Data Management in Business Operations

on September 21, 2016

Data Management is a dynamic component in business operation. In today’s business environment to use the data optimally and to perform the desired business operation, it is necessary for the organizations to take some measurable steps to ensure high level data organization. You actually need to organize your data in such a manner that it reflects your business procedures and practices. Careful data management considerations are required to physical organization, logical structure, content and authentication of data.

Business Continuity and Data Redundancy

Multiple Business applications accessing a single data base will lead to duplicating files which isw data redundancy. The issue of data redundancy is that update is made in one file but not in another which results in the loss of data integrity. Data loss is a disaster for any business. In order to decrease downtime in retrieval, off site data redundancy is important. To overcome these problems there are potential data storage solutions other than conventional tape storage like cloud backup, source-control, etc.

Data Backups

With the arrival of the cloud technology it is now much easier to set an automated data backup to store data off-site. Through this approach you can set your backup frequency, imitate your data off-site and can make sure that your relevant systems and files are up to date. Cloud based backup systems has built in monitoring function to keep a track that everything is working properly and alert you when there occurs a problem. Offsite replication gives you a comfort of restoring your functional data to the current state and sustaining your client satisfaction along the way. Business that offers off-site backups to their clients on the cloud give them a motivation to invest their money in these solution as they have an ease to access their data at any time without any loss.

Recovery Plan

With a backup plan your client can be at rest a little easier but it does not mean that Set it and forgets it. If a business encounters downtime due to technical reasons there must be a plan to get systems up and function again. The plan should dictate each step to restart all the systems and restore the data from backups and prioritize that which system is to start first. All these guidelines must be clear in such a way that they will be easily understand by non-IT staff as well, in case technical staff is not around.

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Customer Retention… How to Bring Back the Lost Sheep?

on September 20, 2016

What? You lost a customer? Well that is a real disappointment for your business. You know customers are valuable but failing to attend to customer relationship is devastation. Didn’t you put up any strategy for your customers retention? Oh you did. But you didn’t truly understand the implication. Hold on! Don’t worry I will be guiding you about the most provoking strategies of customer retention.

Extraordinary Customer Service

Have you responded your customer immediately?
Are you delivering what you have promised?

Well dedication to customer’s satisfaction is one of the key factors for your business fortune. With a promising pursuit of excellence to keep customers so happy that they become your fans and convince others that how doing business with you is a blessing. Having an error free customer service process and delivering extraordinary services higher than the expected level of the customers is defiantly a very plus point for the rapid growth of your business.

Service Integrity

“To give real service you must add something which cannot be bought or measured with money, and that is sincerity and integrity.” Douglas Adams

Listen! Taking ethical shortcuts will never bring you customer retention and long term success. Service integrity determines how you handle your service consistently according to the customers’ expectations. The quality, design, functionality and of your product or service must be of the standard of customer’s hopes.

Frequent Communication

Yes! It is necessary. You must need to keep in touch with your customers to avoid losing them and try to build a close relationship. Program a sequence of phone calls, emails, letters, special offers, and member ship cards and follow ups that come in pre-sale and post-sale process. It is acknowledged by the customers and keeps them updated and informed and remove their post purchase worries and doubts as they feel important and valued. Your regular communication will reinforce the reason to come back to you again and again.

Lifetime Values

Usually business people think that one-off profit average sale is a loss but ignores the bigger picture of the total aggregate profit your customer can give you for the lifetime of their relationship with your business. So don’t be upset and just think for the collective benefits and profits the customer is going to give you by purchasing again and again over the time. You will later come to know the importance of taking good care of them and your effort and expenses in retaining that customer is somehow less than your marketing expenditure.

Complaint is the Key

They just walk off and you never know why. This is because most of the unhappy and dissatisfied people do not complain they simply switch to other services. But the customers who are willing to go for your services will make a complaint. Complaints give you an opportunity to return them to satisfaction and make them happy to gain their loyalty. So instead of being bothered take their complaints as gift and try to resolve their issue as soon as possible to have their faith in your services.

Hope my simple but acute tips of customer retention will help you to bring back the lost sheep. Have a good day!

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Why Use A Customized CRM

on September 19, 2016

Customized CRM can be a vital tool for your business. You should know a customized CRM is a powerful competitive advantage against your competitors. A CRM fit for your business can help you acquire more customers to grow your small business. Today I am going to tell you four great reasons a customized CRM is superior to off-the-shelf options.

Data Modeling

The data model of your business depicts the structure of your business data along and how it stored and accessed along with the link of the data tables. If you don’t have a customized CRM you need to make concessions in your business tracking to reflect inadequate default CRM data models. But in the customized CRM, the data model is designed exactly according to your business needs. A good data model consists of end-to end-business functions that segregate your business from the other competitors. Your data remains coherent, logical and well organized in a highly accessible way to revolutionize your real time environment.

