Why Businesses Must Adopt a Proper Data Management Strategy

Why Businesses Must Adopt a Proper Data Management Strategy Any good data management strategy starts with converting all paper assets into electronic formats with the support of data conversion services.

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Every organisation deals with massive amount of data. But the question is how to use all this data in a productive manner. With developments in technology we have advanced concepts like Big data, Machine learning, Artificial Intelligence etc that help analyze data and facilitate decision making. But collecting accurate data and storing it in silos is always a challenge. However, with data conversion companies, businesses can convert their data into digital format and with efficient data management you can streamline the data sharing process across various departments of an enterprise. It ensures that companies are collecting, using, and working with quality data.

By 2020, the digital universe is expected to rise to 20 trillion gigabytes and both companies as well as individuals will have to find a way to manage the huge amounts of data. Knowing how to manage data, process it intelligently, and managing it flawlessly is the key to successful digital transformation.

Never Ending Inflow of Data More data is expected from smart cities that use many connected sensors within the city for various beneficial purposes. Speaking at the at the MSI-ECS Philippines' CXO Innovation Summit, an enterprise tech convention, Zdravka Newman of network solutions firm Cisco, discussed digitally transforming traditional cities into smart ones. This process will involve a lot of interconnectivity between people and objects. At the same time, this process is expected to generate more data from traffic lights, number of garbage trucks to sensors detecting water pollution, air pollution and so on.

According to Newman, these data sets can be managed through standardization. Instead of a siloed approach Newman suggests aggregation, a system where all information comes under one roof and all sensors and devices can be integrated into a network that ensures smooth workflow. This system helps to manage the overflow of data.

Protect Your Data Data is valuable and it needs to be kept safely; but the more the data the higher the chances of having it stolen. Tarun Gupta, a regional solutions architect at cybersecurity firm Trend Micro, said that the average cost of data breach now for large businesses is $ 4million. Ransomware is similar to kidnapping a person only to be returned in keeping with the attacker’s terms, and with more data ransomware and other types of hacking are expected to increase in the coming years. Firstly, the interconnected IoT (Internet of Things) which encompasses every object able to connect to a network and to one another will be generating and collecting more data and there are more entry points for the attacker. Secondly, detection of any attack should be done as fast as possible. The average number of days before an attack is detected is 99 days. But it is not fast enough. So, Gupta said that companies should invest in better and faster detection measures. The faster the attack is detected, a better counter response can be deployed.

AI (Artificial Intelligence) can also be used in detecting attacks. When people generate more data online, that attacker can easily target and with AI and machine learning helps to spot certain behaviour signals. AI-powered malware detection system can identify malicious email. By understanding the writing style of a person, AI can spot even a tiny difference in writing and find out which email is fake. This shows that the use of AI is important in speeding up data processing.

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Today, almost all businesses have adopted data management systems to utilize their data to improve revenue, reputation and maintain regulation. With the cost of cybercrimes projected to reach $2 trillion by 2019, proper data management is important for all organizations. Data management starts with converting all paper-based data to electronic format preferably with the support of a reliable data conversion service provider. Once the data is cleansed and streamlined, it can be stored and managed well, implementing robust security measures.

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