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You've got lots of data; here's what to do with it!

Let's be honest: talking data does not sound like an interesting subject to many people, but bear with me. Talking about data is very important! If done correctly, data management can have a very positive effect on your company's future in the form of risk management and improving revenue.

All companies have data. Most likely, lots of data of differing types in various locations collecting digital dust. Often, data is seen as a byproduct of software systems and a necessary evil, costing disk space which in turn costs money. Data comes in many forms, whether it be from a Contact Us form on your company website to inventory data or even spreadsheets on a shared drive - somewhere on your company's network.

What if I told you that your data is NOT just a byproduct costing disk space, and that your various data sources could not only be united but also be used to help in future decision making for your company? Now data just got a little more interesting!

Going back to our economics classes, we learned about the concept of Opportunity Cost. Very briefly, this is the cost or benefit of our choices taking into account the costs and benefits of the alternative choices among which we had to choose. Essentially, did we make the right choice and at what net cost or benefit.

I bring this up because the choice to not utilize our data better not only has the cost of disk space over time not being offset by its value, but also the lost benefit of better information to aid decision making.

Now we are no longer speaking about just data but rather Business Intelligence.

To fully take advantage of Business Intelligence, you need to consider how old your most recent reporting data is, and is it patchy? Another way to look at this question is, if your reporting data was more current and more complete, would you find it more useful?

Likely the answer is 'yes'. But how?

TMH Solutions can do this for you by analyzing your various data sources against the decision making needs of your company. We identify any gaps in data creation and find where those gaps can be filled. Furthermore, we centralize your data into one funnel of data. This centralized data is fed into very powerful and flexible reporting tools that can provide relevant Business Intelligence to all levels of your organization. These powerful reporting tools can now provide on-demand reporting to management.

Once your company has current and complete Business Intelligence at its disposal, your company's management can make better, more informed decisions. Making more informed decisions brings the benefits of cost savings, more effective risk management, and even increasing revenue. Perhaps, your company is able to identify a new niche or industry that it can branch into, or find new efficiencies that reduce ongoing cost. The possibilities are real and extremely beneficial.

This is just one example of how TMH Solutions can work for you. TMH

Solutions provides cloud solutions to small and medium sized businesses. We would love to explore how we can help your business realize its Business Intelligence potential! Contact us to discuss your vision!


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