The Do’s & Don’ts of Data Management for SMEs

Data is the lifeblood of any successful business. From customer relationships to finance reports and beyond, having accurate and timely data management is key to making the right decisions and staying ahead of the competition for SMEs.

Data Management SMEs

But for small businesses and start-ups, keeping track of data can be a daunting task. With limited resources and a vast amount of data, knowing where to start can be difficult. Not only that, but we’ve seen all the stories of data blunders over the years, with businesses facing huge repercussions.

Fortunately, there are a few simple do’s and don’ts you can follow to ease the situation. Let’s take a look.

Do: Invest in Reliable Data Storage

First and foremost, it’s important to invest in reliable data storage. After all, if your data is not stored securely, it could be vulnerable to cyber-attacks, data breaches, and other malicious activities.

Your best bet would be to invest in a data storage service provider that offers enterprise-level security. This will ensure that your data is always safe and secure and nowadays, doesn’t have to cost the earth.

Do: Utilise Cyber Security Protocols

In addition to investing in reliable data storage, you should also make sure you are utilising cyber security protocols. This includes having strong passwords, two-factor authentications, and regular security checks.

If you’re not sure how to implement cyber security protocols, you should hire a specialist to help you out. This will ensure your data is protected from any malicious activities which is unfortunately becoming more the norm.

Do: Invest in Data Analysis Tools

In terms of actually using your data, one of the most important things you can do is invest in data analysis tools. These tools will allow you to analyse your data more efficiently and help you identify trends and patterns that can help you make better decisions in the future.

Tools such as Looker and Tableau are great for analysing data, and you can use them to gain insights into your customers and your business in general.

Don’t: Overload Your Data

When it comes to managing data, it’s important to remember not to overload your data. In other words, don’t try to store too much data, as this will only lead to problems down the line.

Trying to store too much data can be a drain on your resources and could result in data corruption. Not only that, but having excessive amounts of data can make analysis all the more harder – after all, trying to balance many variables can make actionable insights nigh-on impossible.

Don’t: Neglect Data Governance

Finally, you should remember to never neglect data governance. This involves implementing rules and regulations around how data is used, accessed, and stored.

In addition, you should also have procedures in place when it comes to the removal of data. This might involve, as one example, using a hard drive destruction if you are looking to discontinue a suite of hardware – the list can well and truly go on.