In the current business landscape, the key to survival is being able to quickly adjust one’s approaches based on market conditions.  Knowing how a business is performing requires timely information, so the digital transformation movement–with its reliance on digital and database solutions that are faster and more efficient than paper-based solutions–has become increasingly popular.

To capitalize on this movement toward digital transformation, the research firm NuoDB collected data to understand organizations’ reactions to the changes in data collection and management. The firm found that database and data management was viewed as one of the most important factors, with 92% of respondents stating it to be “critical” or “very important” in the digitization journeys.¹
In 2017, many businesses still find themselves utilizing paper-based solutions to gather input from users and customers. These solutions require a lengthy, cumbersome process when moving from data collection to information analysis; there are many steps involved in converting the answers written on paper to a centralized tool that can only be managed and seen by one business department at a time. This requires that department to build a specialized report every time the data needs to be analyzed. In essence, this creates business silos, which prohibit stakeholders from making timely business decisions.A database approach is the best way to collect, store, and manage data because it provides some of the following advantages:

  • Improved decision making–The timeliness of business data, combined with business intelligence tools empowers businesses to make quick, informed decisions
  • Increased information sharing–Critical business data is housed in a centralized digital environment, improving user access to information. Information can be more easily shared, which improves communication and increasing productivity
  • Improved data security–Database solutions provide a better framework for enforcing data privacy and security policies. Critical business data in  HR or sales can be limited by audience or user group
  • Enhanced reporting and data integration—Integrating systems is easier when data already exists in a structured format, so the ability to view standard reports or to create ad-hoc reports is crucial when making key business decisions
  • Minimized data consistency–A properly designed database will decrease the amount of data inconsistencies, which will inspire more confidence in the final output

Harnessing the power of data–along with the appropriate tools to transform that data into information–enables companies to make timely, informed decisions. This approach can make the difference between success and failure. Transitioning to a digital transformation mindset can unlock numerous opportunities for companies to engage with customers and increase business opportunities.