THE IMPORTANCE OF DATA MANAGEMENT FOR YOUR BUSINESS
February 17, 2021
In today’s world, every business relies on accurate and relevant data to inform decision-making processes and guide strategy. Although many companies understand that their data is useful, they maybe don’t recognise quite how important their data is, let alone put systems in place to manage their data.
That’s why data management systems (DMS) are key for businesses to maintain, control, store, access and manage data effectively and responsibly. With a system in place to manage data, businesses can drastically improve data processes as well as enhance the business value of their data assets.
When data losses or security breaches have such a catastrophic impact on a business, the need for competent data management is clear. We’re going to take a look at five primary benefits to investing in data management for your business.
Reduces Security Risk
Having data management systems in place ultimately ensures the integrity and safety of your data. Security should be a top priority for any business, not just for data that applies to you but that of consumers and clients as well. A DMS will only allow authorised users access to your database, guaranteeing that your data is secure, tamper-proof and theft-free, so you can rest assured your data won’t fall into the wrong hands.
Data Sharing and Privacy
Data management systems give you the ability to freely share data among authorised users connected to your company’s database. Only management will have complete access to the data management system, with different levels of access granted to different users.
Increases Productivity
Increasing productivity should be a no-brainer for businesses, as we all know that when productivity is increased, so is revenue for the business. This is cleverly achieved through data management, as anyone who requires access to data can find it in one neat, organised spot. Streamlining this process and prioritising access to information is essential.
Improves Data Quality
By utilising a data management system, you don’t have to worry about manually cleaning and organising your data as the DMS does it all on your behalf, eliminating dirty data and saving you time that you can invest elsewhere in your business.
Minimises Data Loss
One of the biggest concerns for many organisations is data loss, particularly ones that handle large volumes of data. Losing leads or customers due to loss of data is something that you’ll want to avoid. Backup and recovery processes need to be in place but luckily a data management system takes care of that, meaning that you don’t need to manually back up your data frequently as a DMS handles all of this automatically.
As is evident from the above benefits, implementing a data management system will radically improve data quality and access, as well as prevent data losses and compromised security. Access to organised and efficient data aids in better decision-making and boosts business efficiency and growth, so now is as good a time as any to consider tackling data management for your organisation or business.
