Years ago, a company was valuable based on the number of customers it had, property and equipment it owned and its profit and loss sheet. Now, a company can have little to no physical value, own no property, struggle each month to pay its bills, but also can be worth millions solely based on the data it owns.
Data is the king in this digital world. It tells you everything and anyone and it has replaced employees as the lifeblood of any successful company. Your business thrives on the data it owns as well as the protection and usage of those files. Utilizing that information to your advantage can be the most important task you do the entire year. Proper usage opens the doors for businesses to have major success while leaks, breaches and poor usage is just a complete waste of resources and can set companies back years.
AI And Machine Learning
Companies are now able to utilize AI and other machine learning integration to create automated data categorization. With this, companies can now utilize their analytics for predictive reasons including estimating the success of marketing campaigns, knowing when is the best time to reach out to customers and more.
Understanding and categorizing data is essential for businesses who house thousands of client records. This sensitive information needs to not only be monitored, but utilized if a business wants to have success. AI and other machines now give us the opportunity to take information that we’ve had for years, and utilize it in new and exciting ways.
Data Management & Security
Breaches and attacks are at a record high of late and they show no sign of slowing down. You must protect your consumer data as well as that of your employees. Companies have lost countless customers because of breaches and it’s not only about protecting your information from attacks. Poor housing of this information and the failure to utilize management and security measures can literally bring your business to a halt.
Data Governance
While security measures are highly recommended, governance and compliance laws have also come into play. These privacy laws give companies a clear guideline to follow to ensure that they are meeting all requirements for storing and protecting these files as well as proper usage. Health is an industry where many of these laws are focused on to ensure that people’s confidential medical information is protected.
Storage, Usage & User Access
Protecting files is important and it starts with where you store the information, how that information is utilized and who actually has access to the information. If your customers can access an online platform, like through your website, you want to make sure that their usage of your platform, as well as any of your employees, is secure as well. This is where cyber security and other forms of IT management can play a big role in security and proper storage of your files.
Data management is a growing trend and topic for small business owners. If you are learning about this challenge and want to know what your options are, the best place to start is by contacting local IT management teams that can offer you immediate assistance. Begin by learning what regulations and laws apply to you based on your state, industry and other factors. From there, you will have a much better idea of how to move forward.