6 Reasons Your Business Needs a Smart Database and Business Intelligence

by Tanya March 19, 2020

Any business needs a good database to store and manage its data to make the best business decisions.

A database is a systematic collection of data. They support electronic storage and manipulation of data. Databases make data management easy

A database will allow your business to keep track of customer information, sales data, employee records, and more.

Here are 6 reasons your business needs a good database.

1. The data is easier to manage

A well-designed database is structured so that the stored data is easy for you or another user to find what you need when you need it. You can also use software programs called query tools to search through the stored data quickly without having access to the entire dataset upfront which saves time on manual searching through documents or spreadsheets for specific information related to certain customers or clients.

Additionally, a good database will allow you to filter and sort your data so that you can quickly see what’s relevant, such as only the customers who purchased from your business in the last month.

This allows you to have a quick overview of your clients so that it is easier for you to follow up on sales or track revenue with ease. You can also use denormalization in database, which is the normalization of data. This means that certain fields that are often accessed together, like name and address, are combined into one field instead of having separate fields for each piece of information.

That way, you can access the data faster than ever before.

2. There is consistency in the data

You need to make sure you are using all relevant information available to you to make the best possible business decision. For example, business intelligence solutions will convert your data into well-structured, analysable insights that will inform your strategic decision-making and support commercial outcomes.

You can also use data validation in a database to make sure that no errors or inconsistencies in the data slip in. For example, if a product is listed in a retailer’s database at a discounted price of £9.99, this validation rule will not allow an entry for that specific product to be submitted unless the unit price is exactly £9.99. That way, you can ensure consistency in your marketing and sales data so that you can get an accurate understanding of how much you should sell that product for or determine whether or not that price is too low.

On the other hand,  if there are certain prices that your business may want to have fluctuated, you can just adjust the validation rule. You can create a formula so that if one product listed has a unit price of £9.99, the unit price for another product must be at least £10.

3. Your data is more secure

There are many security risks when it comes to storing your business’s content on a public or networked drive which is not the case with a good database program that protects its contents with encryption and blocking access to unauthorized users. These programs use passwords, fingerprint scanning, voice recognition technology, and other tools to protect your business data.

Additionally, a database backs up its contents regularly to ensure that you always have a recent backup of your information in case something goes wrong. Also, you can use data masking, which is the protection of passwords and sensitive data by replacing it with fake but realistic-looking text so that no unauthorized users have access to your information.

If you don’t have a good database, however, if something were to go wrong with the storage system or hardware where your company’s data was stored offline (or online), then there is a chance that your business data may be lost forever.

4. Your business will grow faster

A good database program will allow you to retrieve important information related to your customers or clients quickly, which means that you will be able to make more informed decisions for your business.

For instance, if you are running a marketing campaign for one of your products, you can use the database to see which customers or clients have purchased this product before so that you know who is most likely to purchase again. You can then send them targeted promotional offers based on their past buying behavior. This, in turn, lets you increase revenue and customer loyalty.

However, if you don’t have a good database, then your business is at a serious disadvantage compared to those who do.  You may not be able to predict and react to actions and requests as quickly, and your business decisions may be less informed.

5. Employees can work more productively

You can also use a database as a resource for your employees as well by enabling them to access it on their mobile devices or computers anytime they want. Content such as manuals and company documents can be stored in the database so that more time is spent on the actual work than trying to find information whenever it is needed.

If an employee needs to know how to fix a certain problem with one of your products or machines, they can simply access that information from the database. This makes it easy for your employees to do their jobs quickly and efficiently without wasting time hunting down important information.

Additionally, a good database allows you to automate certain processes, such as those that come from customer demands. For example, if a customer asks for a product to be sent overnight, you can quickly generate an automated email and send it over to the delivery department so that they know exactly what needs to be done and how to do it.

6. Your information is more portable

With an easy-to-use software program, you can take your business’s entire dataset with you everywhere you go. With traditional physical forms of storage, such as paper documents or file folders, it is more difficult to access information on the go because you would have to take all of the files with you.

The database allows your business’s data to be stored in one place so that everyone can access it anywhere they are located. No matter where you are if employees have the database on their mobile devices or computers, then they can access your business’s information anytime and anywhere they want.

This means that no one has to wait around for a certain file to be sent over email because it is already saved in a digital form on the device.

A good database is an essential tool for any business. It allows businesses to store and manage data efficiently, which leads to more informed decisions, productive employees, and increased customer loyalty. Additionally, a good database makes it easy for employees to access important company information anywhere they are located. With all of these benefits, it’s no wonder that everyone is opting to have a good database in place.

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