Skilful Data Management Works Wonder for Data-Driven Companies Data needs to be securely stored with the utmost caution and entails to be frequent attention, and only expert data management can be the answer to the realm
Opinions expressed by Entrepreneur contributors are their own.
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
Data is the master of every organization, without which every business is handicapped and will come to a standstill. Data is everywhere and its value has universally become equivalent to that of oil. Every big and small step towards storing and securing data can create a safe zone for data. However, manhandling data that often leads to its loss is currently the most expensive damage business can suffer from. Data losses occur due to reasons like data theft, negligence in storage, transmission or processing – and all these come under one dispute, which is the inefficiency of data management. Information systems provide backup and disaster recovery equipment and processes to avoid damage of data or getting back lost data.
"This is hybrid cloud world data is becoming increasingly distributed, dynamic & diverse. Start-ups that have managed to master the art of securing and leveraging high quality and relevant data for their training algorithms and decision-making constructs are well poised to dominate the innovation landscape," opines Ajeya Motaganahalli, Senior Director, Engineering and Leader of NetApp Excellerator, NetApp.
With data size swelling every day, it has become obligatory for the data-driven companies and startups to comprehend the prominence of data and treat them with utmost priority & delicacy and become very picky about data management. The importance of data for startups, as pointed out by Amit Gupta, the co-founder & CEO of Yulu Bikes, has two major components – (A) Data Privacy and (B) Data as the new oil (for value creation).
Mastering the Art of Managing Data
Data-driven companies are often at a loss while accessing the skilful management of data and often seeks assistance. So, what should you do when you are trying to shield and store your data? These simple yet effective steps can help you to ensure that your data is the right place and well-protected, and in turn, you are steering your business in the right direction.
Entrusting Worthy Companies with Your Data – Data can be very delicate and destructive at the same time. While it needs all the required attention to securely store and prevent its loses, it also demands trustworthy hands where data can be handed over for apposite management. Gupta says, "Customers trust companies with their data and want assurance that it is being kept safe. We have seen data breaches in big companies likes Marriott, Yahoo, eBay, Target, Zomato, etc. Not only they pull down their enterprise value but also deteriorated the trust with their loyal customers. A startup founder needs to make sure that she or he is following the best practice to safeguard the critical data of its users."
Taking the Help of Artificial Intelligence (AI) – The impact of AI across different industries is no new book to read. However, every new page that gets added to the book about its new ventures is noteworthy. In the near future, technology will refurbish every possible business. Adding to his opinion, Gupta states that high-quality data is the raw material for AI. Every business must think about generating a digital trail of the events and transactions. Also, ensure that this information is stored and processed properly. This information can be used to make the business more efficient which will give a huge competitive advantage and also make enterprise highly valued.
- Data Tiering – Automated tiered storage that refers to the automated movement of data across the different tiers of storage devices and media, also demands attention. How? On the basis of its usage and accessibility, data should be arranged. While the data that you need to access on a regular basis should be kept along with the applications, and the data that you need occasionally needs to have some backup like Cloud. This also helps in optimizing the costs and get performance efficiency at the same time.
