Importance of knowledge to a growing business

I find it very useful.Hope this post can enlighten everyone about the importance of knowledge in growing your own business.

Using information technology to gain and manage knowledge

Information technology offers powerful tools to help you gain and make the best use of knowledge. Some of the systems can be complex to set up and time-consuming to maintain. You need to choose systems that fit with your business and that will improve it without becoming a burden. You may find it useful to consult an IT specialist.

Types of information technology

• Databases organise information so it can be easily accessed, managed and updated. For instance, you might have a database of customers containing their contact information, their orders and preferences.
• A data warehouse is a central storage area you might use if you have a variety of business systems, or a range of information in different digital formats. Many businesses now use digital asset management to store, manage and retrieve information, and this can be particularly helpful if you sell online. It is, however, a complex area technically and in task management, and you may wish to seek specialist advice from an IT consultant.
• Data mining is a process in which all the data you collect is sorted to determine patterns. For instance, it can tell you which products are most popular and whether one type of customer is likely to buy a particular item.
• Reporting and querying tools let you create reports interpreting data in a particular way. How many of your sales have been handled by one particular employee, for instance?
• Business intelligence portals are websites that bring together all sorts of potentially useful information, such as legal issues or details of new research.
• The Internet and search engines - these can be a powerful source of knowledge, although be certain to check the credibility of your information source. Internet newsgroups can be specific sources of business information, but check the authors' other postings before deciding how to view their opinions and claimed facts.
• An intranet is a secure internal network for the sole use of your business.
• An extranet is similar to an intranet but can be extended to customers and suppliers.
• Customer relationship management software helps you build up a profile of your customer database and enables you to target them through mail, telephone or postal marketing campaigns.
• Call-centre systems enable you to serve large numbers of customers if you sell by telephone.
• Website log-file analysis helps you to analyse how customers use your website so you can improve its effectiveness.
• Systems to analyse and file customer letters, suggestions, emails, and call-centre responses, which will enable you to spot trends, improve customer service and develop new products, services and systems.