In this digital world, data has become the new driving force of every business, including the small and medium ones. From creating your marketing campaigns to managing your finances, every business activity needs to be data-driven. If you have data that provides valuable insights, you can generate better leads, create more successful campaigns, increase workplace safety and productivity, and get better ROI.
However, even small businesses have to handle considerable amount of data. According to the sixth edition of DOMO’s report, by 2020, nearly 1.7MB of data will be created every second for every person on earth. In other words, as a small business owner, you will also need to manage and secure a large amount of data.
Unfortunately, most small businesses still
haven’t paid enough attention to data management, although they have started using
data analytics. If you own a small business, you should take a look at the
following data management tips.
1. Identify Data Storage And Analysis Needs
When it comes to data management, one of the first things you need to do is identify your data storage and analysis needs. You need to understand how much data is being generated and from where to make sure all of it is stored in more than one secure location.
For example, a small real estate agency will need to manage financial data coming from banks and lease management applications, personal information of customers, real estate market trends, and social media trends, among others. In short, you will need to store different types of data, including documents, spreadsheets, presentations, images, and even audio and video files.
So, you will need to think of a data storage
solution that can handle the size and type of the data your business collects. Depending
on your budget, you can go for a network-connected storage or an on-site
storage that isn’t connected to the network or a cloud storage solution.
2. Data
Visualization Is Key
Data visualization is a key part of data analysis and presentation. The human brain can’t process numerical information as easily as it can process visuals. Visual summary of even complex data makes it easier to identify and understand different patterns and trends.
This, in turn, makes it easier to get valuable insights from data. That’s why you need to present the data using graphs, images, charts, and maps, among other visuals. You can use visualization in different ways.
For example, you can use visualization to
determine the frequency of a particular action or event over a period of time.
You can also visualize the change in numbers like market outreach, leads
generated, and sales conversions over time. Risk and value analysis of assets
or products or services is also an equally popular form of data visualization.
3. Pay
Attention to Data Security
When storing and accessing your data, security is of utmost importance. Just because you are a small business, doesn’t mean you are not on the radar of cybercriminals. In fact, with nearly one third data breaches in 2020 involving small businesses, you are more likely to fall victim to cyberthreats.
You need to invest in cybersecurity measures like a good-quality firewall, antivirus, and antimalware. The firewall will help protect your system from malicious Web traffic, while antivirus and antimalware will keep your network and applications clean. You can also consult a managed IT service provider, if required.
You should also keep all your applications and
software up-to-date. Make sure to install security and other important software
patches regularly. Cybercriminals often exploit vulnerabilities in your system
to gain access to your network. That’s why it is also a good idea to monitor your entire network and devices 24/7 to identify any irregularities.
4. Backup
and Recovery Are Important
When it comes to data handling, cyberthreats aren’t the only problem you have to worry about. Sometimes, natural disasters like a flood or an earthquake or other issues like power or server failure can also corrupt or destroy your data. That’s why data backup and recovery are also important.
To adequately prepare for a potential data loss, you need to create more than one backup. You need to have at least one cloud backup and one hardware backup like an external drive or flash drive. Make sure to create a backup schedule and stick to it. The more often you can create a backup, the better.
You will also need a well-planned strategy with
a pre-determined timeline for recovering data. It is better if you have a
dedicated IT team or service provider to look after your data backup and
recovery policy.
5. Manage
Data Access
Another important step in data management is the access. From the security point of view, you shouldn’t allow everyone in your organization to access all the data. You need to create a hierarchy of access to protect your data.
When creating a layered data sharing design, you need to think about needs of various users/departments and their level of expertise. For example, while sales executives will need access to graphically-presented data, the sales manager or lead may need the ability to customize the data visualization.
You should also think about data-sharing
permissions. Not everyone in your organization will need to share data with
other departments or with your clients. Furthermore, when sharing data with
your clients, you can configure record-level access in a way that clients will
be able to view data in different forms. However, they won’t be able to make
changes in the actual records.
6. Check
Local Regulations
The last, but the most important aspect of data management is identifying and complying with local regulations. With the ever-increasing threat of data breaches, many local governments and even international regulators have set up data-handling rules and regulations.
For example, if your small business is in the European Union and the European Economic Area, you will need to comply with the General Data Protection Regulation (GDPR). On the other hand, if your business collects and processes medical information of patients in the US, you have to confer to the data management and privacy regulations under the Health Insurance Portability and Accountability Act (HIPAA).
If you are going to outsource your data
management needs to an IT service company, make sure to consult one that
understands the local and international data regulations. Furthermore, when
choosing data management software or application, make sure to choose one that
you can easily update as and when new regulations are introduced.
Conclusion
While most small businesses are too eager to
leverage Big Data, they often forget how crucial data management policies are. As
a business owner, you have to maintain strict data management practices to
ensure safety of your valuable information. When setting up your data
management policies, you should keep these six aspects at the front and center.
Hopefully, taking these crucial steps will help you manage your data more efficiently.
