Technology plays an important role in how we connect, communicate, share information, and conduct business. This means that data management is even more prevalent now than ever before and companies need to know how to manage and organize their data well to thrive.
Here are 4 highlights of why data management should be an essential priority for modern businesses:
1. Data Collection
Collecting data itself is can be a challenging and time-consuming process. If done improperly, businesses may even run the risk of losing data or even miss key information during the collection and documentation process. However, when managed well, data collection can resolve these issues and offer other solutions. Some solutions include saving time, customization of the data to only collect and sort relevant data, and achievement of higher accuracy levels.
2. Data Processing
Once data has been collected, creating a story out of the information and understanding what it means is another difficult step in data management. However, companies that excelled at data management have utilized tools to speed up the analytical process in order to quickly relay the information found from the data. Proper data management also requires management to assure that all employees who process data follow consistent guidelines and procedures to maintain accuracy. Otherwise, their data processing may result in flaws and discrepancies.
Protection of client and company information ties jointly to data management. If data is not managed well, the information can be jeopardized, causing loss of intellectual property or security charges. The National Archives & Records Administration in Washington estimates that 93% of companies that lost their data center for 10 days or more due to a disaster filed for bankruptcy within one year of the disaster. They also add that 50% of businesses that found themselves without data management for this same time period filed for bankruptcy immediately. Investing in and developing strong security systems in both hardware and software can help a company survive if they are ever the target of hackers and disasters. In addition, they can provide assurance to their clients who trust them with sensitive and important information.
4. Organization Benefits
Data management can also help a business’ overall organization. Poor data management is extremely inefficient and causes wasted money and time. Businesses may also have a hard time finding and sorting data if it has not been managed well. This can cause further disarray and delay a company’s decision-making ability. In general, efficient data management can help companies have better grip and control over data’s life span including how it’s created, stored, maintained, used, and destroyed.
How can ScanWriter help with your data management?
ScanWriter can offer you more efficiency with your data management to gain the benefits listed above. Our dynamic and intelligent software allows you to automate your data collection routine, offering your more time to focus on the processing step. ScanWriter also has internal functions to help you sort your collected data and achieve 100% accuracy from the scanning process. Once your documents have been scanned, our system can also provide you with business intelligence analytics to assist in your data processing, and help you understand the raw data. In terms of security, we are determined to assure your files are safe and offer a secured and easy redact function for your added protection. Utilizing our tool can help you better manage your data and improve the quality of your work.
In order to showcase the importance of data management, we will examine the contrasting affects it has on two companies, Equifax and Google.
In 2017, Equifax experienced a data breach at their company that hurt over 147 million Americans and hundreds of thousands of Europeans and Canadians. Those affected experienced the loss of significant and sensitive information, which included their social security numbers, important documents, and driver license numbers. Equifax demonstrated their inability to effectively manage their data by failing to patch issues within their internal data storage system when they first started noticing them. In addition to this, they were oblivious to monitor their own systems for changes and trends. Once they found out about the breach, they tried to bring in an outside security firm to assist, but were already too late to correct the information they had already lost. Their lack of procedure to respond to the issue caused months of delays before they informed the public about this mishap, further demonstrating their lack of proper management. Their mistakes and mishandling of data came at the cost of many people, and ruined their reputation as a credit bureau.
Conversely, the technology giant Google has shown their dedication to effective data management to protect their business partners, internet users, and their information storage systems. They are aware that they must manage and protect sensitive data that hackers are constantly seeking. Thus, Google has invested in large teams of professionals to protect their data and continuously improve security. They hold responsibility for both the physical protection of the data (hardware) and strong encryption and coding to protect cloud and online data (software). These teams work to also keep up their technology and assure that software and hardware that is managing data is up-to-date. Google conducts occasional compliance audits and internal verifications of their security to monitor suspicious behaviors or changes. On the legal side, they are faithful to uphold their values by offering no government backdoor to accessing data and employing a strong legal team to protect against unfair acquisition of their data. In addition to the security of data, they have a strategic plan to respond to their clients with fast responses for incident management resolutions. This has driven them to be a very successful company with a net worth of over $500 billion and has gained trust by both consumers and other businesses.