Are you ready to change the way you look at data? With pre-built data management templates, businesses no longer need to concern themselves with data management. These templates do all the work on your behalf, allowing you to focus your time and effort on business-critical functions.
Naturally, you would be wondering what the benefits of pre-built data management templates are for your business. Are they customisable to suit the unique needs of your organisation? Are there any examples demonstrating successful implementation of data management templates?
We understand that a pre-built template is not always a wise choice. There are several downsides to using templates. Nevertheless, using data management templates is now a necessity. We are living in the digital age. Today, data is the new oil. However, unless refined, oil is not actually valuable. The same applies to data.
Using Data Effectively
With so much data, businesses are grappling with how to manage the data effectively. Of course, gathering the data is the first and the easiest step. The real challenge lies in using this data in a manner that benefits the business. Otherwise, data can quickly become a liability.
Why the need for effective data management? Research shows that it can boost business performance. For instance, data can be helpful in analysing bottlenecks in the supply chain or areas where customer satisfaction can be improved. It is also helpful in developing new products and services.
According to IBM, data management is a useful way of breaking down data siloes. Without any data management tool in place, each organisational unit will have their own way of managing the data. In some cases, they won’t even be managing the data. With data management, a uniform method is adopted.
Every Organisation Requires Efficient Data Management
It highlights the need for businesses to set up robust data management practices. Of course, not every organisation is well-versed in the art of data management. For example, a Magento development company is primarily an eCommerce company. It knows how to develop themes, extensions, and troubleshoot Magento-related problems.
It knows little about data management. This is where pre-built data management templates come in handy. These templates are easy to use and set up. It means that even a Magento development company can start managing its data efficiently without hiring data management experts.
You may be wondering why should you keep reading this article? Well, let me tell you one thing – I am no data scientist or data management expert whatsoever. I am an eCommerce expert working with an established Magento development company. But don’t for a second think that this makes the entire article not worth a read.
Here’ why you should keep reading. Firstly, I have set up eCommerce stores for clients across different industries. You know what separates a store that makes millions of dollars in a year from one that closed 6 months after launch? Efficient data management! Top stores utilise data to guide every decision.
Questions like what product to sell or what marketing strategy to adopt are all guided by data. Therefore, even though I am only a Magento expert, I know a lot about data management. Although Magento itself may not offer pre-built data management templates, users can use the principles discussed in this article.
For example, a Magento development company can use the data to understand customer behaviour. Based on the analysis, they can design new products such as themes or extensions. Although my expertise lies in Magento, the insights I plan to share are valuable for all industries.
Thus, whether you’re a Magento aficionado or a data management enthusiast, this article provides fresh and valuable insights into data management. You are going to learn about what is a pre-built data management template, their benefits, drawbacks, and the most critical factors to keep in mind when selecting a data management template.
What is a Pre-Built Data Management Template?
As the name suggests, it refers to a ready-made template whose purpose is to help organisations store, analyse, and visualise the data. These templates are purpose-built for specific use cases. For example, a template for a Magento development company will revolve around eCommerce.
In the case of a marketing agency, the template will be built differently. These templates are based on organisational requirements or industry-wide best practices. A data management template can focus on one or each aspect of data-related processes. These processes include:
Data Collection
The analysis is only as good as the quality of the data itself. Therefore, it is important that organisations collect only reliable and relevant data. Too much data is not necessarily a good thing. It is a waste of storage space and consumes valuable resources during the analysis process.
For a Magento development company, most common data collection sources are the website traffic, customer information, and sales. For an IT hardware firm, it may include the inventory, supplier information, and customer details. In other words, relevant data collection sources vary, depending on the organisation’s requirements.
Data Storage
Once the data is collected, it needs to be stored efficiently. Otherwise, the user will face issue in retrieving the data for analysis and later use. A pre-built data storage template provides a preconfigured database or data repository that organisations can use to store different types of data.
Data Analysis
Data is not valuable in itself. It needs to be analysed carefully so that it provides valuable insights. Of course, businesses such as a Magento development company cannot use raw data to make an informed decision. They need complete information before committing to a decision. Data analysis templates often come with built-in analytics tools or integrations with third-party analytics platforms.
Depending on the template, users need only enter the information and the template will analyse it automatically. In other cases, users may need to perform advanced data analysis themselves by tweaking the settings or applying additional tools. These templates provide valuable insights for informed decision-making.
Data Visualisation
Unless you are a data management expert, understanding the data can be a challenge. This is where data visualisation templates come into play. These templates come with pre-designed dashboards and graphs to display the data in a meaningful, easy-to-understand manner.
Let’s consider an example for better understanding. The below images are from Hubspot.
We don’t need to tell you which image is more appealing. It is quite evident that the second image is not only appealing to the eye, but effectively communicates the required information. This is the power of data visualisation.
Overall, pre-built data management plans are a convenient way for organisations, including a Magento development company, to start practising robust data management policies. There’s no need for them to develop plans in-house. All they need to do is find the right template and then tailor it to suite their own unique business requirements.
Benefits of Pre-Built Data Management Templates
- Time Saving
Not every organisation has the time to develop a data management plan from scratch. In case they need one urgently, hiring a specialist and assigning them this task is not practical. A template allows the business to hit the ground running. Of course, no template is perfect.
The business would need to undertake a few customisations to ensure that the template meets their requirements. In any case, these changes do not require the same time compared to developing a complete plan from scratch. So, if you are short on time, consider using a template.
- Cost-Effectiveness
The number one challenge for businesses nowadays is the escalating cost of doing business. It is why almost every organisation, big or small, is undertaking cost cutting measures. In the context of data management, templates are much more cost-effective. You can simply download a template or buy one for a minimal amount.
