As we move further and further into the digital age, businesses across all industries and sectors increasingly rely on data to gather insights into their operations and performance.
This makes effective data management a huge challenge for modern organisations, big and small. A robust approach to managing data is essential to ensure the accuracy of information and reporting; or, in other words, a strong foundation on which companies can make assured strategic decisions.
If company data is accurate, formatted correctly, consistent and relevant, it can ultimately be used to support the growth of that company; however, if not then inaccurate data sets can easily become an obsolete or even damaging asset. Even the relatively modest data lists collated by SMEs are often compromised by basic inputting and management issues. That’s why the commercial reliance on data management systems has been rapidly increasing year after year, and continues to do so.
What are data management systems?
When you’re working with data, you ultimately need the correct program or tool to help get the most out it. Data management systems allow users to create, store and structure data, making it far easier to mine information and key insights whenever they need to. This is particularly important when you’re dealing with vast quantities of data.
In a commercial context, these systems also provide a centralised interface that can be accessed by various users in various locations. This fosters greater collaboration between teams, but it also underlines the challenge of maintaining accuracy across all potential entry points.
The problems with poor data management:
Data management often proves to be a minefield for businesses that do not have sufficient in-house expertise in this area. Here are three key factors that can arise as a result of poor data management:
Human error and inaccuracies
When large data sets are managed manually by those who lack previous experience in this area, the likelihood of collating inaccurate information greatly increases. A solid data management system is essential for cleansing data, so that any misspelled entries, unwanted prefixes or non-printing characters can easily identified.
Waste of resources
Inaccurate data isn’t just useless; it can also result in a huge cost to a business that uses this data to inform major decisions. Resolving data management errors can be a complicated process that leads to a waste of company time, money and resources.
Insecure information
The security of data sets is vital to ensure that confidential or sensitive information remains protected at all times. By failing to update data management systems on a regular basis, organisations leave themselves open to potential cyber security breaches and theft.
Choosing the right data management system
When it comes to choosing an intuitive data management dashboard, there are a number of potential options on the market.
Microsoft Excel remains an industry standard because it offers a variety of features that are expressly designed to manage and extract important information quickly and accurately. It also affords users the ability to cleanse data quickly so that it is in prime condition for extraction.
Before committed to any subscription, it is always advisable to evaluate all available options to identify which system is the best fit for a specific business.
If your business is facing any of these challenges, or you wish to find out more about the services that Bespoke Excel provide, get in touch with our team of expert data management consultants today on 0161 883 2655.
