Data Management for Your Small Business

Data Management for Your Small Business If you are small business owner, chances are that you’ve heard the term “data” thrown about a whole lot lately. But what actually is it? Well, data is a collection of “facts”. This is essentially just another way of saying that data is information. It can be any numbers, words, measurements, observations, or design details that you may have accumulated over time. You could even say that data is knowledge as the more of this information you have, the better! Knowledge is power after all. So, how do you effectively manage all of this data, information, or knowledge that you may have stored up? Here are some ideas to get you started. Managing Customer Data First things first, let’s tackle the area of managing customer data. This should be a priority, as if you fail to manage customer data properly, you could find yourself breaching data protection law. This could result in costly legal action, so you want to ensure that you don’t make any mistakes! Any data that you have gained from customers, employees, or other members of the public needs to be effectively managed to ensure that it isn’t leaked. When someone purchases something from you or someone works for you, you gain their full name, their address, their email address, their contact number, and (perhaps most importantly) their bank details. If you don’t manage this effectively, these details could fall into the wrong hands and the individual could become a victim of identity theft or fraud. So, make sure that any data you collect is used fairly and lawfully, used for limited and stated purposes, kept for no longer than is necessary, and kept safe and secure. Protecting Design Data When you design a product, you are creating something that your business is going to sell for profit. So you want your designs to be kept as safe and secure as possible. If this data is leaked, your competitors could access it, learning exactly how your products are put together. They can then replicate this and sell the products at a lower cost, as they haven’t had to invest time or money into the design process themselves. Instead of merely saving your designs to your device, use design data management services at Altium.com. The professionals here will store your data in a systematic and controlled way. Protecting Market Research Data Some of the most valuable data in business is market research. Market research involves engaging with your target audience and finding out all sorts of information regarding their personal income, their tastes and preferences, and where their disposable income is currently spent. This information can help you to design the perfect product to meet their needs and to price it appropriately. However, when you’ve put time and money into finding these results, you want them to be private. If you dish them out to the public, you are letting your competitors know exactly what they need to do to succeed. So, conduct your research yourself and store your results securely for your own personal use. These are just a few different areas of data that could make or break your small business. So, focus your attention on them and manage them accordingly!