Have you turned your data asset into a data liability through hoarding?
Data is recognised by leading organisations to be an asset. But this doesn’t mean you should hoard it. The reality is that people do hoard their data and it ceases to become an asset and quickly turns into a liability!
I read recently, that one in five people (20%) have enough clutter to fill a room in their house! I found myself doing it (hoarding) last week… We replaced the vacuum cleaner, but I decided to box up the old one and put it in the garage. My partner asked a very good question, “Why are you keeping it? It’s broken! It doesn’t work!”. My retort, “the parts might be useful in the future”. Here is the rub…
The reality is that the part re-use benefit will probably never transpire. Instead the old appliance will occupy space, gathering dust and become a health and safety trip hazard in the garage (cost and risk). It will also probably get moved several times whilst I’m trying to find what is actually needed in the garage (inefficiency). Eventually there will be a removal bill (further cost) and probably at a time when I can least afford the time to move it (inefficiency and inconvenience).
The behaviours we exhibit outside the workplace sadly, manifest themselves inside the workplace to, and this is especially the case where data is concerned… We over retain (80%), we store data of no value to the organisation (63%), we move data around e.g. migrate to the cloud, back it up, copy from a to b etc.. (inefficiency) and to compound it all we store up to 80% of it as unstructured data, with very little insight (meta data) as to what it actually is. We amplify data protection and compliance risks and incur huge costs through storing and managing it. For many (dare I say most) organisations their data is closer to a liability than an asset.
It doesn’t have to be this way. Leading organisations are taking the bold steps to change the dynamic, recognising that if they don’t do it now their data will double roughly every 2-3 years and increase their storage and management costs and increase their data protection risk and breach exposure. Tools such as infoboss can help to manage and improve the quality and integrity of your data. It can help to categorise and classify data and automate many of the processes for managing it. In short move the needle from data liability to data asset.
Perhaps with the dawn of a new year its time to take the bold steps to sort out your data for the long haul. Clear the clutter and put sustainable management processes in place to ensure you keep on top of your data, minimise data protection risk, improve quality and integrity and save storage and management costs.