What is Data Management?
Every time the phone rings, someone’s bound to grab a Post-It note to jot down a message.
The note is likely to contain information such as the caller’s name, contact number, and reason for calling. At its most basic, that is data.
The problem is that oftentimes, Post-It notes containing messages get lost or misplaced, and the result can be disastrous.
Simply put, data management is the way a business manages the data revolving around its products and services.
Today, the most innovative, productive, and profitable businesses use insights from data management to make better decisions because they know that data is power.
If you own a small business, now is the time to implement effective data management, before your data gets out of control due to business growth.
Essentially, data management is an administrative process necessary to acquire, validate, store, process, and protect the data that makes your business tick.
Why data management is critical for small businesses
How many new clients have you gained in the past year? Which entity types mostly utilise your services? How much profit did you make in the past year? Which services are you still not offering to your current clients?
These are some of the questions you’ll ask when you aim to optimise your business, and it is data management that provides the answers. Instead of blindly guessing information about your company, managing your data gives you answers based on the data that’s generated around your products or services.
Here are the primary reasons why data management is critical for a business that revolves around accounting or auditing:
Keep track of tasks and due dates automatically, so that you don’t miss important deadlines for your business and your clients.
Instant availability of the information you need. This helps to maintain professionalism and for your team to keep productive. Staff will have up-to-date access to all tasks assigned to them and know exactly what is required of them for the coming week.
Proper data management will help you to know more about your target audience. As a result, advertising and promotions will become more effective because you are able to focus on the people most likely to invest in your services.
Faster transitioning to digitization gives you an edge over competitors.
Data empowers you to create new products or services based on what people actually need, and therefore you’ll be able to offer more value and increase profitability.
Track profit and loss, and know which packages are more popular, and why.
Improve accounting processes for enhanced efficiency.
Data management allows for continual improvements, which increase the impact on the bottom line.
Locate behavioural patterns from clients and manage them more effectively.
Your data is the backbone of your business. If you don’t manage it, you will miss opportunities that help your company grow.
The DataGrows Accounting CRM was created by a South African company, and designed specifically for South African accountants and auditors. Not only does it allow you to keep all data in one central place, but it also enhances your business functions with features such as tracking due dates, automatic task reminders, and reports.
Track the following tasks instantly:
Firm & Adhoc tasks
CIPC Annual Returns
CIPC Tasks - even counts the days for you so you don’t have to
Financials & Income Tax
Compensation Fund ROE
EMP 501 Bi-Annual Recon
Income Tax Individuals
SARS Tasks - we even have an automatic day counter.
Take DataGrows for a test drive - no credit card required.