Today it’s hard to imagine an organization functioning properly without some sort of data management system. Data management has become an integral part of doing business, and can take the form of a simple spreadsheet program or a complex ERP system.
Data streams come from a variety of sources, including inventory management, purchase orders, shipping documents, invoices, payroll data, supply chain contacts, and so on. When timely and accurate, the data that companies collect can give them a competitive advantage, but data mismanagement can also have negative consequences for the bottom line.
Bad data management may result in:
- Inventory Overstock
- Expedited Purchases
- Lower than Expected Margins or Lost Receivables
- Decreased Shop Productivity
- Increased Office Overhead
- Poor Customer Service
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