This saves considerable money compared to hiring a third-party data management firm or an in-house employee. In the case of an employee, you must consider the costs of hiring and onboarding. Once the plan is developed, you may not have any further need for them.
Naturally, if you lay off an employee so soon after hiring, your reputation as a reliable employer takes a hit. Top talent may be reluctant to join your organisation while existing employees may start looking for better opportunities. Thus, if you don’t have a perpetual need for a resource or the resources to hire a specialist firm, use templates.
- Faster Return on Investment (RoI)
Running a business is all about generating the greatest amount of RoI in least time. A pre-built template offers precisely this. Like I said earlier, just download the template and start using it right away. When you engage a specialist for this purpose, they’ll need time to assess your requirements.
After determining the requirements, they will need time to evaluate the possible options. They would need to develop a feasibility plan for each option before deciding which option is the most appropriate. As you can see for yourself, this route requires a great deal of time. Not every business can afford to dedicate this much time.
- Easy Implementation
The pre-built templates require very little amount of technical expertise to implement. In most cases, users can deploy a template promptly and without worrying about compatibility with existing systems. As a Magento development company, you’ll find templates easier to use than Magento itself.
- Best Practices
While this is not applicable to every template, but usually the developers utilise industry-wide best practices when developing the template. How does it benefit a business? By incorporating best practices, developers ensure that businesses benefit from proven methodologies.
- Training and Support
Another notable benefit of using a pre-built data management template is the training and support that comes with it. Most template development companies offer detailed guides on how to use the template and frequently encountered issues. Depending on the template, the developer may even offer training.
- Reduced Risk
For a Magento development company or any other company, managing risk is a top concern. If a negative risk occurs, it can be the end of the business. Therefore, it is imperative for organisations to manage risks carefully. By using a ready-made template, businesses reduce risks associated with data management initiatives.
The reason is that they are relying on a tried and tested template which is developed by professionals. On top of it, even if the user encounters any problems, the developer is on hand to provide the necessary training and support.
Drawbacks of Pre-Built Data Management Templates
- Too Complex or Simple
Unfortunately, a common problem with templates is that they either tend to be too complex or overly simplistic. In both cases, it offers no real benefit to the business. A business would be better of hiring an in-house resource or team to look after the data management process.
The resource(s) would know exactly what the organisation’s requirement is and what needs to be done. While it may take longer to develop and cost more, the organisation will be getting exactly what it needs. This reduces the risk of you ending up with a template that serves no real purpose.
- Security Concerns
Another problem is that you cannot be too sure about the template’s security. There’s a chance that the template is running on an older version of a software or has security loopholes. In that case, your whole organisation is at risk. According to an IBM report, the cost of an average date breach in 2023 is USD 4.45 million.
For small, medium enterprises (SMEs), a small unforeseen expense is difficult to manage. In the case of a cyberattack, it can force the SME into closure. Therefore, businesses should be weary of using a template. If they have no other option, they must ensure the template’s security credentials before integrating it with their systems.
- Scalability
Another concern with templates is the lack of scalability. With a template, what you see is what you get. It is challenging to scale it depending on new requirements. Therefore, you might end up wasting valuable time and money, especially if your requirements keep fluctuating.
For instance, you may have a new data source which the template cannot manage. In that case, it is better to use a custom-designed plan. It will be scalable and can be customised to suit your unique requirements. While a template is customisable, it does not offer the same options.
Things to Consider When Opting for a Pre-Built Data Management Template
Reviews
Just like before buying any product or service, we tend to go through reviews, do the same for templates. Go through the experiences shared by others. It will give you an idea about what to expect when using the template. Make sure that the review is from a business in the same industry as you.
Cost
In addition to the reviews, consider the cost. Don’t just look at the upfront cost. Instead, consider costs such as for premium features. It will give you a complete idea about how much you are going to pay. Compare this cost with the expense of developing a fully customised plan.
Ease of Use
Furthermore, evaluate the template’s ease of use. If it is a bit complex to use, don’t opt for it unless you have the required resources. Otherwise, you may need to invest in employee training and development. Don’t forget to consider that cost when calculating the overall costs for the template.
Security
Make sure that the template’s security is robust. It is imperative that the template have security features such as access control, encryption, and compliance. It will protect your sensitive information against unauthorised access. This can reduce risks, especially financial and reputational.
Scalability
Keep in mind that business requirements keep changing. You need a template that scales as your business grows. For example, let’s consider the example of a Magento development company. Suppose that it only offers theme development services. Over time, it starts offering extension development, search engine optimisation, and more.
If the template is not scalable, it won’t be able to manage the data coming from the new services. The Magento development company will require a new template. If it needs to change the template every now and then, it is not practical nor recommended. Therefore, scalability should be a top consideration when choosing a template.
Data Management Templates for a Magento Development Company
Since I am a Magento expert, it is only natural that I address the question on the minds of fellow eCommerce enthusiasts. Are these templates feasible for an eCommerce development company? The answer is, yes! All sorts of companies, including a Magento development company or a Shopify company, require data management templates.
The use cases range from client management to complete project management. For example, a Magento development company can use a template to manage essential client details, facilitating effective communication and relationship management. Therefore, regardless of your industry, research data management plans.
Conclusion
This concludes our article on why businesses are opting for pre-built data management templates. Businesses must carefully evaluate the pros and cons of using templates based on their unique requirements. Nevertheless, given the popularity of templates, one can say with confidence that they are more than effective in getting the job done. If you are looking for templates or any other software for your business, Flatlogic is your go-to option. It is an AI-powered platform that allows businesses to create software in just three steps. Check out Flatlogic’s services here.
