5 Ways Businesses Can Save Money on Data Management

Friday, April 28, 2017, 6:00 AM | Leave Comment

Data management is such a central part of business concerns. This is even more critical for firms that handle sensitive client data.

There are a number of data management tools and practices that can help you do it effectively. Lots of companies, particularly small businesses, do not have a data policy that guides data management. This creates a great risk of loss of data, hacking, misuse and unauthorized access.

Here are 5 ways businesses can save money on data management.

5 Ways Businesses Can Save Money on Data Management

  1. Using Data Management Software

    This is the simplest and clearest means of effecting data management.

    There are lots of business management tools and apps in the market.

    You can shop around and find the kind of software that will best handle your company data.

    Make sure the software is easy to use, has great capacity, has strong data security features and there is possibility of data recovery in case of loss.

    Always make sure that the software you use is open source so that you don’t get tied to a proprietary vendor.

  2. Organize the Data

    Lots of businesses lose money because they haven’t organized their data properly.

    Poorly handled data could be lost, destroyed, or stolen, which in the end will cost the firm.

    The first step to proper data management is to properly organize the data. You can cluster them based on themes, chronological order, levels of sensitivity, frequency of use or alphabetically.

    Whatever method of organization you choose make sure it’s the one that serves you best. This comes in handy when tracking particular data or during retrieval. It is the only way you can tell whether you have data gaps in your data system.

  3. Use Cloud Resources

    Using cloud-based system is the easiest means of storing and retrieving data. It is also the safest and eliminates data loss, downtime, and crushes. This works best when the data available has to be utilized by persons across the globe.

    A staffer can easily retrieve and utilize the data in another city miles away simply by accessing your cloud technology. This is becoming the most preferred option as the costs come down and its efficiency and accessibility increases.

    By storing your data in servers in the cloud you eliminate the need for paperwork and data infrastructure around the office.

  4. Make the Most of Your Existing Assets

    Sometimes the simplest way of cutting costs incurred due to data management processes is to optimize your current data infrastructure.

    If you use online tools, are there newer features that can expand their capacity.

    Have you optimized the space, safety features, accessibility, segmentation, and other low cost utilizations?

    The first thing to do is to carry out an audit. Make sure that all the data you have is relevant and needed.

    Any data that is obsolete should be discarded to give way to current and valuable data.

  5. Pool Your Resources and Cut Administration

    If your business has multiple data management processes then you need to integrate them.

    Consolidate all the data handling platforms into one large and multifunctional data platform.

    There are lots of advantages that accrue from integrated and consolidated data system.

    Research shows that you’ll be able to save more than 20% of your costs through integrating servers, storage, networking, and data systems.

    It also cuts down on the costs incurred during the regular maintenance of multiple data management platforms in the same company.

Cutting costs through better data management almost always comes down to better practice, adoption on newer & cheaper technology, cost effective data practices, and getting value for money from the stored data.

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