Categories
Data Management

The Hidden Costs of Ineffective Data Management

In today’s business landscape, data isn’t just power — it’s the very lifeline that fuels business decisions, drives innovations and shapes strategies. However, businesses often find it difficult to effectively manage the vast amounts of data they hold, and that’s where data management comes into play.

Simply put, data management is all about collecting, storing and analyzing data in the most efficient way possible to help businesses like yours make informed decisions, optimize operations and unlock invaluable insights.

In this blog, we’ll look at the consequences of improper data management and discuss how businesses like yours can effectively deal with these challenges.

Potential consequences of improper data management

Failure to manage your data effectively can lead to the following consequences, including missed opportunities, inefficiencies and even business-ending events. 

Poor decision-making: Imagine navigating the roads using a faulty map. You’re bound to end up in the wrong place. Without accurate data, you will be charting a flawed business trajectory toward wasted resources, missed market opportunities, and ultimately, strategic missteps that hurt your business.  

Reduced efficiency: If your employees are working in siloed systems, drowning in a sea of duplicate data and wasting precious man-hours sorting the mess, you won’t have time for productive work. Ineffective management erodes productivity and keeps your business from growing.

Increased risk: A leaky boat is bound to sink. Poor data management can sink your business by exposing you to security risks and even data breaches that could result in non-compliance with regulations, leading to legal issues and fines.

Decreased customer trust: Mishandling of customer data is like breaking a sacred covenant. It fractures your reputation and erodes trust, leading to client disengagement and a tarnished brand image that could be difficult to rebuild.

Competitive disadvantage: Think of a large, inaccessible gold mine. Now, imagine all that untapped precious metal. That’s exactly what businesses that lack data management strategies resemble. If you fail to leverage data, you are bound to lose ground to businesses that use analytics and AI to unlock groundbreaking insights and fuel future success.  

Increased costs: Poor data management slowly eats away at your revenue and bloats your expenses. You end up incurring expenses on storing duplicate or irrelevant data that do not contribute to your business growth.

How we can help with data management

The good news is that you can partner with trusted guides who are equipped with the expertise and resources to transform your hidden data liabilities into revenue-churning assets.  

Here’s how an IT service provider can put you on the road to success:

  1. Never worry about data loss: A trusted IT service provider will deploy robust backup strategies and comprehensive recovery plans that will help prevent data loss.
  • Get advanced protection: Your IT service provider is your guardian, keeping you safe from cyberthreats lurking in the dark. You can focus on your business knowing that your assets are being protected with advanced security measures that can repel sophisticated attacks.
  • You have access to top IT experts: Imagine having a team of IT experts working for you without breaking the bank. Data problems can bring your business to a halt, but with the help of top IT professionals, you can easily manage or resolve any data-related issues anytime, anywhere.
  • Always stay compliant: Data compliance regulations related to privacy and security are always evolving. It can be tough to keep up with rules and regulations while managing the day-to-day activities of your business. However, an IT service provider can help you stay ahead of the curve and ensure you meet the stipulated regulations.
  • Tailored strategies that lead to success: An experienced IT service provider can tailor data management strategies to meet your business goals and help you transform your data into a strategic asset.

Secure your future

Your data is your gold mine with precious untapped potential. However, navigating the tricky data management terrain on your own can be challenging — and that’s where we come in. Consider partnering with us so we can help you unlock the power of data for your business. Contact us now!

Download our eBook, “Defeating the Data Deluge: Effectively Leveraging Data for Business Growth,” to turn your data into a powerful engine for success.

Categories
Data Management Governance Risk & Compliance

How to Ensure Compliance When Working Remotely

Remote or hybrid work models are utilized by many businesses to keep their operations up and running. For all its benefits, hybrid work does present unique challenges as it exposes organizations to a whole new level of cybersecurity and compliance threats. With cybercriminals preying on vulnerable home networks and work-from-home employees saving files on local drives, businesses using a remote work model face a significant threat to proprietary data.

If you are a small business, you should never regard cybersecurity as an afterthought.

In this blog, we’ll look at the major compliance and security concerns associated with remote work and how to overcome them. Despite the exponential growth of cyberthreats, businesses can successfully resist these threats and maintain regulatory compliance by utilizing cutting-edge technological solutions, even if your entire workforce is remote.

Challenges to security and compliance with remote work

Although many companies utilize a remote or hybrid work model, only a few have solid policies or processes in place that support secure remote work. Even some of the largest companies struggle to adhere to compliance standards while their employees work from home.

Businesses of all sizes face the following challenges when working with remote employees:

  • Reduced security: Today, your employees take their business devices home and use them on their home networks. They also occasionally use their personal devices for office work. This poses a great threat to business data since organizations have very little control over security.
  • Inability to enforce best practices: When operating within your office environment, you can ensure data security best practices are followed by employees. However, with remote work, employees might use shared networks or public Wi-Fi connections to perform their work, adding to security complications.
  • Inadequate backup: Data backup failure is quite common. That’s why organizations need to make sure they have multiple copies of their critical data in case their remote servers are compromised.
  • Lack of employee awareness: Although most organizations follow best practices with regards to employee and customer data, human error is still a major threat to security and compliance. Remote employees need to be provided with proper awareness training on how to handle data and on the best practices to follow.

