Effective Data Management Is the Overlooked Key to Business Growth

Big data is a fundamentally important asset for any company focused on growth and stability.
big data and business growth
Shutterstock Photo License - By Syda Productions

All companies, big and small, rely on data to help them streamline and improve business operations and make important decisions. That’s why data is often regarded as the secret ingredient for business success, and it can’t be denied it’s one of the most valuable assets in a company.

The overwhelming number of companies are at least considering big data in their strategy, if they haven’t already. One poll found 52.8% are currently using big data and another 38% intend to start doing so soon. This underscores the value that companies see in big data technology for optimizing their business models and fostering growth.

It may seem daunting to come up with a big data strategy right away. However, the data you collect can be turned into a valuable resource only if you use it the right way. In the current business landscape, businesses are bombarded with more data than ever before, so it’s not the lack of information they have to worry about. The difference is made by how companies and organizations make use of the data they gather.

Imagine your company is flooded with tons of data every day, but not all of it is relevant. Some of it is inaccurate, it’s difficult to access, you don’t know how to interpret it or you never know where to find the information you require. This paints the picture of a flawed data management strategy that does nothing for the proper functioning and development of the business.

If you want to avoid this scenario and drive your business forward, you’ll have to learn how to improve your data management game. So here are some smart tips that will set you on the right track and help you make the most of your data.

Focus on compliance

Since we live in a data-driven world, if you want to be successful in any industry, you have to learn the rules of the game. So, the first step towards efficient data management is making sure your company complies with Global Data Privacy Regulations (GDPR) in your industry.

Failure to comply with these rules and regulations can result in serious penalties for your business. Also, if you run operations in different countries, make sure you are up to date with the compliance requirements in those countries to avoid potential fines down the line.

Make sure your data is secure

Having a safety-first approach is one of the golden rules of proper data management. It’s true that nowadays, we have more options than ever when it comes to data storage and protection, but it’s just as true that threats have also increased. Hacking, viruses, and ransomware are just some of the hazards you have to watch out for.

Whether you’re storing data physically or virtually, you have to take the necessary measures to keep it safe from potential risks. Make sure you do thorough research on data security best practices and employ the methods that suit your business best.

Backup your data

Even if you manage to keep hackers and malicious actors at bay, this doesn’t rule out the possibility of data loss. That’s why data backups are a must. There are plenty of tools and products available on the market specifically created to meet different data backup needs for all types of businesses.

Cloud storage, external hard drives, USBs, network-attached storage (NAS) are just some of the methods you can use to back up your company’s data. It’s up to you to do your homework and decide which data backup solutions work better for your business.

Prepare for the worst

You have to ask yourself what would you do if all your security measures fail and an unexpected incident causes you to suffer a major data loss? When you run a business, you’ve got to be prepared for the worst-case scenario. And that means you must have a data recovery plan in place.

A data recovery plan must provide detailed instructions on how to act in such a situation. It should include information about the persons responsible for recovering the data, the strategies that will be used, and the steps that have to be followed to minimize damage and overcome disruptions.

Train your staff

Behind every successful data management strategy stands a team of professionals who know how to fulfill their tasks with professionalism and efficiency. To put things simply, your data management strategy is only as good as the people you designate to handle your company’s data.

It’s not necessary to have a designated team for data management, especially if you’re running a small business. But it’s extremely important to train your employees on the best data management practices and make sure every person who handles data in your company knows exactly what they’re doing.

Use the right tools

Well-trained employees can make a huge difference in ensuring an effective data management strategy. But without the right tools and software, they can only do so much. Collecting and organizing data can be a very time-consuming and painstaking task if they rely on manual procedures entirely.

That’s why you should consider investing in tools and software that can take part of the burden off their shoulders and streamline the data management process. Tools like PDFChef can make life infinitely easier for your employees and help increase efficiency and productivity in your company.

Don’t forget about maintenance

Covering the points listed above will work wonders for your data management strategy, but keep in mind that data management is an ongoing process and your work is never truly over. As with any other asset in your company, data requires regular maintenance if you want to ensure an error-free and efficient process.

You can stay on top of data maintenance tasks by setting a schedule and regularly cleaning and revising your database, policies, strategies, and all other data-related aspects in your company.

Think about accessibility

As we mentioned earlier, if you want to put your data analysis to good use, you should first know where to find the right information. You shouldn’t waste precious time searching through a labyrinth of documents, files, and databases to find what you need. You can avoid this scenario by making sure the data you collect is properly organized and easily accessible. This will help you move quickly and make informed decisions with ease.

Annie Qureshi
Annie is a passionate writer and serial entrepreneur. She embraces ecommerce opportunities that go beyond profit, giving back to non-profits with a portion of the revenue she generates. She is significantly more productive when she has a cause that reaches beyond her pocketbook.