Nowadays, even the smallest of business establishments process massive chunks of data. Most owners of such businesses believe they don’t have a way to utilize the data. After all, you may not even have the budget to recruit an on-premise data analyst or sufficient time and skill to make sense of your business data.
But data management isn’t exclusive to established companies. With the right tools and adequate planning, you can harness your data and use it to build your brand, improve operations, and enhance your customer experience.
That said, here are the crucial facts about data storage you should be aware of.
You Can’t Afford To Overlook Data Compliance
Compliance should be among your greatest considerations. Failure to heed data protection regulations and laws could put your growing business at risk of legal repercussions, fines, and a damaged brand reputation.
For instance, while almost all small and medium-sized entities are familiar with the GDPR data protection law, up to 25% still don’t update their compliance processes or clean their data as required. Thus, many end up paying about 4% of their annual global turnover as fines and damaging their reputation.
The consequences of non-compliance are enough to run you out of business, yet compliance primarily aims at securing your vital business asset – data. So now’s the time to set your compliance goals and work towards them.
Data Security Is Key
Data is increasingly valuable, and cybercriminals always look for ways to breach vulnerable systems and steal information. Therefore, you must protect your storage networks with anti-malware software, threat prevention systems, and firewalls. You also need advanced encryption for optimal data integrity and privacy.
Partnering with managed IT service providers is the most effective way of beefing up your data security. The specialists can ensure 24/7 system monitoring and use the most effective tools to ward off threat actors. With this task off your shoulders, you’ll have sufficient time to address and optimize your core business.
You Need Clean, Updated Data Backups
Data backups are crucial to your business continuity plan. Your company relies on data, and breaches or losses could disrupt your operations, damage your reputation, and attract lawsuits and fines. Therefore, you must back it safely in the Cloud or export it to an external USB or hard drive.
Your data backup strategy should include cleaning, deleting, and regular updates, which are crucial storage management best practices that aid compliance with data protection regulations. For example, if a client decides to withdraw their data, you must also delete the information from your backup files.
You Must Prioritize Data Quality
More SMEs are paying attention to their data quality for a good reason. As data becomes crucial in your daily business operations, you must retain quality and purposeful information. Consider data quality the measurement of how well the information works for its intended purpose. It encompasses dimensions like:
- Accuracy
- Consistency
- Completeness
- Validity
- Timeliness
- Uniqueness
Don’t Ignore Accessibility
The method you use to manage your data should simplify things and make them accessible to everyone involved. While not all team members can get to it, your data should be easily accessible to authorized individuals.
Doing this will save you and other team members time and effort. Furthermore, ensure that everyone whose role involves data management deeply understands how information is used, processed, and purposed.
Entrepreneurship is an exciting journey with unique hurdles, lessons, and rewards. Equipping yourself with the right insights can aid your strategy and help you avoid common mistakes. Pay attention to the above tips and best practices for a successful entrepreneurial journey.