Can you put a price on the value of the big data harvested by your business? Many business experts believe it could be the most valuable asset you have. Whether you like it or not, every business is a digital business now. And unless you are putting data at the heart of your business, you will be missing out on a lot of opportunities.
However, that’s not to say that big data is without its problems. In fact, it poses a significant risk to your business, as well as providing opportunities. Here are some of the areas where your big data could be in danger. Take them all into account when you are devising your data strategy – and ensure you have the correct levels of protection.
You shouldn’t’ need us to tell you about the threat of data theft these days. It’s rife – both in business and in people’s private lives. And it should worry you. While the headline news might encourage you to think only big businesses are targets, most victims are smaller companies. That said, it’s true that the larger volume of data you have, the more of a target you will become. It could be personal details about customers, or credit and debit card information. It might even be just a simple email address. Either way, each of them can have an adverse impact on your business. You could face fines for the data leak, as well as suffering a tarnished reputation.
Of course, data privacy is intrinsically linked with security. However, it’s important to understand that threats to people’s privacy don’t just come from hackers. It is easy for you or another person in your business to misuse this data – whether you mean to or not. It is critical that you understand all aspects of privacy law to ensure you don’t end up being embroiled in controversy.
What will you do if there is a natural disaster close by to your business? Or what about a fire? What if a power cut occurs in your neighborhood? All these scenarios – and a lot more besides – can happen in an instant. It is vital that you have protection in place. Invest in on demand storage capacity in the event of a disaster or things will go pear-shaped very quickly.
Of course, one of the major issues about big data is its size. You can harvest information about almost anything these days – but is it providing value to your business? The truth is that a lot of data can become outdated very quickly, and much of it is unnecessary or irrelevant. It won’t give you the insights or impetus you need to get any value from it. And, if your competitors are doing things the right way, they will steal a march on your company. Make sure that you aren’t overloading your processes with too much data interference. While high-quality data can work wonders, it can sometimes be hard to sift through the noise.
Finally, be aware that there are costs attached to all this data collection. Storage analysis, collection – and, of course, compliance. Ensure that your data collection is making you money, rather than costing you. And never join in just because everyone else is – always have a good reason.