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Is data the most valuable resource on earth?

Technology is changing the way we operate globally and, not surprisingly, data is the main driver behind this.

Artificial Intelligence (AI), Robotic Process Automation (RPA), Optical and Intelligent Character Recognition (OCR/ICR) and advanced analytics are among those that are changing the way companies operate.

It is this new “valuable” commodity that is used when major business decisions are made and is key to helping organisations better understand their customers and the markets they are in. Without data, how can we understand our customers decision making process? Without data, how do we assess how our marketing campaigns have performed? Without data, how do we know how we have performed financially?

The business efficiency consultant Marina Martin states ‘Inefficiencies cost many companies anywhere from 20-30% of their revenue each year.’ By properly understanding and utilising your data, you could accomplish great benefits which can positively impact your bottom line.

Three top tips to managing your data more effectively

1. Focus on the information, not the device or data centre

Whether you are implementing a new information system or updating a current system, make sure you build a strong information infrastructure that optimises the way you search, find, access and maintain your business information. Consider how users can work together better and how automation, reporting tools and mobile applications can help you get the best out of your data.

2. Data encryption to safeguard your business

Security is essential and one of the first steps toward security is encryption. Encryption scrambles text to make it unreadable by anyone other than those with the keys to decode it. According to the National Cyber Security Alliance ‘50% of targeted cyber-attacks are directed at companies with fewer than 2,500 employees.’

  • 69% of organisations lost important business information due to human error, hardware failure, software failure and lost or stolen mobile devices
  • 69% of organisations exposed confidential information
  • 31% of organisations had compliance failures

3. Educate your employees

To ensure your organisations data is used securely and effectively, train your employees! By educating your employees, it will have a positive impact on your bottom line. Data that is used effectively can create efficiencies such as helping to cut costs or to even support with creating new revenue streams. For data to be used effectively, it is important that employees know how, why and when to access it.

Managing data securely, quickly and effectively does not always need to be costly. Create operational excellence by reaching out for support from the Records and Information Management experts.

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