The massive amount of data available at the fingertips of executives at small tech firms is continuing to grow, and with information silos building up, companies need to find ways to manage their data. Through master data management - the process of establishing and implementing policies, standards and tools for administering data that's most essential to an enterprise - businesses are able to stay in control of their data, according to an article for InformationWeek.
"When we talk about master data, in my mind we're talking about structured data - the building blocks of content in any organization," Arvind Singh, co-founder and CEO of enterprise data solutions provider Utopia, said in a phone interview with the website. "Unstructured data has to be tagged so that you can make sense of it."
Understanding data is the first step in managing the information that is most worthwhile to a business, while a cyberliability insurance policy can also lend a hand in making sure data is secure. Use these tips provided by Singh for the best practices for master data management:
1. Figure out the problem master data management is trying to fix. Many small tech companies have different data security issues that they are attempting to address. When they narrow down the problems that they are trying to fix, small tech firms can work on master data management policies that will solve the hindrances that are limiting the company.
2. Ensure the policy with elicit a return on investment. Just like any project that a small tech company works on, the master data management solution must allow the firm to see an ROI. Whether it be the ability to save on other data security practices or bring a stop to potential lawsuits due to data theft, the company must see how it will positively affect their business.
"The reason a lot of master data projects fail is because the justification, the ROI, is not necessarily linked to the business value," Singh told the website. He added that tending to data simply because it is what the company should do isn't the right approach.
3. Select the right platform for master data management. Many small tech companies deploy a mobile staff that uses smartphones and/or cloud computing technology. Figuring out what solutions they need to secure will help managers at small tech firms find the most cost-effective master data management practices for the right platforms.