03rd May, 2019
Denave, Team, Designation
This is the age of data explosion and it has the potential to transform how companies communicate with their customers and employees. With the new technologies like sensors and beacons, we are able to understand and predict every facet of a customer’s online/offline interaction with a brand, and leverage that data to customise and curate targeted marketing campaigns.
Essentially, with heaps of Data available at hand, efficient Database management can help you in categorising and structuring as per the needs of the organization.
In fact, a full-fledged, updated and an accurate database is a key to sellers’ success. Therefore, it is critical to manage this data well for desired results.
It also entails strategic and data-driven insights to accelerate the revenue engine, with technology playing a role of springboard by transforming sales effectiveness.
Challenges of an effective Database Management
The current digital business scenario requires organisations to provide employees, partners and customers with secure access to critical enterprise systems and applications, anytime/anywhere. While responding to this, data management challenges unavoidably arise pertaining to:
- Storing and leveraging huge volumes of data
- Ensuring data cleanliness, accuracy and contactibility
- Complying with strict regulatory mandates, forcing modern security practices and access control measures
When Database is ineffective – Associated implications?
Trouble with an effective database management plagues many businesses, often leading to long-term complexities. Organisations rely on data to assist their marketing, sales and customer service efforts and if that data is inaccurate they are bound to waste time chasing the leads that don’t even exist. Listed below are some of the associated implications of an ineffective database management:
- Less/inaccurate lead generation
- Dry sales funnel impacting net new customer acquisition
- Higher consumption of resources leading to increased operational cost
- Errors in product/service deliveries and billing leading to revenue loss
- Lower customer satisfaction and retention due to incomplete, out-of-date information
- Failure of sales/marketing automation initiatives
- Dissatisfied partner and distribution channels
- Misinformed or under-informed decisions
- Lower productivity
- Regulatory fines due to noncompliance.
Tips for an effective Database Management
Interestingly, when things go wrong, it’s not always the people or the technology at fault, it can also be the processes. So, if you have the right people in place, the processes are transparent and are using the right technology, you can be on the road to success.
So, here we have 10 tips for you on how to make your organisations’ database management process smooth and error-free:
Make data entry guidelines
This is all about documenting the processes. Data entry guidelines tell us what type of data is being entered into any given field (which means – if you are entering an address, are you spelling out “street” or “St.”).
Provide appropriate Training
Training must be provided to the new staff and as a refresher later on to better understand the working process, to minimize chances of incorrect data entry
Automation of information updates
Manual data entry is a cumbersome task for any organisation. Also, it may lead to the lack of data accuracy. Such monotonous job further leads to the loss of employees’ significant time. With the automation of data updates, users can benefit from the process simplification and ease of operations.
Ensure Security at all levels
There is a need to have multi-tier security in data management. You have to ensure physical security of the database at every level so that not everyone can access it. There must be sturdy network security and the systems used to store the data should also be robust enough to secure against any ingrown or external threats of any form.
Take Regular Backup
Data backup is critical for any data management strategy. Also, how the data is backed up is also significant. For instance, if data is lost, how easy is it to restore so that the business is operational? Indeed, the latest backup and recovery operations available make the process much easier.
Create data Integrity reports
These reports are designed to unveil whether you have erroneous data in the system. For instance, a report searching for whether there are “@” symbols in the email list, and if an email address has it missing then obviously it is not a valid address. Weeding out bad data is something that must be done frequently if you want to generate error-free information.
Keep your data up to date
You need to understand that, as soon as data goes into your system it becomes out of date. People die, lose jobs, and change addresses. Therefore, try and keep your data as up to date as possible for accurate information.
Dig the Untapped Database
“Whitespace” is an unknown/untapped space that basically signifies a customer database that has not been formally discovered and which may be significant for achieving sales targets. Therefore, it is imperative to tap into this potential customer database through whitespace discovery model.
Clearly, without the right data or proper management techniques in place, a business can be at risk of losing money, time wastage and potentially jeopardizing customer relationships. Therefore, a properly managed database enables companies to make strategic business decisions confidently, that positively impact business performance.