6 ways a database will make your business more money

 

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Databases are essential tools used in day to day business operations. Selecting one is an important step for any business. In this article, we will explain 6 ways a database will make your business more money. We look at some of the advantages a database can bring and how by deploying a database you can expect increased efficiency and productivity.

The majority of businesses need to access, store and share data in some form. An Excel spreadsheet or a Google Sheet is a basic database, but these can have limitations as a business grows. There are usually many business processes that need to be handled regularly but are time consuming. Building a database and automating these data processes can have huge advantages and will help increase company profits.

 

 

Here are 6 ways a database will make your business more money:

1. Save time

Typically, a business will utilise various data management systems. They may share spreadsheets, paper files, and some sort of data entry system too. This can mean a lot of time is wasted duplicating work and inputting data into various entry points. Implementing a custom database can save hours and days of work each month! A central database will also minimise errors caused by users entering data onto multiple systems. Furthermore, a database system can reliably check the date, address lookup, and number verification. Ensuring your data is correct, is invaluable to a business as it reduces errors and time spent on resolving them.

 

We developed a lead generation database for one of our clients, Hidden Hearing. With over 300 locations across the country, they are one of the UK’s leading private hearing healthcare companies. The database we developed saved them hundreds of hours and a considerable amount of money by taking lead data from various sources and storing them in a database, rather than having to manually enter the data. In addition, Hidden Hearing experienced an increase of over 4000 qualified leads per month.

 

2. Reduce admin with automation

When data is stored securely in one place, repetitive tasks such as checking if all invoices have been paid or if data has been entered by employees can be automated. In turn, this will save a lot of administrative time and can also reduce business bottlenecks which can impact cash flow. Furthermore, as the data will be more accurate, this will result in increased productivity.

Penguin Cold Caps have been pioneering cold cap therapy for hair loss for over twenty years and now supply them worldwide. We developed a new online hiring system for them. Their existing system and processes meant that staff could spend hours getting new customers set up with their treatment caps. The new system reduced the admin time by 60% by automating many steps of the process. Similarly, we set up Paypal for recurring payments and also automated the task of assigning customers to each country representative.

3. Saves one person knowing everything

A lot of small and medium sized businesses rely on a go-to person that seems to know how everything works and how to fix any issues. This can mean the business is heavily reliant on that person and then open to risk if that person were to move on. With a database that is easy to use and navigate, employees can take responsibility to find and access the data they need quickly. They can work efficiently knowing that their work is being recorded accurately and any errors will be flagged. This takes away the reliance on a single or couple of people within the business. In turn, this ensures that all areas of the business can run smoothly and without any bottleneck situations that would prevent the business to run by itself and grow.

4. Improved data sharing and data security

The protection and handling of important and sensitive data is a key requirement for any business. With GDPR and data protection laws in place, the loss of data due to an admin error or security break can result in big fines. A database can consolidate your data in one place and can be secured with backups for redundancy. That data will be secure among employees and clients with high security such as two factor authentication and monitoring of logins from different locations. The ability for employees to access and share data quickly across the organisation can also speed up decision making and the sales cycle.

With this in mind, we developed a new job diary system for Mr Clutch. They were using excel spreadsheets and paper files to manage the jobs in each branch. The new bespoke software database enabled jobs to be managed in one system. Employees at different locations could access the data, view current capacity and make further bookings all in one place.

5. Save money and add value to your business

There are many off the shelf database systems that can be implemented relatively easily and quickly. However, it’s important to be aware of their limitations and assess whether that software is the right fit long term for your business. Investing in the right software for your business will pay for itself time and time again.

• By building your own database, you own the software (IP). This will add value to your business and make it more attractive to prospective buyers of your company.
• Most off the shelf databases are restrictive as you need to follow their processes. This might not be right for your business and end up taking more time than necessary.
• Cost per user models can be expensive. Most databases charge a subscription per user. This could be fine when you have a few users or locations but when the business and its employees grow this can end up becoming very expensive. A custom database is normally a one off investment.

6. Benefit from Research & Development tax relief

When developing your own database there is a high probability that the associated R&D costs can be reclaimed from HMRC. Many of our clients have been able to claim a rebate for this, particularly where the database has features that have not been developed before and therefore is not available to purchase.