Today, businesses are managing more data than ever before. This is beneficial because companies are finding innovative new ways to harness this information and implement it into revenue-building strategies. Customer engagement generates vital data which can be incorporated into valuable reports and documents, but many companies are struggling to make the most of their information because they don’t know where it is.
According to a study conducted by Pricewaterhousecoopers, only 35 percent of organizations keep an accurate inventory of pertinent customer data and only 31 percent know where their data is located at all times. Much of this information is digital, which may be the problem.
Adding context to data is imperative because it allows companies to make well-informed business decisions. Reporting on information is the best way to do this, but as businesses print page after page of documents and spreadsheets, they must find a place to store these records.
Elizabeth Hall, senior Web editor for the online publication Business Management Daily, said in a recent article that any record disorganization could have severe consequences for a company.
“You may be able to live with the mess, but what will happen if you need to get your hands on an important document one day?” Hall asked.
Organizations can only realize their data’s potential if its managed properly and efficiently, and managed data is only helpful if it is organized and decision makers can keep track of it at all times. Reports can be more cumbersome than conducive if they are not stored properly.
Working with a professional business records storage provider can help companies keep track of their records and incorporate data into effective business strategies.