Massive amounts of data can be good or bad for your business. So, what do you think makes the difference? Effective data management and storage.
Data is one of the most vital elements when running a modern business. It’s the basis of every important decision your company has to make. For example, if you plan to improve your marketing strategy, analyzing all the data you can gather should be the first step. This will tell you which aspects of your campaign you have to focus on developing.
Despite its grave importance in decision-making, many companies still fail to use their data the right way. According to a study by Gartner, around 40% of businesses are unable to achieve their goals because of substandard data quality. Hence, the need for data management and storage.
A well-devised data management and storage plan are essential to get the most out of your data and produce valuable insights. It encompasses all processes where data is involved, including collecting, analyzing, storing, quality assurance, and sharing. So, the big question is, how?
In this article, you’ll discover the dos and don’ts of data management and storage to help you handle the massive amounts of data you gather every day.
4 Do’s Of Data Management And Storage
Here are the best practices that’ll help you and your employees handle and store all the data collected effectively and securely:
- Format Your Flash Drives
Most businesses often use flash drives or USBs (Universal Serial Bus) to create backup data—a standard precautionary measure to protect vital data from cybercriminals. If you’re using one, you might need to consider formatting it.
Formatting your flash drives will ensure your USBs are ready for use. It frees up more space that’ll allow you to store more data. Also, it boosts and improves the performance of your USB drive and erases unnecessary and unwanted previous collection of data.
Furthermore, formatting flash drives is relatively easy. All you need to do is click the ‘Format’ option after right-clicking the flash drive’s icon. Alternatively, you may also use a USB format tool for better and optimized results.
- Backup Your Data Regularly
Losing data is extremely expensive and distressing. In severe cases, data loss could mean the end of a business, especially for small businesses and startups with limited cash flow.
An effective way to prevent data loss is to have backup data. Backups are copies of the primary data that may serve as the original copy once the first copies are stolen, encrypted, and manipulated by cybercriminals.
When backing up your data, do it every 24 hours as much as possible to ensure that not even a single strand of data will be left behind.
- Establish A Disaster Recovery Plan
A disaster recovery plan is a set of practices you must execute in response to a ‘disaster’ in data management, such as malicious attacks and threats. It’s used not only to promote recovery of IT infrastructure but also to prevent the problem from getting out of hand.
The main purpose of a disaster recovery plan is to inform business organizations about the actions they must perform before, during, and after a disaster or data security threat. And it should address both man-made and natural issues, such as cyberterrorism and fire damage.
Furthermore, you may speak with IT professionals on how you can create an effective disaster recovery plan and use it during emergencies.
- Build A Team Of Data Analysts
Collecting massive amounts of data every day will require more sophisticated handling and analysis. And it’ll be difficult for you to manage all of these alone. Therefore, it’d be in your best interest to consider building a team of data analysts.
These experts know how to handle and analyze massive data and use complicated analytics tools to their advantage. As a result, you’ll have better insights and understanding of your current business status, and you’ll be able to make better decisions for your company.
3 Don’ts Of Data Management And Storage
Here are data management practices you must avoid:
- Taking Data Security Lightly
What could happen if you take data security lightly? Hint: it’s something that can tear your business apart.
Data security is as essential as data itself, and it should be one of your company’s top priorities. With loose security protocols, cybercriminals will easily get what they want from you, which can be catastrophic for your company.
A good example would be ransomware attacks where your data is encrypted, and a huge ransom will be warranted in exchange for a key to unlock your data.
The best thing you can do is call your IT experts and build strong data security plans to prevent data breaches. Also, collaborate with data security vendors and ensure the most advanced data protection solution.
Furthermore, you may consider implementing data security tools to help you have encrypted and secured data sharing processes.
- Measuring Every Data You Gather
In today’s digital landscape, you’ll be bombarded by different types of data consistently. And keeping up with each of those will only deplete your time and money without acquiring the insights you need.
To prevent such cases, you must understand the metrics that matter most for your business. Then, identify which parameters may affect them and gather the right data based on those parameters.
For example, if your goal is to track customer spending patterns, you shouldn’t be looking for data concerning customer age and location. Instead, search for data that focuses on customers’ purchasing behavior, purchasing history, payment preferences, etc.
- Settling For Low-Quality Data
First things first: never settle for low-quality data. If you do, you’ll put your entire business at grave risk. Here are some tips that may help improve your data collection and handling:
- Track and measure the things that matter the most, meaning let go of data that has nothing to do with your business.
- Invest in a disaster recovery plan for effective data management.
- Build a roster of highly-trained data analysts to track, measure, and analyze your data effectively.
Follow these simple tips to generate the high-quality data your business badly needs. And use what you gather to improve your operations, marketing campaigns, customer relationships, etc.
The main goal of a data management and storage strategy is for you to take advantage of all the data you gather and produce essential insights. These insights will help you improve your business processes, increasing work productivity, efficiency, and overall business revenue.
Furthermore, practicing the do’s and avoiding the don’ts presented above will help you address data management concerns. Always make sure to implement the best practices across your organization to empower and boost data collection, storage, and usage.