How database can be used to improve business performance and decision making?
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Spreadsheets are great tools for number crunching. But if you have lots of data, for example on customers, staff or your inventory, you may benefit from a more efficient data management tool. Here's why you should consider replacing spreadsheets with databases to help your business grow. Show
1. Centralised systemsIf your business is growing and you have staff to help you run it, keeping track of the increasing amount of data can be tricky. Good database systems can help you manage all your business-critical data centrally, safely and securely - whenever you need it - to boost your chances of success. 2. Better management of human resources (HR) mattersUsing an HR database to manage staff records can save you time and money. It can streamline most of the HR tasks, automate routine jobs and speed up the processing of data such as staff hours, leave, benefits, payroll, etc. This can leave you more time to focus on growing your business. 3. Managing customer data and relationshipsIf customers are the lifeblood of your business, then a good customer relationship management (CRM) database should be at the heart of your growth plans. Full-featured CRM databases are usually powerful enough to store and process everything, from customer contact details, interaction history and accounts, to new prospects, leads and business opportunities. Some CRM systems can even help you run and track marketing campaigns, such as email newsletters. 4. Efficient inventory trackingManaging your inventory well can occasionally feel like a balancing act. It's easy to have too much - sitting on a shelf risking wastage, or too little - disappointing your customers and damaging your reputation. If you're tracking your inventory manually, it's also easy to miscount, make data entry errors or misplace spreadsheets and notes. By using an inventory tracking database, especially alongside electronic data interchange and barcode scanning, you can avoid those risks and minimise lost sales while maximising your opportunities for growth. 5. Planning for growthMost business databases have some form of reporting capabilities - from analysing input data and productivity tracking, to anticipating future trends and customers' needs. If you're planning a strategy for growth, a robust database system can be your business' most valuable resource. 25 Apr
share: How does a database improve decision making?Better decision-making. Decisions built on data are only as good as the information used. A database management system helps provide a framework to facilitate data quality initiatives. Better data management procedures generate higher-quality information, which leads to better decision-making across an organization.
How can a database system help improve a business?5 reasons why your business needs a good database. Centralised systems. ... . Better management of human resources (HR) matters. ... . Managing customer data and relationships. ... . Efficient inventory tracking. ... . Planning for growth.. How important are the databases in a business in the aspect of making decisions?Databases are collections of organised information that can easily be accessed, managed, and updated. Database systems are essential to your business because they communicate information related to your sales transactions, product inventory, customer profiles, and marketing activities.
How the database could be enhanced to further improve management of the business?Below is how a database can be enhanced to improve business management:. Increasing the storage capacity of data by improving the infrastructure.. Data security features can be enhanced to ensure better protection of data and key information of the business.. |
