Businesses across the globe in today’s age function and grow on data and what they can uncover from it. A recent study by Forbes found that over 90% of businesses highlighted that unstructured data and its management was one of their biggest problems. Companies receive massive data dumps every day, whether it is about their operations or their customers. Managing this data can be a gargantuan task, which is where a database management system comes in.
In tandem with the business, a database management system functions as a smart and reliable software for creating and managing a database. This empowers businesses to seamlessly create, read, update, protect, and delete data in their database. This master data management comes from database structures, schemas, and organized workflows which attribute data for businesses and help them in realizing its true value.
Here are 5 reasons why a good database management system can help your business:
- Centralizing Your Data Management
Having a centralized data repository can prove to be a huge asset for businesses. A master data management system helps different teams in an organization to seamlessly share, collaborate, access, and work on a database simultaneously. This can help businesses in keeping a holistic track of their databases at any given time. These databases can include project management, marketing campaigns, CRMs, and much more.
- Accelerated Decision Making
With centralized data management, businesses can streamline analyzing and visualizing capabilities of databases. This can give them a 360 view of each activity and a holistic overview of data required to make decisions within a few clicks. This makes decisions on a granular and large scale alike much faster with a better chance of being efficient. Database management systems can also empower managers in discovering risks associated with each of their decisions to be prepared for handling situations in real time.
- Reduced Data Inconsistency
A good database management system eliminates most of the issues related to data redundancy. It helps in organizing, attributing, and presenting data based on your business requirements. The data can be accessed in various formats such as text, tables, checkboxes, ratings, formulas, barcodes, API, and much more. This significantly helps businesses in eliminating any confusion arising from disorganized data and reports.
- Boosting Customer Relationships
Ensuring that customer relationships remain intact is crucial for every business. A business exists to serve the requirements of its customers. A good database management system comes with customer relationship management capabilities that can help businesses in keeping track of their customer engagement. With data like customer details, contact information for new leads, customer interaction history, and more, businesses can seamlessly navigate through their customers’ queries or issues, and provide real-time solutions.
- Saving Resources
With process automation, businesses are able to save a lot of time and resources with a good database management system. Not only does it help reduce manual labor and errors that might come with manual labor, it also helps in streamlining processes to help businesses accelerate their outcomes. Reducing excessive working hours for employees, and making mechanical processes automated helps businesses in improving their efficiencies and improving their ROI.
Realize Your True Potential With a Master Data management System
Dun & Bradstreet can offer you with a broad set of commercial data from the D&B Data Cloud. With deep analytical insights about various businesses, you can easily find the best database management system for your business case. Gain intelligent insights about the various database management systems out there, and find the one that fits your profile the best to gain a competitive edge.