Database management systems store multiple data sources in one central place for easy retrieval and reporting.
However, a database management system is much more than just a data storage hub and is just as critical for SMEs as for large enterprises.
Here’s why:
#1 Save costs
According to a survey by Automation Anywhere, the average employee loses 60 hours per month performing repetitive tasks that could be automated.
Your business pays the cost of wasted time, and your employees could be put to better use.
Database management systems automate mundane and routine tasks, free up employee time, and empower business owners with insights to make better business decisions.
Compliance, new employee or client onboarding, training, scheduling, and even follow-ups with clients can all be handled by a database management system. In addition, companies can identify new services, and become more efficient, leaner, and more productive.
#2 Access data in different ways
Many SMEs use an Excel spreadsheet to organise data, but the problem is that the business won’t be able to access the data in multiple ways and in different reports.
For example, let’s say an accounting firm keeps a database of clients.
Using that database, staff can search for clients by name, client code, upcoming appointments, entity types, amounts owing or other information. Both accountants, managers, sales, and the marketing department can get insights about different things from the same database.
Any details the firm collects from clients can be accessed through reports, and the information is available at your fingertips, from any location.
#3 Collect better data
A database management system allows the business to get intentional about collecting data that can be used in many different ways to improve ROI.
A database management system gives teams one central place to record and access data.
A database builder such as DataGrows can be customised to simplify data collection. This makes it easy for employees to record as much as possible, and the company can set standards so that employees can extract as much information as possible.
Examples of the types of client data a business can record:
Basic details such as client information, sales numbers, losses, and profit margins.
Survey data such as, what made clients contact the business, how they heard of the company, and why they keep returning.
More complex information can then be calculated, such as stock on hand, sales performance, staff performance, areas where losses occur, and snags.
Data is a goldmine because it helps businesses better understand what’s important to their clients and their business. This can be used to develop new services, improve marketing, improve cost margins and optimise staff performance.
The last word
Many SMEs find it challenging to transition from an Excel spreadsheet to a database management system, but the DataGrows Database Builder comes with an experienced team to get started easily.
Request a meeting to start saving costs, get intelligent insights about your business, and collect better client data.