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The SME Guide on Managing Data

SMEs and small business owners have so many elements to keep track of. These days, in addition to managing cash flow and developing an organized accounting system, SMEs also have to wrestle with data. Because data management is a relatively contemporary concern, many people lack experience in dealing with data.

But data management is crucial indeed. For instance, what if your confidential data are exposed and your competitor sees it? Perhaps they can identify your upcoming innovation just before it’s launched. Lack of data management can also cause loss for customers, brand damage, decreased revenue, increased expenses, etc. Here are some tips to improve your data management:

Don’t spread data all around

You will need a well-managed, centralized storage point to keep your data. It will help you easily track your data needs. You can also put your data on a cloud-based storage so the information will be easy to access whenever and wherever you need it. Also, try to synchronize all your data in the same format so you can utilize the information efficiently.

Collect what you need

Not all data need to be saved. Before you store new data, think about whether or not they are important to collect. For example, when you are using a profiler to track every single event that happens to your business, you are collecting too much. Save the ones that will be useful.

Identify what is worth collecting

To be able to collect what is necessary and trim away the fat, have a system so you can identify what kinds of data are worth collecting. It will help guarantee data space. After identifying important and confidential data, you should store it in the most secure system you can afford and control. Next, if there are less confidential (but still necessary) data, you can store them in a less-secure storage to save storage space for the most confidential data.

Backups

Saving data on your computer hard disc is not safe enough. Hard discs doesn’t last forever. You also can’t predict if one day your laptop becomes stolen. Or if one day you still water all over your laptop. Regularly backup your files and data on an online-based storage point.

Set consistent policies

Set consistent policies across the company: who gets to access to which data? Limit the amount of people who can open and use confidential data.

A well-managed data system doesn’t have to be overly complicated, but take the necessary steps for security and precaution.

For related reading, click “How to Protect Your SME from Cybercrime”

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