Every day, it’s estimated that a phenomenal 2.5 quintillion bytes of data are created. While this data can be an invaluable resource for organisations, it can also be a huge drain on resources if it’s poorly managed. We’ve highlighted four potential problems with data and how analysing, cleansing and improving this information can result in better business outcomes.
- Expensive data storage
For many organisations with legacy systems and years of information, it can be common to not know the true extent or value of the data you hold. It is estimated that up to 80% of your data can be DROT; meaning it’s either duplicate, redundant, obsolete or trivial – and it’s costing you a lot of money to store it (not to mention the cost of maintaining and supporting the legacy systems.) By remediating the data held, whether disposing, migrating or archiving it to the cloud, your business can make significant cost savings.
- Ineffective decision making
When making crucial business decisions, you need to have accurate and reliable data. With large amounts of information scattered across different sources, it can be difficult to make sense of data which is not clearly defined. By improving your information and organising it intelligently, you can begin to see opportunities, trends and of course, risks. Clean, organised data provides organisations with the best platform for making informed business decisions.
- Issues with data compliance
Record management can be a complex and time-consuming task, especially if your data comes from a multitude of sources. Data compliance ensures that your data conforms to industry regulations and legal obligations, such as GDPR. Better data management such as classification of data and defensible deletion polices means improved compliance- and less risk of substantial fines!
- Inefficiency and reduced productivity
Unstructured data includes content such as paper records, images, pdf and Office formats. This type of data can be transactional, meaning that huge amounts of it can be created on a daily basis. Better data management can help improve efficiency and productivity through access to relevant, up to date and trusted information, thereby removing intensive manual searches and data validation – freeing up time to deep dive into your data
Organisations will only be as good as the information they own. Request a demo of AI.DATALIFT to find out how we can make your data work for you.