It’s no surprise that you’re trying to get a handle on all the data your company generates. Businesses today collect more data than ever. The problem is that bad data management costs the business economy $3.1 trillion every year.
Unfortunately, it can be challenging for businesses to organize all their data properly. Below are five common business data management errors that you need to avoid.
1. Ignoring the Law
A lot has changed with data regulation over the past several years. As companies start storing more data about their employees and customers, they start accumulating sensitive information that the world doesn’t need to know.
That’s why governments are beginning to create laws that govern how organizations handle data. Ensure your data management strategy follows the law, so you don’t get in trouble with the government.
2. Not Verifying Data
It isn’t enough to have a great organizational system for your data. Without good names for files and good data sources, all the work you do to store your data is pointless.
Set aside time to verify the data you store. As time goes on, the chances are good that you’ll get bad data in your system. The last thing you want to do is use bad data when making business decisions.
3. Using No Security
Cybercrime is a serious concern for everyone in the business world. Now that everyone is online, hackers are trying their best to get into any system they can. That makes protecting business data essential.
You can use a data security team to help secure your data from common cyber threats. Even a tiny mistake can leave your company open to attack. Make sure you don’t put off securing your files.
4. Having No Backup Strategy
Even if you have a great data management strategy, that strategy isn’t worth much if you lose all your files. Even though the likelihood of that happening is low, it can still occur.
A backup strategy will store your important files at a remote location. If a disaster does happen and you lose your information, you can log into your backup provider to restore everything you lost.
5. Not Using Management Software
Some businesses can get away with handling their data management manually. They don’t have a lot of information, so it’s simple to keep track of your data. Things change a lot when you start working with more data.
Whether you’re storing inventory data or managing customer records, you need a way to organize that data that benefits your company. Data management software that’s specialized for your use case is a great way to do this. Check out software like the SDS online database and others to find tools that can help you manage everything.
Do Your Best to Avoid Business Data Management Errors
You can’t afford to have a subpar data management strategy if you use data to make business decisions. Having a solid plan will help you keep your data clean and find it more quickly. Use the information above to avoid business data management errors to get the most from your data.
Once you get your data strategy right, you can start putting your data to use. Check out the latest business posts on the blog to learn how to use data to grow your company.