What is data management and why do you need it?
by Bella Howell, on July 9, 2020
With the concept in the name, data management is responsible for the organisation and processing of all data within an enterprise.
A good data management tool collects, verifies, stores and protects your data, providing an easy way to secure your network and keep your business intelligence safe.
Your data is valuable. Every figure that you produce is the product of your hard work, and it’s part of the foundation on which your business stands. It’s your past, present and future, and if all your data disappeared tomorrow, evidence suggests that you might not survive into next week.
93% of companies that lost their data centre for 10+ days filed for bankruptcy within a year, with 50% filing for bankruptcy immediately. Because your data impacts everything you do, it’s almost impossible to move forward without it. You could try to recreate what you had, but that’s a lot of unnecessary effort with no promise of results.
Instead, a data management system can prevent this disaster from ever happening.
As well as reducing data loss through its secure backup capabilities, there are four other main ways that a data management system can benefit your business:1. Security
There are many threats out there that want to get their hands on your data. To keep your information is safe, good data management systems have security measures in place to stop attacks and make sure only the right people have access.
Good data management systems have a universal interface, which means all employees have access to the same documents and can see the most up to date information. Easy to use, once one person understands the platform, it is quick and painless to implement it across all staff.
4. Cost efficiency
Data has evolved over the years and is now more complicated than ever. With a growing number of compliance regulations, keeping everything in one place helps tick all the boxes. Using a data management system, employees can find and retrieve information in seconds, freeing up time that would otherwise be used searching through files.
Any budget that was previously allocated for document duplication, repeating search, stationary costs etc. is no longer necessary. All digitalised, easily copied and in one place, data management systems are a smart purchase and pay for themselves over time.