Have you noted the irony of life? How often have you wished you had more information on which to base crucial business decisions, yet cannot deal with the data you already have. Managing business data is a BIG challenge, a task of Herculean proportions. But, as usual, we’re going to make it easier for you.
Business data comes in unending variety! Whether it’s informal market intelligence gleaned by an enterprising sales executive, a gut feel for something based on past experience, or hard data neatly arranged into spreadsheets of a gazillion megabytes – it’s all worth nothing unless managed the right way. By that we mean the data should be in the right form, right place in the right hands at the right time! You’re thinking that’s an impossible dream? Don’t bet against it, we say.
Let’s start at the beginning. What do we mean by the term “managing business data”? Let’s skip the jargon this time, and get to the point. Managing business data essentially refers to organizing and manipulating it in such a way that it becomes “information” – that which is capable of generating insight. Think of data as the raw ingredient, information as the processed product.
The first step to managing business data is to compile and organize it. In the good old days you probably used an indexing or filing system, now you use databases. Database management software helps you arrange the raw data into neat little tables, which not only makes subsequent access and updating easier, but also enables de-duplication. Databases are wonderful things – you can query, sort and even perform calculations using them. There’s hardly an area where a database cannot be put to good use – inventory lists, customer data, sales and revenue numbers….even weather information! The great thing about managing business data using these tools is that they help to correlate information that may come from different sources – for example, a single production job number can be used to link input raw material, work in progress as well as items ready for dispatch.
Needless to say, the structure of the database is all-important, and that is why one needs special expertise to get it right. Fortunately, there are plenty of tools available to assist you. Visit PrimaSoft’s website to see some examples.
While creating a database is the most sophisticated and efficient way of managing business data, there are times when that is neither feasible, nor applicable. Say you’re working on a new business plan. You will probably use a spreadsheet to perform calculations for projections and payback. Spreadsheets are great for intensive number crunching, but are obviously not the ideal tool for managing large volumes of data. Similarly, you might want to prepare a manual or report that a number of other people are expected to use. The obvious tool for managing business data, which in this case is either a “process” or general information, is a word processor. When it comes to communicating with others, there is no substitute for the written word. On the other hand, if it’s a certificate, legal or mandatory original document, there is no other option than to file it away safely in a binder! Office Depot has an array of accessories to tempt just about anyone who needs files, folders and other supplies.
Whatever be the final form, the key to managing business data effectively is to ensure that it serves the following objectives:
• The information is captured accurately
• It is easy to retrieve and update, and satisfies most requirements
• It is laid out in a manner which is instinctive to use
• It is accessible to all those who need it
AND most importantly, all the users know where to find and what to do with it!
Read more articles by: Akhil Shahani
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