One of my weaknesses, in terms of my business, is managing my data. Outsourcing has really helped because not only do I have to be more organised, I can outsource a lot of the data management aspects of my business.
Data management should be employed by any organisation that manages large, complex or costly projects. An effective data management system will standardise data use and references across the organisation, reduce inconsistencies in project delivery, and drive greater returns on investment. This article will demonstrate how data management can be used to improve profitability, regardless of whether your project is in communications, construction or consumer packaged goods.
It is difficult to establish an effective data management system without the support of an efficient IT environment. For example, if you work in the mining industry, to really see the cost benefits of your project, you will need to invest in new software and systems from specialist industry software developers like iVolve.
Increase Institutional Awareness
Large organisations often suffer from segregation of departments and work areas. In many cases, each department will have established their own data management solution to some extent, drawing from their own customer relationship management, supply chain management, and enterprise resource planning solutions. An organisation-wide data management plan will ensure that key insights, processes and information from these discrete solutions are shared effectively across the organisation.
Reduce Planning Time
Significant time and resources are committed to the development of project management plans and documentation. Project managers can use data management techniques to uncover trends and standard activities within the planning process. These insights can be shared across the organisation and used in each project to cut down on project management development time. As a result of more efficient planning, projects will be delivered to market in a more timely fashion, increasing the project’s profitability. This technique is being used effectively in project management for projects in health and life sciences, manufacturing and technology.
Understand Your Customers
Organisations have been collecting data on their customers for years. There are endless databases full of personal information, demographic information, details on purchasing behaviours and other key pieces of information. Undoubtedly, there are valuable insights hidden in this data that could be applied to greatly improve the profitability of numerous projects. However, much of this data is never used and profitable insights are never uncovered, often because the size and scope is simply overwhelming. An effective data management plan can assist in breaking down the customer information into manageable data sets, increasing the likelihood that insights can be uncovered and leveraged for profit.
Manage Resources
Did you know that stocking issues cumulatively cost the top 100 retailers about $69 billion every year? That’s a lot of revenue walking out the door simply because stock wasn’t ordered and on the shelf at the right time. Many industries and projects face resourcing issues, not just retailers. A better understanding of the trends around use and adoption of resources (staff, stock, capital, etc.) will assist your resource managers to place them where they are needed, when they are needed. An effective data management plan is often key to developing this understanding of resource behaviour.
This is a high level overview of how data management can improve the profitability of your business. To ascertain exactly which data management solution is right for you, your organisation should consider engaging data management experts that can develop a customised solution using the data sets available.