Are your data management practices the best they can be? The amount of data being created daily is so vast as to be almost incomprehensible. Managing all of that data is no easy task, but The Aparavi Platform can streamline data management. So how does having a simple data intelligence and automation platform like Aparavi help with data management? And how can better data management reduce your costs?
Data comes with costs. Besides the obvious expenses related to storage, there are other ways that data affects your bottom line. Poorly managing your data can have some costly consequences if you’re not careful.
5 Ways Inefficient Data Management Can Cost You Money
1. Storage Costs
Naturally, storage costs come to mind first. This is the easiest item to measure, and it’s also the first one you need to think about since it represents an up-front cost for your company. If you aren’t managing your data well, then the total volume of data will grow, leading to an increase in storage costs. This varies depending on the method of storage, so let’s look at the two most common forms today: cloud storage and traditional servers.
Cloud storage is surging in popularity, with the market expected to more than triple by 2024. It’s fast, scalable, and flexible. But its costs can quickly balloon with bad data practices. Most cloud storage models require you to pay as you go, with rates per gigabyte that can seem enticing.
Many cloud storage providers charge rates similar to traditional storage providers. However, you pay this rate every month, not just once every few years. And since there is no upper limit, it’s easy to let your data get out of hand. You need a system that lets you quickly identify unnecessary or redundant data so it can be removed from the cloud to keep your bill in check.
If the cloud doesn’t suit your business, traditional storage using hard drives on servers will work fine. But you can still run into surprise expenses if you don’t manage your data correctly. Suppose your storage fills up faster than anticipated. This could slow down production until you are able to expand your storage.
If this happens to you, the storage limit might not be the problem. The real problem could be how you are managing your data. Buying more hard drives is just a temporary solution if your data management practices are poor. You’ll run into that same wall before long.
2. Reduced Productivity
Running out of storage can hurt your productivity, but messy data and awkward folder trees can hurt you even more. You want your data to help, not hinder your employees’ work. Unfortunately, this problem is becoming more common.
Searching for Data
Studies and surveys show that workers are spending more hours simply searching for the data they need. Even expert data analysts say they spend about 15% of their time just finding data, and many of them report that the problem is compounded by others being too slow to respond to their requests.
A data intelligence platform can make finding the files you need easier and quicker than ever. Aparavi allows you to search metadata and content, regardless of where your data is located (cloud, core, hybrid, or end-points). Intelligent pattern detection and advanced deep search mean you can find every file you need with speed and accuracy.
Dealing With ROT
Making matters worse is that poor data management leads to a lot of ROT data. ROT (redundant, outdated, trivial) data creates confusion and slows down everyone’s work. When your workers have to decide which file is the right one because of redundancies, you’re losing money.
All three types of ROT data exacerbate the storage costs problem as well. They can also introduce expensive mistakes. Aparavi helps you find ROT and dark data and take action to delete, move, or quarantine any data that is no longer useful to your business.
3. Costly Errors
ROT data and messy management can lead to mistakes that cost your company. Imagine sending an outdated PDF to a printer only to find your thousands of copies were made from the wrong file. If you don’t develop a good data culture in your company, these mistakes are more likely to occur.
Adding bad data to a database because a file wasn’t deleted can have long-term impacts that you may not even notice right away. Bad data creates bad analysis, which leads to bad decisions. This is why you need a system like Aparavi, which helps you to find those redundant, outdated, or trivial files and either move it to a cheaper storage tier or defensibly delete it. Like a minesweeper, we find the files that could blow up with one wrong step.
4. Missed Opportunities
Speaking of bad analysis, have you considered the opportunity costs associated with poor data practices? Opportunity cost is rarely calculated for, given how hard it is to quantify. If you study the industry leaders, however, one common element stands out. They all have robust data analytics capabilities.
The University of Texas found that companies could collectively increase their profits by more than $2 billion a year if they just utilized 10% of their data effectively. What’s more, the investment in data analytics was generally a tiny item on the budget. It’s clear that investing in better data management will enable better analytics and lead to more profits.
Good data analysis also means faster decision-making processes in your organization. That makes your business more flexible and adaptable. When you consider the challenges 2020 has brought to the table, those attributes are more important than ever. Aparavi is THE data intelligence and automation platform. We make it easier to gain insights into your data and harness its true value.
5. Potential Fines and Lawsuits
While many of the costs we’ve discussed so far are hidden or minor, fines from data privacy regulators are anything but. Likewise, lawsuits leave a lasting mark on your company and can severely damage your reputation. These problems are becoming more common as data grows and companies struggle to keep it all organized.
As data privacy legislation becomes more common, your company will likely have to respond to consumer requests regarding their data. Your business will be subject to more regulations, as different countries have their own laws and business becomes increasingly global. Breaking data privacy laws like the GDPR or CCPA can impose hefty fines measured in the millions.
And if your data gets breached, you may end up settling private rights of action (in addition to regulatory fines) for massive sums. Consumers care about their data, so it’s imperative that you manage it well.
Contact Aparavi Today
If your data is creating more headaches than opportunities, it’s time to get it under control. With Aparavi’s smart platform, you can do just that. Aparavi makes it easy to identify ROT data, swiftly manage storage, and maintain compliance with the latest laws. Contact Aparavi today to find out more.