Easy Data Management Best Practices to Improve Your Business
By Will Elton, Last updated: 2021-06-02 (originally published on 2020-04-21)
Nearly every business out there, regardless of what it is dealing in, has some crucial data hanging out on its premises. As a matter of fact, your business has a lot of critical data in a lot of places, internally and externally. But what your company may be lacking is perhaps the best practices in data management. These could help consolidate all that information and come up with ways to use it to improve your operations.
Putting your business’s data management best practices in order will provide the glimmer of insight that’s capable of nudging your business into brand new markets. New markets means new sales and eventually, the company could reach greater heights and produce more profits. A business should be able to stay on top of its data and be in a position to leverage it.
Information Is Becoming Critical
In total, the amount of information stored by businesses in the world is 2.2 zettabytes and growing. Small and mid-sized businesses have 563 terabytes of information on average. Enterprises, on the other hand, have an average of 100,000 terabytes of data.
These numbers are expected to increase significantly in the next couple of years. Small and mid-sized businesses will increase the amount of data they hold by 178 percent while enterprises will grow their data by 67 percent in the next year. Information is becoming more and more critical for small businesses and large enterprises.
Today, data management is more important than it has ever been. Businesses, especially enterprises, need to come up with ways to ensure that they are in a position to utilise the data they generate in the most productive way. For instance, these organisations can invest in an inventory of data assets, also known as an enterprise data catalog.
It’s a repository of all the organisation’s data stores complete with important information. These include the people who have access to that data, who is responsible for it, and locators to help you find particular information when you need it. Here are some additional steps you can take to ensure better management of your organisation’s data.
Have Data Management Policies in Place
Put in place consistent data management policies. Any policies that the organisation sets should be consistent with the organisation’s operations and other procedures. Be keen to ensure that the information can be enforced from its storage, wherever it is – cloud, virtual, or physical storage disks.
Having consistent data management policies escalates the process of eDiscovery by automating information retention and deletion. It also ensures proper access and distribution of data within the organisations, helps with the discovery of who owns and controls specific data, and unifies the classification of data. This facilitates a smooth flow of information within the organisation.
Understand the Data
All data is not equal. Some information is more important thus should be handled with utmost care. Make sure you understand and recognise this fact. To discover the value of information, you need to map and classify it. You’d be surprised by the number of businesses that lack proper understanding of their data.
Build Information Infrastructure
Focus on optimising your organisation’s ability to gather, access, and utilise critical business data. The only way to achieve that is through the setting up of proper information infrastructure. Cloud computing, virtualisation, and mobile technology can help your business build a reliable information infrastructure.
Data has become critical to the operations of all businesses. Every business out there has data that can be used to improve operations and delivery; the goal should be coming up with strategies that allow the business to make the most out of this data. Proper data management practices boost efficiency and increase profitability.
This article does not constitute legal advice.
The opinions expressed in the column above represent the author’s own.