There are many ways in which a company can store its data. The selection is wide and everything depends on the amount of information you want to store. There are large data systems with complex and expensive features and less expensive data systems such as Excel, a program included in the Microsoft Office suite of applications.
Enterprise resource planning (ERP)
ERP is a large data system that allows a company to use a system of integrated applications to manage the data. It automates office functions such as the ones related to human resources, services or technology. This type of data can help companies to reduce manual labor and to simplify workflows. ERP offers real-time data that is collected from all sources across the company. Besides many useful features, ERP can also help companies to increase effective communication between departments and accurately measure productivity and profitability.
DW is the process of collecting and managing internal and external data from various sources to provide meaningful business insights. It combines all the information into one comprehensive big database. It’s not as sophisticated as the ERP data system because it does not provide live updates but real-time data is available. It can be used for business reporting and analytical purposes. Examples for DW can be the cash registers data, website data or mailing lists.
Personal databases are smaller than other database management systems. Because it’s very easy to lose track, personal databases are meant to be used by only one person to organize all the information. The simplest way is to use spreadsheets from Excel which is a flexible and simple way to store data. It stores, retrieves, sorts, graphs, and manipulates the data of the company. Excel operates with amounts of data inserted in cells of a table using rows or columns, numeric or text data. It’s also useful to insert specific formulas that calculate and display values based on the numeric contents of other cells. More or less, an excel spreadsheet is similar to an electronic document.
All the data systems described above have benefits and drawbacks. They represent powerful tools to analyze a company’s data. However, understanding when to use each of the data systems is the key.