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Businesses should be making use of every piece of data they collect as an organization. Data has become the new oil in its value and influence on the world, particularly with so many more people using the internet nowadays.
According to Zipdo, 75% of organizations surveyed believe that data management is important to their ongoing digital transformation efforts.
It’s now become a necessity to optimize your business data management. Roles dedicated to data management are responsible for helping streamline data collection and assist with storage and analysis. The efforts made in this area of business help to make more informed decisions that benefit the organization further.
Optimizing business data management is helped greatly by introducing advanced platforms and tools. In this guide, we’ll take a look at the importance of business data management and the benefits data provides for businesses in this digitally-led world. We’ll also take a look at what platforms are worth utilizing to improve the efforts of optimizing your data management in 2023.
Data management is a method of collecting, maintaining, and using data. The process is meant to be done securely, as well as in a cost-efficient manner.
When it comes to the purpose of data management in business, it’s useful to help optimize current practices. The result is that it improves upon the actions and decisions made within the company. The more quality data collected, the better, which is why a data management strategy is worthwhile putting in place.
How is data managed?
Managing data involves a range of tasks that have to adhere to certain policies in place. These policies are in place to protect the owner of that data, ensuring no one is taking advantage of using the data for harm.
There are a number of considerations to make when it comes to data management. This includes:
As data has become so important and influential for businesses, it has become equally challenging to ensure that data is being used correctly. Otherwise, a business could land itself into hot water if it ends up breaking compliance and regulations in place.
Leveraging cutting-edge technologies and software solutions is the approach that’s needed when it comes to effectively optimizing business data management. So what software is worth making use of as a business to help with your data management in 2023?
By harnessing the power of these advanced data management tools, organizations like yours help unlock valuable insights, while helping influence business decision-making. Ultimately, driving sustainable growth for your business is the end game when focusing on business data management.
1. Celonis – An execution management system
Celonis is a process mining software that extracts knowledge from information systems in order to help visualize your business processes. Derived from data, it helps your business to audit, analyze, and improve the processes you have in place as an organization.
As an executive management system, Celonis uses process mining in comparison to subjective process mapping workshops. The software companies boast that their method of process mining is faster, cheaper, and more accurate.
Celonis offers a number of solutions when it comes to business data management, including:
2. Ledgy – ESOP management software
One of the benefits of business data management is optimizing your own teams to be more efficient in their efforts when handling data.
Ledgy is an ESOP management software that supports clients who are scaling to global expansion by automating their equity. Improving efficiency through automated workflows and integrating seamlessly with existing systems.
By providing grant shares and options for employees, it helps integrate equity into all key systems, to ensure your employees know what ownership they have within the business.
Ledgy offers real-time updates, tracks international grant types, and supports currencies across the globe, making it highly useful for organizations operating on a global scale. Its enterprise-ready security and privacy features make this a secure software for the management of data.
3. Data Dome – Bot protection solution
While the digital world is growing with millions of new digital footprints, so too is the growth of bots. Online bots are a nightmare for businesses when it comes to acquiring accurate data on their online traffic.
It’s worthwhile to compare bot protection solutions when it comes to optimizing your business data management.
Unauthorized bot traffic is a danger for businesses when it comes to risks and waste of resources. With a bot protection solution like Data Dome, you get an analysis of every single request that comes through to your website, mobile app, etc to ensure any attacks don’t go undetected.
With AI-powered detection, it sorts the bots from the genuine human traffic to improvethe efficiency of your data collection.
4. Profisee – Multi-domain master data management platform
Offering flexibility as a multi-domain platform, Profisee is a data management tool that’s easy enough to use for anyone within your business.
With several data management functions, the platform supports a wide range of sources and formats, to help workflows within your organization. It provides a highly customizable user interface, as well as data analytics, and data consolidation, and is highly scalable in order to adapt to most businesses both big and small.
Its flexible modeling is what makes this platform so attractive, along with its affordable pricing plans.
5. Oracle Enterprise Data Management – Build and manage data-driven projects
To help build and manage data-driven projects, it’s worthwhile to check out Oracle. As an enterprise data management platform, it is a comprehensive solution that offers several features. With the use of master data, it provides authoritative and consolidated information that is used for both analytics and the improvement of business operations.
From real-time analysis to easy reporting, it’s a great way to deliver actionable insights to your teams. Being able to rationalize the differences across your data, offers new perspectives on your business and ultimately helps drive better decisions as a result.
It’s considered a great platform for businesses who are looking to introduce a data-driven strategy for their business this year.
Why focus on optimizing business data for your organization in 2023? There are many benefits to using any and all of the platforms mentioned above in order to embrace data management.
Make better decisions
To improve upon the growth of any business, the decisions you make need to be more on target, hitting the mark more often than not. Data has been a great help for many businesses to understand and leverage this information for the benefit of business operations across the workforce.
Increase efficiency in the workplace
Your employees also benefit greatly from optimizing data management, as it’s useful for increasing efficiency in the workplace. With more knowledge, comes greater opportunities to improve business operations and how efficiently your employees are when it comes to their own roles.
Enhance your customer’s experience
Data is a great way to help enhance your customer’s experience. Gathering data on your customers gives you more clarity and insight into what they need and want from you as a business.
By optimizing your data management, a business is able to personalize its efforts to make any product launches, services, and marketing more relatable to the customer. The more personalized it becomes, the more the customers are likely to return to spend money.
Gain competitive intelligence
There’s a lot of competition that businesses have to go up against, particularly in the digital sphere.
Many businesses already use competitor analysis to get ahead of other businesses. In fact, 90% of Fortune 500 Companies already use competitive intelligence to gain a competitive advantage.
With data optimization in hand, companies are able to spot gaps in the market that might be influential to the success and growth of the business. While doing so, it puts your business ahead of the rest.
The risks your business takes could easily cause it to spiral into decline. That’s why it’s important that the risks you do take, are backed by data.
If you aren’t already optimizing your business data management, now is as good a time as any to be making use of its influences and benefits. Give any of the above platforms a try in order to make better use of your data in 2023.
Disclaimer: MoneyMagpie is not a licensed financial advisor and therefore information found here including opinions, commentary, suggestions or strategies are for informational, entertainment or educational purposes only. This should not be considered as financial advice. Anyone thinking of investing should conduct their own due diligence.