How Implementing a Data Management System Can Reduce Costs by 25%

For a world that increasingly relies on technology to simplify tasks, it’s alarming to consider the amount of manual work that companies still perform when it comes to managing their data.

From linking Excel spreadsheets together, to validating the data, to developing comprehensive reports, employees at data-driven organizations are spending hundreds of hours each month performing tedious tasks that could be eliminated with a robust data management system.

A report by Experian, “The 2017 Global Data Management Benchmark Report”, found that 56 percent of U.S. organizations are either ‘inactive’ or ‘reactive’ in their approach to data quality, utilizing Excel or manual processes for their main data management methods.

Furthermore, the report found that human error was the most common cause of inaccurate data at organizations, leading to greater risks, poorer decision-making and a downturn in customer loyalty.

Implementing a data management system not only eliminates human error and the subsequent consequences, but can drastically reduce operational costs by as much as 25 percent.

We’ve seen this time and again with some of our very own clients whose front line workers were spending hours each month – typically working overtime to meet deadlines – updating excel, gathering data from multiple sources, validating and synthesizing it, and building reports.

Implementing a customized data management system, however, alleviated the pressure and tasks of these workers by doing the work for them and allowing them to generate reports in real-time.

Reducing the amount of time spent on tedious, non value-added tasks translates into reduced operational costs, particularly for companies that are growing, as they no longer have to hire additional people to do the work and can instead rely on automated processes.

The bottom line? Companies utilizing outdated processes and systems such as Excel to manage their data are at a significant disadvantage. The proof, as they say, is in the numbers:

The Experian report mentioned above found that 83 percent of organizations globally experienced significant improvements in employee efficiency after implementing a data management solution, while 82 percent reported increased revenue growth. Additionally, 81 percent of organizations experienced improvement in delivering data projects on time and on budget as a result of investing in a data management solution.

For more insight on how a data management system can reduce your operational costs, check out TTG’s case study.

Or if you’re interested in implementing a data management system for your business, contact us today for a free consultation.

 

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