No matter how big the data which is gathered is, both data collection and management will bring about real benefits for small business managers.
Nowadays, businesses of small sizes often ignore the importance of data management. Most of them suppose that only companies of larger sizes can reap benefits from that. However, data management plays a really important role in small entrepreneurs. According to a report, data that business stores will increase by 60 percent every year.
Nevertheless, small companies may find it difficult and technical when it comes to taking advantage of data to create profits. Nevertheless, what they do not realize is that when data is controlled in a proper manner, the profits will turn up. This article is going to present some tips and tricks for data management that you can use to do the task better.
Set up a simple data storage system
First of all, electronic files can be controlled similarly to paper documents by using a specific storage space for all the documents that are generated, received and utilized. This can be achieved by using the right file name format for various work documents.
It is vital to maintain a central document coming with the inventory or all client data as well as a policy that must be subjected by all employees. This can improve the efficiency for your company. everything should be placed exactly at the right location that they are supposed to be in order to be accessed by everyone.
According to a survey, around 25 percent of companies adopted such tools as NoSQL database or Hadoop to manage their data. When it comes to small companies, they should go with a basic data strategy which will be able to help them capture, store and access effectively.
Know data storage demands
At the moment, more data storage space has been a prerequisite for businesses of small sizes. Storage demands of small entrepreneurs must be evaluated with a consideration taken into data, apps as well as the convenience of accessibility of that data.
In this case, more and more space will be needed to store data, including documents, emails, databases, audio files and so on. A better idea about data storage demands can be known by learning how much data you are currently working on as well as when, where and how that data can be approached.
As soon as a data storage policy is set up, effective data storage solutions like network attached storage, direct attached storage or cloud can easily be identified.
Get to know industry compliance
Basing on where you are operating, you may have to subject to regulations. These regulations from government may lay compliance burdens on businesses of small sizes. Thus, it is important for them to develop a strategy, a data management plan in which there is everything such as data quality, data integration, data governance as well as data analytics and so on.
Thanks to these processes, small entrepreneurs can comply with such regulatory demands as processing, information access and so on which comes together with regulations referring to their data types.
The right data management should come with data warehousing, data quality and analysis, together with an organized IT backdrop. If you are not taking care about compliance, you may be seriously fined.
Remove data redundancy
Today, a lot of small business managers do not realize the importance of removing redundant data in their records. They should know that redundant data can lead to a mess and huge losses for their companies.
Moreover, a company’s reputation can be influenced because of losing customer trust. For instance, if a customer changes their contact information, this can lead to encoded records for several times. These small mistakes are able to ruin your operation.
In this case, small companies should try to make an analysis for their data and determine what is valid and what is outdated data. The duplicate copies should be removed in order to save storage costs while improving storage productivity.
Small entrepreneurs need to protect their business data. Data backup plays an important role in terms of operating a successful business. The reason why data is being compromised more and more may be attributed to human mistakes, computer system crashes and natural disasters.
Within the last three years, around 60 percent of small business owners lost important data which had a big impact on their sales and customers. In order to prevent your company from losing data, you should set up data backup systems or use separate drives to store huge amounts of data.
A lot of regulations from government makes it compulsory for companies to maintain a backup for data which the business would have already removed. Finally, companies should pay attention to spyware and viruses which may result in serious destruction.
Data security is important.
Data should be secured in an intricate format in order to avoid being hacked by unauthorized users. Small companies should be well prepared with a plan that can taken into action in terms of breach.
Threats can come from anywhere, both external and even internal. Even when all employees are checked carefully regarding workplace and the work environment is trusted enough, someone may attack your data sometimes. To fight against this problem, small business owners should encrypt sensitive data and approach should carefully controlled.
Outsource data management
Thanks to outsourcing data management, businesses of small sizes can pay their attention to other tasks for improving productivity. Employing an offsite vendor can be an economical action as there will not any demand on an investment into the latest technology and any concern about regulatory compliance.
What’s more, a good data management vendor can also offer companies of small size with professional advice. This is also effective in terms of managing and storing data that can support owners to capture more chances and generate more profit for further expansion and growth in the future