Organizations have to analyze a higher volume of data every year and more companies seem to struggle to deal with this situation, so taking advantage of relevant data is crucial, not only to decrease costs but also to minimize risk and improve safety.
Businesses need to be fully productive and reduce downtime to a minimum to stay relevant and successful in our current competitive global economy. Companies need to understand the ROI of managing data, and therefore prioritize the process, for example, by defining possible obstacles and difficulties.
Handling the surplus of data in the right way can help drive more growth. Not managing data efficiently can have many consequences, such as putting their organization and customer data at risk.
Almost half of all businesses have reported at least one data breach or data breach attempt at some point. Hackers know that more prominent organizations hold more information; that’s why they target mostly medium-sized and large firms. Identity theft can result from poor management of your customer’s personal information. Your company’s image could be tarnished, and it may take years for your customers to trust in your brand again.
Violation of Laws and Regulations
Depending on where your business is located, some laws and regulations outline how companies and organizations should comply with data protection and how firms handle data. Complying with these rules is crucial to help successfully avoid cyber attacks and fines. If your business is not up to date on the latest data management practices, you may be in violation of laws and regulations. Improve how you manage your data and avoid a Federal investigation of your business practices.
Intellectual Property at Risk
Companies invest millions of dollars in developing intellectual property that gives them a competitive edge in their field. The development of new products, approaches, or methods should be securely handled. Effective data management is vital to protect intellectual property.
Running Out Of Storage Capacity
As the volume of data grows, your company’s storage capabilities shrink. Many businesses don’t even know the nature of the data that’s saturating their storage space, as more than 50% of files being stored by organizations were from unknown sources.
Businesses now realize they must step aside from a system that saves all the data to one that’s capable of identifying and storing only data that’s essential to their company and offers valuable, business-critical information.