A common misconception regarding data is that it is going to be more manageable in the near future. Many people are currently thinking that with so much digital technology and access, data must be getting easier to manage. While technological advances have certainly improved data accessibility, “big data” remains big and is actually getting bigger. In order to maintain compliance and organization, businesses must be on top of things when it comes to company data. Below are some facts about data and compliance to help your company gain maximum organization and value.
More Big Data:
The term “big data” refers to data sets that are so large and complex, that it becomes difficult to manage and organize. Big data can be particularly challenging for a business or organization that needs to analyze and store both structured and unstructured data. Structured data refers to data that is organized, while unstructured data is essentially the opposite.The typical enterprise generates 30-40% more data each year, which is a LOT of data. This means that data inflow substantially increases with each new year.
With so much data, it can be difficult to make business decisions. Business process outsourcing (BPO) is an excellent data management solution that will enhance your existing data and processes. BPO will also save your company money. As data gets larger, the costs of managing data also increases. Storage costs, backup costs and infrastructure costs will all continue to rise with the increasing amount of data.
Big data has a direct impact on compliance and regulations. While big data is getting bigger, compliance is also becoming increasingly prevalent. Contrary to popular belief, regulations and compliance standards will not be decreasing. News of privacy breaches and increasing government regulations means that organizations must be at the top of their game. Additionally, big data requires that businesses retain more data, which also means that more employees require access. Therefore, it is crucial for businesses to implement proper privacy measures that maintain data security.
The Bottom Line:
Outsourcing can be beneficial as it let’s experts manage your data so that your company can maintain consistent organization. Integrate big data with your current business systems. When you can successfully manage your big data, you will be one step closer towards achieving your business goals.