Thursday, June 13

What Are the Benefits of Properly Managing Data?

In 2021 Quarter 1 saw a 68% increase in data breaches as opposed to Quarter 1 in 2020. If your business isn’t taking a proactive approach to managing your data security, now is the time.

Here are 5 compelling reasons proper data management is a must-do for any business, regardless of size.

  1. Higher Data Quality

Data management services like not only automate your data collection and storage, they sift through it and eliminate “bad data.”

This leaves you with current, accurate data.

Many small business owners store master data in multiple places and in various formats. However, data management services take your multiple sources and place all of your data in one place and format.

This makes your data more usable and your ability to process it more efficient.

  1. Higher Accuracy

Data management software searches for discrepancies in your Master data. This service is extremely valuable to most companies today with an estimated worth of almost 35 billion by 2027.

It then clips or eliminates incorrect, or duplicate data. This prevents negative ripple effects in your data at the source-the Master level.

Your data is placed in a sound structure and made more reliable.

  1. No Duplication

When your data isn’t in a centralized location, you experience redundancies. This slows everything and corrupts your ability to make informed decisions for your company.

Data management software prevents duplication that will slow your business decision-making and efficiency.

Eliminating duplication reduces errors and confusion. It enables you to have clean data and confidence in its accuracy.

  1. Saves Money 

Time is money, and one sure way to save your business money is to reduce wasted time sifting through inaccurate and invalid data. Because of its complexity, master data is especially time-consuming to decipher when not placed in a centralized format.

Data management software cuts out waste and makes your data-based work

Managing your data with automated software enables you to increase your data volume without setting you back

  1. Legal Protection

We’ve all read the news when major corporations have been subject to data breaches. The fall-out is often devastating. Not only do these businesses lose their hard-earned reputations, but their client base.

One of the best ways to prevent similar losses for your business is through proper data management.

Management software will ensure your data complies with the latest laws and regulations. This protects you and your customers.

Costly penalties can be issued if your data is not up to regulations and you also run the risk of liability should sensitive customer information be leaked. Eliminate risk and worry by managing your data at the master level and properly as a whole.

Managing Data: Getting Started

The benefits of managing data properly are endless and worth the investment if you find the software and service that fits your specific needs. Don’t put off data management a day longer.

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