Integrated Workflows

Many default prescribed workflows don’t integrate all the upstream and downstream of your business processes and often lead you to take steps which are not necessary for your small business, wasting time. A customized CRM matches your workflows to streamline and integrate the work for your team members and save time.

Automation Levels

At some point, automation will step in your business process outright or behind the scenes. Automation like email alerts, compliance checks, authentication and verification of tasks increase productivity in an ideal manner and save time. No doubt automation is cool as you just have to click the button and system will complete the task by itself. How would you like to use this awesome capability now?

A customized CRM can automate the processes in your workflow that are time-consuming and allow you to focus on more important things.

Improved Analytics

A CRM generating customized reports is more informative than traditional dashboards and flashy graphics to measure the success of your business plan. Your customized dashboard depicts your workforce more appropriately than prescribed ones. Through the improved analytics you are able to make decisions you need to outperform and take lead among your competitors.

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Why do customers switch to different suppliers?

on September 09, 2016

Why do customers switch to different suppliers??

For a company it is highly important to satisfy your customers in every way. But how would you do that?

Now that’s not the real question. You have to dig deep and explore the reasons of your customers switching. Therefore, the real question arise is “why do customers switch from one supplier to other?”

The reasons could be many but you must ponder over the one which the customers have opted and look for the solutions.

A survey was carried out by Ventura Customer Service and the result showed the following reasons that are given below

a) Core service failure-43% approx.

(Service mistakes, errors, or service ruins)

b) Service encounter failure-34.1%

(Staff uncaring, impolite, unresponsive, or unknowledgeable)

c) Pricing Issue-29.9%

(Increase in prices, Original price range out of budget of customer, Customer earning or spending less)

d) Inconvenience-20%

(Poor Location, Operating hours not suitable for customer, having to wait for service)

(more…)

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Don’t just take an inventory…. Let it take you!

on September 09, 2016

Inventory Audit

Inventory audit is an accounting method practiced to keep track the product and company’s merchandise. To avoid inventory problems and shortfalls it is necessary to perform an audit on regular basis to gain valuable information.

Usually the word inventory is dreaded word and it is taken as a lot and lot of counting. But businesses consider integrating their inventory at the end of every month some of their most important functions to make sure that the stock is enough to fulfill the future demands of supply. The inventory audit is important to continue business smoothly and successfully. Having a tight control on stocked units means there is more control on the company’s Cash Flow.

“Inventory is money sitting around in another form.” Rhonda Adams, USA Today.

Inventory audit is crucial

A lot of cash is tied up in the inventory of a business. That’s why inventory audit is crucial, it can make or break the business.

1-Purchasing and Selling

An inaccurate and late inventory assessment cause a business to lose money. Overstating inventory will overstate profits and can increase the potential taxes of the firm. Buying and selling decisions should be made on error free information or it can have adverse effect on the profit.

2-Analytical Decisions

Proper analytical decisions are to be made for the products to meet your sales goals for the present and future season. For example if you are dealing in a product that has an expiration date like food then it will be problematic if you don’t sell it on time. Inventory audit is necessary to prevent unnecessary and fatal spoilage.

3-Avoidance from Dead Stock

To manage your inventory better is to better avoid stock that is gone out of style, out of season or expired. Discarding the stock that can no longer can be sold and gives you room for new stock. Through periodical inventory audits you can stock up on more of your top sellers.

4-Save Storage Cost

Stocking too much product at once or stocking too many units that are difficult to move will drive up your storage cost. To avoid this, make a list of your variable costs that are depending on how much you sell when you are performing an audit.

5-Cash Flow Management

Inventory audits, along with saving your money, also improve the cash flow of your company. Through regular evaluation of money for products you have paid for and product you are going to sell you will have a sound knowledge of your financial stream. It affects both sales and purchasing by stating how much you can sell and what you need to buy.

If you have a solid inventory system that you must make a regular inventory audit to make sure not to lose sales but also you can project your buying plans along with the associated cash.

ERP Gold makes inventory control easy.
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Data Management in Business Operations

Business Continuity and Data Redundancy

Data Backups

Recovery Plan

Customer Retention… How to Bring Back the Lost Sheep?

Extraordinary Customer Service

Service Integrity

Frequent Communication

Lifetime Values

Complaint is the Key

Why Use A Customized CRM

Data Modeling

Integrated Workflows

Automation Levels

Improved Analytics

Why do customers switch to different suppliers?

Don’t just take an inventory…. Let it take you!

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