Should You Or Should You Not Outsource Data Management Services?

blog banner for Should You Or Should You Not Outsource Data Management Services?

blog banner for Should You Or Should You Not Outsource Data Management Services?

What are data management services?

Data management is the practice of collecting, organizing, protecting, and storing an organization’s data so it can be analyzed for business decisions. 

As organizations create and consume data at unprecedented rates, data management solutions become essential for making sense of the vast quantities of data. 

Today’s leading data management software ensures that reliable, up-to-date data is always used to drive decisions. The software helps with everything from data preparation to cataloging, search, and governance, allowing people to quickly find the information they need for analysis.

 

Importance of data management

Data management is a crucial first step to employing effective data analysis at scale. It results in important insights that add value to your customers and improve your bottom line. 

With effective data management, people across an organization can find and access trusted data for their queries. 

Some common benefits of Magellan Solutions‘ effective data management plan include:

Productivity Reduced Data Loss Operational Nimbleness
With a good data management plan, your company will be more organized and productive. As a result, employees will have an easier time finding, understanding, and relaying information. With our dedicated data management team, you greatly reduce the risk of losing vital company information. Furthermore, we ensure that important information is backed up and retrievable in case something happens to the original copy. Data Center Managed Services makes it easy for companies to respond quickly to the world around them. This means that you can efficiently respond to the market changes and react appropriately to competitors.
Security Risks Cost Efficiency Accurate Decisions
Proper data management helps ensure that your information stays secure and never ends up in the wrong hands. With our strong data management system, we assure the protection of your information from theft and attacks. Our data management services can help you avoid unnecessary costs like duplication. With easily accessible data, you don’t have to worry about agents doing the same research over and over again. Proper data management helps ensure all your employees are viewing and analyzing the same, most recent information. Through this, we further help ensure that your company will be making the most accurate decisions based on accurate information.

 

Challenges you may encounter if you do not outsource your data management plan

Now you understand how data management plays a crucial role in today’s digital economy. Thus it is important to know that systems also continue to evolve to meet your organization’s data needs. 

Traditional data management processes make it difficult to scale capabilities without compromising governance or security. 

On the other hand, modern data management software must address several challenges to ensure trusted data can be found.

1. Increased data volumes

Every department within your organization has access to diverse types of data and specific needs to maximize its value. 

Traditional models require IT to prepare the data for each use case and then maintain the databases or files. As more data accumulates, it’s easy for an organization to become unaware of what data it has, where the data is, and how to use it.

2. New roles for analytics

As your organization increasingly relies on data-driven decision-making, more of your people are asked to access and analyze data. 

When analytics falls outside a person’s skill set, understanding naming conventions, complex data structures, and databases can be a challenge. 

If it takes too much time or effort to convert the data, analysis won’t happen and the potential value of that data is diminished or lost.

3. Compliance requirements

Constantly changing compliance requirements make it a challenge to ensure people are using the right data. 

An organization needs its people to quickly understand what data they should or should not be using. This includes how and what personally identifiable information (PII) is ingested, tracked, and monitored for compliance and privacy regulations.

 

Magellan Solutions’ data management best practices

Implementing best practices can help your organization address some data management challenges and reap the benefits. 

1. Clearly identify your business goals

Just like in every business practice, the first step is identifying your organization’s goals. Setting goals will help determine the process for collecting, storing, managing, cleaning, and analyzing data. 

Clearly defined business objectives ensure you’re only keeping and organizing data relevant for decision-making and prevent your data management software from becoming overcrowded and unmanageable.

2. Focus on the quality of data

You set up a data management system to provide your organization with reliable data, so put the processes in place to improve the quality of that data. 

First create goals to streamline your data collection and storage, but make sure to complete regular checks for accuracy so data does not become outdated or stale in any way that can negatively impact analytics. These processes should also identify incorrect or inconsistent formatting, spelling errors, and other errors that will impact results. 

Training team members on the proper process for inputting data and setting up data prep automation is another way to ensure data is correct from the beginning.

3. Allow the right people to access the data

Having quality data is half the battle. You also need to make sure the right people can access that data when and where they need it. 

Instead of issuing blanket rules for everyone in the company, it is often smart to set up different levels of permissions so each person can access the relevant data to do their jobs. 

It can be difficult to find the right balance between convenience and security, but if your team cannot access the data they need efficiently, it can lead to a loss of time and money.

4. Prioritize data security

Data should be appropriately accessible inside your organization, but you must put protections in place to keep your data secure from outsiders. 

Train your team members on how to handle data properly, and ensure your processes meet compliance requirements. Be prepared for the worst-case scenario and have a strategy in place for handling a potential breach. 

Finding the right data management software can help keep your data secure and safe.

 

When is the right time to outsource data management services?

There is no right time other than right away! You do not want to have an information leak with your business. 

Data management is an issue you cannot afford to put on the back burner as the consequences are costly. 

The right time to outsource your data management system is if you have not done so already. If you already have a system in place then reviewing annually is recommended.

Contact us for a quote on our data management services today!