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How To Use Your ERP Data for Better Insight

Helpful Hints for Using Business Data at Your Company

By: Macie Rockstrom


Tekoa ERP
www.TekoaERP.com

With companies and organizations all over the world trying to globalize, information is the key to making their own personal globalization a successful process. As technology progresses, information becomes more dispensable.

There are several ways this information can assist a company.

Helpful Hint #1: Provides simplicity and manageability.

Information about the consumers a business is marketing to is just a couple of clicks away thanks to the Internet. They can better target their products by going to sites such as Pinterest to understand what the consumers are looking for exactly. Previous to big data and this increase in technology, information like this had to be assumed by the company which is a risky route for them to go. Also, this sharing of information makes it easier for a business to have multiple offices. They can share and manage the information of their business across countries because of data.

Helpful Hint #2: Connects with world's data.

Bringing a business into a new country is hard to do without information about the country’s culture or about the other businesses that are successful in that environment. With data, a business can know all about the culture and customs they are entering into and better adapt their company to that specific culture. A good example of this would be McDonald’s offering different versions of the Big Mac to different cultures. This helps ensure that a business does not offend a culture in any specific way and that it will not completely tank by doing so. Also, a business can gather information from the other successful companies in that culture to see what they are doing and formulate a way to compete against them.

Helpful Hint #3: Tools for gaining insight from analytics.

Business data can do more than just present the sometimes confusing information. Business data can also allow companies to use analytical tools to help make sense of all the data and information that the Internet is presenting them. They can order this data in a way that will be useful to their business and these tools will help them to not misinterpret it. That allows a business to avoid any big setbacks because of simple errors brought on by misinterpretation.

All of reasons and several more are why Business Data has taken off and continues to grow tremendously, especially in the business world. However, with something so good there are also negative aspects.

There is so much information that is accessible to virtually anyone with Internet. This kind of access is a threat to privacy of individuals. However, the counter-argument to this is that people need to watch what they share over the Internet and not have any false ideas that it will go away once they put it out there. Also, there are selfish companies out there with hidden agendas and will twist the information they receive into something that will help their business out. They take information and falsify it or put a negative light on it just to build them up. These are just a few of the bumps in the road that Business Data brings along with it.

So there you have it. Business Data says it all in the name; there is a large amount of data accessible to virtually all. It is a great thing but has some possible drawbacks like almost everything else. It is important to be fully aware of these things but, it does not mean you should not use it. Business Data can help grow a big (global) company.

Macie Rockstrom is a business student at Whitworth University.
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