Owners of small business enterprises rarely give importance to data management. They often believe that data management is only for large corporations and businesses. However, if you want to grab the competitive edge in the market with your small business, it is high time you focus on smart data management tips for the task. It is one of the easiest ways for you to enhance your business performance.
How can effective data management tips add value to your small business?
Irrespective of the volume of data collected by your business, organizing and managing them effectively adds value to the company. A report released by International Data Corporation or IDC revealed that information business enterprises store increases annually by at least 60%.
Small business owners find data management complexities too overwhelming and technical when they attempt to leverage information to trigger more profits. However, they fail to realize that once this information is properly managed, profits will eventually flow in.
Given below are some smart data management tips, especially keeping the needs of small businesses in mind-
Create a simple system for data storage –
Electronic files can be effectively managed like paper files by dedicating fixed storage spaces for the documents made, received, and often used by the company. Small business owners can maintain this data management system by maintaining correct formats for file names for different work documents.
At the same time, it is crucial to keep a central document that keeps records and stores the inventory of the customer data correctly. Here, a uniform policy should be made for employees to adhere to it in the organization. This will improve the efficiency of all back-office operations successfully.
Every file should be placed in the place where it should belong so that the other employees can access them without hassles. Recent surveys and research have been conducted on data management for businesses. It has been revealed that 25% of businesses have incorporated tools and platforms like the SQL database and Hadoop for effective data management. Owners of small business enterprises should commit to this basic data management strategy for successfully capturing, storing, accessing, and manipulating data.
Identify small business storage requirements –
Small businesses need extra space for data storage, and it is a prerequisite for them in modern times. These needs should be accessed according to applications, data, and the simplicity of its accessibility. Small businesses need more space for storing emails, documents, graphics, spreadsheets, presentations, and audio files. When owners of small businesses ascertain the volume of data they receive, they can effectively determine when, how, and where that data can be managed and accessed.
Experts from esteemed Salesforce service solution company, Flosumrecommends small business owners develop a data storage strategy customized to suit the organization’s needs. Solutions for data storage can include the cloud, attached storage with the network, or direct-attached data storage that can be easily invested and identified.
Become familiar with industry compliance–
Every industry often faces an increasing onslaught of compliances, and irrespective of the industry a small business is based in, it should be aware of its governing regulations. These compliance rules often burden owners of small business enterprises. Therefore, it is prudent for them to develop strategies for an effective data management plan covering data integration, data quality, data governance, master management of data with data analytics.
These streamlined processes assist owners of small businesses in complying with these regulations’ objectives like processing of data, the access of information, and creating mechanisms for storage that leverage with these regulations that control the respective types of data. The correct strategy for data management should cover data warehousing, quality of the data, generation, and analysis of the scenario with an effective backdrop for IT that enables data compliance with diverse regulations that the business needs to adhere to. In the event of non-compliance, businesses face steep penalties.
Mitigate redundant data –
Small business owners are mostly unaware of the need to eradicate the data that no longer servers a purpose to their organization. When present, this data causes a lot of chaos, inviting huge losses for the company. Moreover, the reputation of the organization is adversely ruined, resulting in customer mistrust. For instance, if any customer changes their contact details in the system, it leads to the information being encoded multiple times in the record. These little errors can escalate into huge issues for the organization if not arrested in time.
An effective solution for small businesses is to analyze data and detect what information is discarded, valid, outdated, and old. Duplicated copies should be deleted. When small business owners let go of redundant data, this decreases the total storage costs and boosts the efficiency of the storage.
Data backup –
Owners of small businesses must protect the data of their companies. Backup of data is highly important to operate a successful business. Three key factors that compromise data are human error crashes in computer systems and natural disasters. Approximately 62% of small business owners that have faced natural disasters recently have lost vital data that has adversely affected their customer trust and sales.
To avert data loss, systems for data back up in separate drives and servers should be deployed by small businesses to store huge amounts of crucial data for the business. Some regulations imposed by the Government make data back up mandatory for companies that maintain a myriad of information that the business might have otherwise deleted. Small business owners should also watch out for viruses and spyware that cause serious damage to the company and its operations.
Finally, data security systems should be successful in place and updated to protect small businesses and their integrity in the market. They should pay attention to internal and external threats. Background checks must be conducted on all employees so that a credible workplace environment can be established. Sensitive data must be encrypted end-to-end, and its access should be stringently monitored for added safety.