To know how your business is performing, you have to depend on data. To know the inventory trend or sales trend you need to analyze data collected over a period. For identifying slow moving and non-moving inventory that locks up working capital and affects profitability, you have to look up at the data for the past one year. Similarly, whether customers are accepting or rejecting a product becomes clear on analyzing the data. Whatever you want to know about business today, you have to rely on data collected from the specific field for which you must use a robust database. Therefore, it will not be an exaggeration to say that today’s business revolves around databases.
Making the data available at any point in time is a business need today for which centralized databases have become necessary. The databases house all kinds of business data related to various functions such as purchase, accounts, warehouse, HR, sales, and manufacturing, and it typically reveals the way business is being conducted. The databases are protected places where data is safe, secure, and authorized entities can access and use it. Various reports generated from the data by manipulating data to present various business perspectives provide deep insight into the business. All business decisions depend on data analysis. Read on to know how companies can benefit from databases.
Managing Human resources
The primary function of databases is to compile information and make it available when required. The databases used for Human Resource function keeps a record of all employees from the names to leaves and wages that helps to keep track of each employee. Good databases help to streamline the work process by eliminating duplication of work, and it is possible to automate various tasks that help to keep records updated without much effort and time. Databases have done away with several manual tasks like payroll management that have become automated and resulted in lowering overheads.
Better customer management
CRM databases are widely used in Sales and Marketing that help to keep a close tab on customers by knowing their behavior and habits which are so essential to frame marketing strategies. The Customer Relationship Management databases are storehouses of information related to customers, as you would find every detail of customers from the contact details to transaction history and from customer accounts to leads, new prospects and business opportunities hidden under it. Some CRM databases even help in tracking marketing campaigns.
Inventory at your fingertips
Striking the right balance with optimal inventory can be a daunting task but not so if you have the support of databases that capture the inventory details. Too much inventory is as bad as too little because in the former case, the working capital takes a hit while in the latter case you are left with unhappy customers. The correctness of figures captured on real-time basis makes for accurate inventory management, which is only possible when you use the right databases. With proper inventory management, a business can perform better.
Choose the right database for your business that perfectly matches with the business goals.