Data management refers to the management of information for secure and structured storage and access by an organization. In this time and age where data is present in abundance, the importance of “data management” can’t be ignored.
A 2014 survey by Gartner revealed that 73% of organizations plan to invest in Big Data in the next two years – with a view to enhance customer experience and improve process efficiency. It is July 2016 and we can see how influential Big Data has become in our daily digital lives!
However, despite the general hype over it, 86% of organizations surveyed by McKinsey in April this year stated they are “at best only somewhat effective at meeting the primary objective of their data and analytics program”.
The reasons are many: Some organizations don’t have the proper process or resources in place to make sense out of the overwhelming amount of data they have. And even if they are able to dissect the information in hand, they are not able to leverage it to generate profits.
Before we move on to tell you why data management is crucial for the success of a business, here are 5 ways through which you can manage data:
1. Identify data storage requirements
You should have an idea about “how much data you are dealing with and when, where & how that data can be accessed”. This is essential because it will help you take a better call in terms of which data storage solution you must invest in – network attached storage or cloud.
2. Create a simple storage system
Dedicate a fixed storage space for all the documents that are created, received and used. Be systematic in maintaining the right file name format for different work-related documents. Make sure you make a policy around this that all employees adhere to.
3. Delete irrelevant data
Make the effort to identify and analyze data which is invalid, old or outdated. Don’t create a chaos in your data management system with information your business doesn’t require anymore. Weed out redundant data and reduce overall storage costs and improve storage efficiency.
4. Focus on data security
There is always a possibility of the data being hacked by unscrupulous third parties. To prevent the damage caused by this, it is important to create a trusted workplace environment and conduct background checks on all employees. Please remember to encrypt sensitive data and monitor it heavily.
5. Remember to take a back-up
Computer system crashes, human error and natural disasters can compromise the security of the data. That is why it is wise to take a back-up of all the information relevant to your business on a continuous basis.
Now that you know ways to can ensure effective data management, let us take a look at why this is so important for the overall functioning of a business:
1. Immediate availability of information
Activities such as auditing, litigation, strategic planning, etc. can take place efficiently only when entire data sets are properly collated and stored. A business can’t afford to goof up during such situations – as the profitability might hamper.
2. Be compliant
To avoid running in legal trouble, it is necessary for an organization to maintain all documents such as contracts, legal papers, etc. for future purposes. This way, it stops the businesses from evading prosecution and even helps in filing tax returns smoothly.
3. Protection of business interests and goals
No one can predict the longevity of a business. It may be just 11 months old or even last 10 years! That is why it is important to store all information – big or small – in the system. You never know what might come in handy and when for pushing towards the interest and growth of the business.
4. Keep up with technological advancements
Technology changes rapidly. What might seem “modern” now might become “outdated” next year. This is why it is important to maintain the data sets in such a way that no information is lost when they are transferred to a newer platform.
5. Enhances efficiency
Mismanaged data can’t be put to any good use and hence, leads to considerable loss of efficiency. You lose time looking for misplaced documents and files and also negatively impact productivity. Hence, make sure your data management process is smooth.
Wigzo’s “machine learning tool” tracks user behaviour, understands your content and builds global profiles. It processes the information to be sent to them at the right time, on the right device with personalized notification to draw maximum engagement.
Wigzo is able to break data silos, and track users across apps, web and mobile web. It also makes a profile for each user so you can automatically deliver the right experiences. It gives predictive content recommendations.
So basically, it does anything and everything with “data” and can not only make sure the data sets are well structured but also ensure they make sense to you and your business.
Want to more about how this automation suite works? Click here.