Data has become extremely valuable. Some say that it is so precious that it is the new oil. Companies like Facebook are making millions of dollars selling people’s personal data to other companies, including political marketing businesses like Cambridge Analytica. It has become a very complex issue, but data is here to stay.
Businesses are using data to their advantage to determine who they should advertise to, who their consumers are, and what their target demographics should be. Whatever kind of company you are, managing your data is necessary for growth and expansion in the digital economy. Below are some of your master data management types to deal with the data your company has on its hands.
Third-Party Cloud Storage
The most common form of data storage is to pay a third-party who can manage and maintain the data. This is the easiest way to store data, but you won’t have the access you need to fully utilize it. Of course the third-party will be able to see and work with the data that you have. You can access your data through the internet, but it will be stored on a server that is off the premises. By outsourcing data Cloud storage, the company will gain agility, flexibility, and security the third-party can provide.
Company to Cloud Storage
Another option is to store your data on the Cloud while eliminating the third-party. Simply pay for the Cloud service and you’ll be able manage the data on your own. Your team will need to organize and maintain the data, but you may not have to deal with the IT elements if you pay the Cloud storage service to do it. This all depends on your needs and preferences, but if you don’t want a third-party dealing with your data you can work only with the Cloud service.
On-Premises Data Storage
The most involved option is to store data on an on-site server. You’ll have complete authority over the data, giving your team the ability to organize and maintain the activities without anyone else involved. If you employ your own IT team to work with these data servers, you can increase security even more than working with a reputable Cloud service and a third-party company. Your MDM server will be installed within your business so you will be in charge of your data, software, and hardware. While on-site data storage is more involved, requiring hard work and resources, it is the most secure way to deal with your data every day.
Ways to Use Data
There are many ways to utilize your data. While you can sell it, you can also use it to your advantage. Data can provide insight into what your company should do to make more money, expand, and find new angles for your business. Not only can you use it to create data points and graphs that will inform your operations, you’ll be able to come with new creative products and services. Data provides an avenue for companies to determine what the best course of action is for your business. With this knowledge, you can pivot when you need to, determine the target market demographic for a product, create new products, and find the best ways to sell what you’re selling.
Costs, Security, & Complexity
The cost of utilizing the Cloud is lower than an on-site server. With hardware and software installation, large capital investments are necessary. You’ll be responsible for the costs and risks involved in implementing them. Cloud services are quick to install and much less complex than a server on the premises of the business. While you can have great security with a Cloud service, hiring an amazing IT team you can make your data even more secure.
While there are a few options for data management, you should be able to quickly determine which one is right for you. Whatever your company is involved in, the digital economy has put data to the forefront of resources. If you take data into your own hands, your business will be able to take advantage of the data you have. Not only will it provide insights by organizing your data, your company will have a handle on the security of that information. Maintain and manage data in the best way you see fit, you won’t regret utilizing data to your advantage.
Ryan Beitler is a writer, journalist, and blogger who has written for The Slovenia Times, Paste Magazine, New Noise Magazine, and many more.