4 Ways That Great Data Management Can Help a Business Grow in 2024

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Data is now a valuable tool for businesses, which is why managers and leaders are working harder to make the most of this area. There are many reasons for this, but one of the most important is that leaders can make better, more smart choices when they have access to correct and up-to-date data.

Making choices about your business based on accurate and real facts is not the same as making decisions on the spot. These choices can make or break your business, so having the right data and can help you find chances, lower risks, and make operations run more smoothly.

It's not a secret that handling business data correctly has benefits. It depends on the business, though, whether managing data comes with extra problems that make this process hard. That’s why managers often prefer to work with custom software development companies.

The most common problems with data management

A Deloitte study found that gathering and protecting more data is one of the biggest problems that comes up when you're trying to manage data well. The report also said that one problem is keeping up with the changing global rules and the rising costs and difficulty of protecting data privacy.

There are also these problems that managers often have a hard time-solving.

Data that is duplicated or missing

Depending on how complicated the business is, they may eventually have to deal with data duplication because of different business processes and tools entering the same data more than once.

Another problem is info that is wrong or missing parts. This happens more often when data is entered by hand, which is a method where mistakes are more likely to happen.

Not knowing enough about the data

For example, the company may have terabytes of data, which can make it harder to organize. This can make it harder to pick out or see trends in the data and get useful information.

Costs too much

Data handling can be hard for businesses for more than just practical reasons. It can also be hard for them financially. It costs more to store more info. Adobe says that it's up to your IT department to keep this data flexible while keeping costs low.

Not enough qualified people

A lack of skilled workers is another problem that businesses have to deal with. Often, they don't have enough people to handle the data management job, or the people they do have don't have enough experience to get the results they need.

Listing of data

A study by Capital One found that organizing data was a big problem for almost 80% of people in charge of data management. That's important to know about the kinds of data that are kept because the rest of the data is like a deep, unknown sea that we don't know how to get to.

How to use good data management to help your business grow

1. Start using the new services right away

Data lets businesses figure out how their customers act and what they might need in the future, so they can give them goods and services that meet those needs right away. Technology Magazine says that effective data management means business leaders can keep up with the ever-rising tide of data, as well as roll out new services quickly and grow more quickly.

2. Make things better for the customer

Because the company is getting better at managing its data, the customer experience will also get better. By looking at this information more broadly and strategically, you can personalize the customer trip more effectively.

It's important to remember that if the customer experience gets better, they will be more likely to stick with your business and recommend it to others.

3. Tell the sales team more about leads

Both the marketing and sales teams can do better work if they have a complete customer record. This is because they will be able to better plan how to attract leads and turn them into customers.

A study by SnapLogic found that 82% of people who answered said they had to change projects because of wrong customer data. Taking care of data correctly can save time and money in this way.

4. Show off your well-organized info

The goal of organizing the data is to give everyone on the team better and easier access to it so that they can make better decisions and come up with better plans. The longer you keep it organized, the better it will be to share. According to the University of St. Andrews, this can help your company understand the data better and see how it affects plans for business growth.

Data can be quite a powerful tool for your business if you use it properly. This is especially true when you run a technology business since data is often central to operations. However, it is helpful for any type of business, as long as your data utilization approach is correct.

If you utilize data properly, you can help your business predict trends, adapt to change, and improve its operations overall.

There are a number of examples of companies using data in helpful ways, including the creative ways in which Rokt data can be used.

Use Data to Benefit Your Business

Here are four ways that you can use data in order to benefit your business.

Data Helps You Understand Your Customers

No matter what type of business you run, you have to understand your customers in order to facilitate the growth of your business.

One example of how data can help you understand your customers is by keeping track of the results of social media campaigns and how those campaigns affect the amount of traffic your website receives. That can allow you to fine-tune these social media campaigns so that they are more effective. You can also use data to learn how to appeal to the target audience of your business. For example, if your target audience responds most favorably to Twitter ad campaigns, you might want to focus your advertising efforts on that platform.

You Can Use Data to Improve Decision-Making

Many prominent data programs now offer real-time data and there is a good reason for that. Real-time data provides you with live insights, so you don't have to just stick to evaluating past trends. One example of how this can prove useful is by increasing the efficiency of your company's supply chain.

Real-time data can let you see right away if any change you make to your supply chain is working or not. Additionally, data can help you make better decisions by providing evidence supporting your proposed course of action.

Data Is Useful in Solving Problems

You can use Rokt data or other types of data to help your business solve problems if you use it correctly. It is possible that your business might have a slow month when it comes to sales or a marketing campaign might not go that well.

In that case, you have to figure out what the problem was so you can solve it. Data from your company's business processes can help you solve that problem. You can discover which steps in the process work well and which need some changes to perform more effectively.

You Can Use Data to Provide Better Customer Service

Customer service is a critical part of any business. As a result, it is important to ensure that your company provides top-notch customer service.

You can use data such as customer surveys, recordings of customer interactions with customer service representatives, and more to improve your company's customer service. Once you have this data, you can review your customer service as a whole and find any areas that need improvement. This will lead to greater customer satisfaction and a better reputation for your business.

Conclusion

Any company that wants to grow, expand, or merge needs to have good control and research of its business data. Not only can it help you learn more about the people you want to attract, but it can also help you find places where your business isn't working as well as it could, so you can fix those problems.

All of this makes handling resources and processes more productive and efficient. If you feel not able to do it by yourself think about data management services from third-party partners and enjoy all the chances for growth it gives you.