Contact us today for your free consultation!