In our information-centric world, companies collect and create vast amounts of data. Regulatory measures require that this information be retained for specific periods, making this data not only critical but challenging to maintain.
As a result, businesses require effective data management solutions to improve the accessibility, security, accuracy and useability of their information.
What is Data Management?
Data management is the practice of collecting, storing, organizing and protecting information so it can be easily retrieved and analyzed for better business performance. As organizations create and amass data at increasingly high rates, data management solutions are essential for safeguarding information while ensuring accessibility.
For many businesses, a records management program with an off-site provider is an effective long-term solution to securely store physical documents and retrieve critical information electronically.
Why is Data Management Important?
Data management is essential to organizations of all sizes. By having trusted access to data safely and securely, businesses can effectively manage and analyze one of their most valuable resources to make informed decisions, optimize operations and reduce expenditures, while increasing revenue and profits.
Here are three key reasons why businesses need to store information:
Data is a Valuable Corporate Resource
Information is an important asset in any organization – and for many companies, it’s one of the most critical resources. The way data is stored plays a major role in how easy it is to control access, use and protect. When business information is properly collected, managed and disposed of at the end of its lifecycle, it reduces the risk of theft, security breaches and physical damage, while aiding business intelligence and operations.
Data is Challenging to Maintain
Organizations create and consume data in vast quantities – and it only becomes more difficult to manage as additional data is collected and amassed over time. Without a data management system to identify which files to keep and when to destroy, companies are vulnerable to compliance violations. Employees may also not store or retrieve correct information since large sums of improperly managed data are difficult to sort through and make sense of.
Data is Costly to Replace
Whether misfiled or misplaced by employees, lost in a security breach or destroyed by a disaster, data is extremely expensive to replace – if it can be recovered at all. According to PRISM International, a professional records and information services consultancy firm, between 3-5% of an organization’s files are misplaced at any given time and it costs an average of $180 to recreate a one-page document. When considering the massive number of documents that businesses retain, companies can spend a great deal of money to replace missing data and recapture lost business opportunities.
Benefits of Business Data Storage
Below are several benefits that a strong data management system can provide your company:
Data management increases the accessibility of your organization’s information assets, making it easier for employees to use data quickly and confidently. Information accessibility allows your company to be more organized and productive, allowing employees to perform job requirements more efficiently, whether they are working in the office or a remote location. It also allows data to be stored for future reference and easy retrieval or shared with others.
Data management helps organizations reduce potential errors by establishing processes and policies for the usage and storage of information. By ensuring that data is reliable, accurate and valid, companies can respond more efficiently to business-related needs when quality information sources are used.
Having data storage systems in place can help your organization be more cost-efficient by avoiding unnecessary duplication of information. It also ensures accurate data can be accessed by employees to fulfill job requirements and provide exceptional customer service.
Another benefit of proper data management is the speed at which your organization can make decisions in the face of competition or a changing market. By having quick, reliable access to information, along with agile data sharing systems, your company is free to scale its operations to remain on the cutting edge of your industry.
There are numerous security risks if your data is improperly managed. Storing information at your office location, in a self-storage unit or with an internet cloud solution can increase your risk of theft, corporate espionage, a security breach or physical damage. Unsecure data is also at risk of getting lost or misplaced, making it more difficult for employees to retrieve information, especially if the data is not properly backed up.
Business continuity isn’t limited to your employees, customers and property – it also includes the protection of your data. Natural disasters, cyber-attacks, technology failures and other types of emergencies can incapacitate your organization if your information is not secure or accessible. A data management plan that includes off-site document storage can provide your business with the data protection and access your company needs to ensure business continuity in challenging times.
Having a proper data management system keeps your business compliant with privacy laws as it pertains to the management and accessibility of data. When information reaches the end of its retention timeframe, having an efficient data storage solution makes it easy to identify which documents have reached expiration and are ready for destruction. This also keeps costs down by disposing of unneeded documents that take up valuable storage space.
Securely Store Your Data With Blue-Pencil
Whether you are looking to reduce overhead expenditures, free up space or provide employees with a secure storage system to easily retrieve company data, allow Blue-Pencil to manage your documents so you can focus on your business. Our affordable records management services provide long-term storage of sensitive files in a highly secure and compliant facility, providing your staff with quick access to business data with our electronic scan-on-demand technology or file box delivery.