Database Fundamentals: Internal and External Data Sources

30 Mar

CHD Expert has established an industry wide reputation as being a global leader in providing data to the foodservice industry. We have achieved this expertise by collecting, analyzing, segmenting and managing foodservice industry data from a variety of sources for over fifteen ears. Over this time, one of the core strenghts we have established is our ability to provide accurate and up-to-date data to our clients.

Accurate data is the cornerstone to any type of data management regardless of what industry you are in. But the main question is how are you utilizing your customer database? If you are interested in using data for sales and marketing purposes, here are a few questions to consider:

How would your company like to use data to facilitate future business growth?
Does your team have a strategy and plan of execution in place to collect, segment, compare and manage its data?
How can you make your data actionable, so your sales and marketing team can use data as an asset to bring in more business?

If you have some solid answers to these questions you are ahead of the game. Too many businesses find themselves below the curve when it comes to successfully using data as an asset.  What we find is that most businesses that have data or a database of information aren’t successfully utilizing it as a resource. And others just don’t even know where to begin.

Here is our first lesson on data. It is important to first understand where your data comes from, so you can decide the best way to pursue managing data. Traditionally, data sources are grouped into two different buckets. 1. Internal Data 2. External Data. Internal data is information that is procured and consolidated from different branches within your organization. Examples of sources of the data could be: purchase orders from the sales team, transactions from accounting, re orders from inventory management, leads from marketing, and any other internal source who collects information about your customers. External data is data that was not collected by your organization. This data would be obtained from a source outside of your organization. Examples would be, purchasing a list from a list broker or gaining access to a proprietary database (Like the CHD Expert database).

Now that you understand these basics, take some time and think about the goals you want to achieve with your data. Then check back frequently as we will be continuing to post about data in the future. In the meantime, feel free to give us a call and pick our brains as we can surely provide insight on data management.

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