For many organizations, the effective data and information management are a primary concern. There are harsh consequences from the poorly managed and controlled data.
Financial and privacy concerns – intellectual property theft, identity fraud, and compromised reputations.
For instance, you can experience financial losses due to outdated system backup and and data security issues, as well as the loss of significant and private information about your business. Another risk of poorly managed and protected data is the risk of litigation, when all your information system is compromised by hackers, which can violate the privacy and identities of all your clients and employees, hence costing you bad publicity and once again financial loss. The poor management of your data is also if you are not regularly removing outdated or inaccurate information, that is of no use for your company, and yet you are paying to the IT specialists to maintain that useless data.
Misplaced, disorganized data can cause performance drop, loss of clients and projects.
When your team is for some reason unable to access the necessary information it slows down the workflow and makes the process inefficient. Therefore, there must be communication between the departments and a system storage for mutual data for those in your company which are working on connected tasks.
In addition, one more problem you may have from the disorganized data is to actually lose clients. If your representatives cannot access the database of your inventory and lack the information they need to do their job, you are losing both your clients and your good reputation among the customers.
The ineffective communication that comes with the misplaced and disorganized data will lower your sales and cost you your profit. In other words, you are helping the competition steal your clients.
Missed opportunities for Development and Improvement – lack of supervision and monitoring of plans, policies, programs, projects and practices.
Without proper employee monitoring and workflow time tracking you are risking your the success of your projects. All activities that are connected to your business need to be properly managed and stored, the lack of information and data from the workflow can cost you the improvement and development of your business.
This also includes all information needed for the accounting management like budget usage, timesheets, and graphs. Just as time management is important for the right estimations and investments, without a proper information built from the tracked workflow, you cannot gather the valuable data that will help you grow your business.
Protecting and updating the private data and information of your business is paramount. The collected information on all your projects and processes and such, is your business’ best chance to improve its efficiency and satisfy your clients and collaborators.