Best ways to ensure compliance during remote work

Although remote setups make compliance more challenging than usual, organizations can incorporate the following best practices to boost their security and stay compliant with various regulations.

1. Create a cybersecurity policy

If you don’t have a cybersecurity policy in place already, the time to create one is now. It’s vital that organizations create a cybersecurity policy suitable for remote work as well. This policy should cover the various steps employees need to follow at personal as well as professional levels. By establishing proper standards and best practices for cybersecurity, organizations can minimize their exposure to risk.

2. Incorporate a consistent data storage policy

Without a standard cloud storage policy, employees won’t know how to store and handle data. There should be a shared repository on the cloud to back up files instantly from different sources. In many cases, copies of data that employees store on their local drives can pose a threat to data security and create inconsistencies in storage policies. You need to make sure that data storage policies are strictly followed throughout the organization.

3. Increase remote monitoring

During remote work, endpoint management and cybersecurity policies are impossible to incorporate without the power of automation. You need a strong remote monitoring solution that manages all your endpoints and helps you adhere to compliance regulations. When you have complete visibility into the entire remote working network, you can minimize vulnerabilities and security threats.

4. Increase employee awareness through training

Since human error is extremely likely in all organizations, proper training should be provided to remote-working employees. This training should focus on major issues such as clicking questionable links, being wary of messages from untrusted sources, having strong passwords, implementing multifactor authentication, etc. If your organization falls under specific compliance regulations, you’ll need to provide additional training to data-handling employees regarding the best practices to be followed.

5. Use the right tools and solutions

As cybercriminals and their tactics continue to evolve and become more sophisticated, you need to make sure that you are using effective software tools and solutions to combat this threat. In addition to remote monitoring software, you need to use the right antivirus, cloud backup, password manager and more. You also need to make sure that these solutions are properly integrated into a comprehensive platform.

What businesses need today

Ensuring compliance is a critical task in itself. Doing that while implementing remote working policies and procedures can be overwhelming for organizations. You need to invest in a security solution that allows you to protect your valuable data and meet compliance regulations even in a remote work environment.

Check out our checklist to learn more about how you can ensure compliance with security best practices for both traditional and hybrid workforce models.

Reach out to us today so we can help you zero in on an effective compliance strategy customized for your needs.

Article curated and used with permission.

Categories
Governance Risk & Compliance

A Deep Dive Into Data Governance

In the world of business, your data holds the key to understanding customers, market trends and internal operations. Making the most of this information is crucial for improving customer experience, driving innovation and enhancing overall productivity.

You can unlock the full potential of your digital data with efficient data management and data governance.

Data management is all about organizing, securing and retrieving information in a way that makes sense. Well-managed data streamlines processes, encourages collaboration and provides you with reliable business insights, giving your business a real edge.

It’s crucial to know the difference between data management and data governance to get the most out of your data. Although the terms are sometimes used interchangeably, understanding the difference is essential for navigating the complexities of the data-driven era.

Demystifying data governance

Data governance is about setting rules for managing your data. It addresses data ownership, usage and quality while ensuring privacy and security standards are met. The goal is simple: to make sure your data is accurate, consistent and secure, following the rules set by regulators and your own policies.

Compared to data management, which deals with the technical side of things, data governance focuses on using data responsibly and ethically, aligning with your organization’s goals.

It is essential to have a clear understanding of data governance in order to establish a robust foundation for data management.

Navigating the importance of data governance

Inconsistent data can lead to bad decisions. Poor data governance can even get you in trouble with regulators. On the flip side, good data governance can help you make better decisions, innovate and increase profits. It’s all about making sure your data is accurate and reliable for making smart choices.

Mastering data governance best practices

Follow these simple practices for effective data governance:

Start small

Begin with a manageable workload, ensuring a smooth transition as you gradually scale your efforts.

Build a dedicated team

Form a committed team equipped with the necessary skills and resources dedicated to your data governance program.

Set clear goals

Define transparent objectives for your data governance, communicating them clearly with your team and stakeholders.

Make way for open communication

Foster stakeholder transparency by openly communicating with external partners, building trust and ensuring alignment.

Embed data governance in every department

Integrate data governance into every department, creating a collaborative and cohesive approach to data management.

Identify and mitigate risks

Recognize and address risks at key points in your data governance program, mitigating potential threats to its success.

Evaluate projects

Assess your projects upon completion, identifying areas for improvement and learning from both successes and failures.

Consistent refinement

Continuously refine your governance framework to keep it up to date and aligned with your organization’s evolving needs.

Take action now

Data governance can be tricky, taking time and knowhow. As your trusted IT partner, we get the ins and outs of data governance. Let us guide you to make the most of your data, helping you make informed decisions that drive growth. Reach out for a no-obligation consultation.

Fuel Business Growth by Unleashing the True Power of Data

Download our free eBook to transform your data into a strategic asset

For businesses, data is a valuable asset that provides deep insights, drives decision-making and ultimately contributes to business success.  

However, making sense of all this data on your own can be challenging. That’s why we’ve put together an eBook to help you unlock the hidden potential of your data.

With our eBook, you can:

• Overcome data challenges to extract meaningful insights

• Discover strategies to manage data effectively

• Transform data deluges into growth opportunities

Ready to empower your business with the power of data?

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