A business without a set of data is certainly not in a state to grow, any sort of industry insights and trends can only be figured out if there is a constant flow of information into the data systems.
The pace at which the economy is flourishing in this technologically advanced society there is only ever going to be a scarcity of data. To grow your business however, data integrity plays a very significant role. It refers to the actual valuation of any sort of data being collected that can directly be used to either monetise the data, create internal investments or mergers & acquisitions within the industry. 
You can have data without information, but you can’t have information without data
– Daniel K. Moran
A business strategy in today’s day and age has to involve an automated system into its operations that can provide a constant load of data. A basic project management tool can help you automate your business, create customer database and even increase the workflow productivity. This can help you transform and grow your business operations wildly.
Multinational businesses rely on Big Data for a variety of sources and the race is getting bigger every year. Truth is, Only information can lead the businesses of today to an innovative edge and the ones who rightly know it go on to produce much bigger & sustainable results.
Here are 5 reasons Why Knowing your business data is Important!
- Security: The foremost reason for any business owner to know their organisations data is for the information to be secured. The internal information and the customers database have to be protected at all times. This helps maintain the business value and reputation in the industry.
Recent events this year have highlighted security breach cases involving some of the Silicon Valley giants. An ERP system can integrate all of the information on a database and keep it secured at the same time, this helps create a regulatory system and trust amongst the customers and organisational members.
- Growth: A businesses own information and trends can always act as a guiding agent to predict forthcomings, this can help deviate the future operations into the right direction. Any business is looking to grow and expand at all times, with relevant information at hand one can depict their own shortfalls and create a strategy towards an inventive – growth oriented future. This can be in the form of managing workforce, assets, quality control and the overall business process.
- Efficiency: Fast paced workforce is only looking for faster ways to do their work. Admissible insights from the information and stored data can act as performance tracker that can help figure out how to be more productive. This involves insights from real-time communication, time tracking and optimising the overall quality.The organisations are trying to become leaner and faster. Agile growth trends has helped hundreds to become better decision makers and raise their efficiency bars on a daily basis.
- Performance: A set of data can analyse the overall performance management of an organisation. Performance reviews can help create a sustainable growth structure in the company. With advanced machine learning and new generational technology like blockchain evolving around the globe the data is getting even bigger. This urgency requires fast adapting organisations who aren’t afraid to grow swiftly using technology. A simple field service management software can help monitor quality of the business. Features like performance management can gather timely performance reviews that can directly be relatable to productivity of the workforce.
- Demand: At all times, a business should be aware of what is trending in the market and what’s the estimated demand. Knowing what the market wants roughly always plays out positively. Tools in a simple ERP software such as financial reporting can help minimise expenses and determine which department needs organisations most attention or funds. It can also in the long run help determine patterns in the market and understand customers real problems.
It was only a few decades ago that the practice of gathering information and running analytics to get information was being used for decision making in fortune companies. Evolution has brought us to a point where the ability to work fast and in an agile manner creates a competitive edge amongst worldly organisations.
High-performance analytics lets you do things you never thought about before because the data volumes were just way too big. For instance, you can get timely insights to make decisions about fleeting opportunities, get precise answers for hard-to-solve problems and uncover new growth opportunities – all while using IT resources more effectively.
From the white paper Big Data Meets Big Data Analytics
We believe the shift in the service industry is yet to transcend.