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Data Management is at the top of the IT Priority List


In years gone by, data management was repeatedly overlooked or pushed down the to-do list for most organizations. Now, however, it is a practice that is gaining increasing importance on the CIO agenda. This is due to its business and IT implications; the consequences of not employing the correct data strategy can be disastrous for an organization. From extra taxation to audit failure, it’s not worth taking a risk of not handling data correctly.

 

Why is data management now a priority?

Data Compliance

The rules of legal compliance around how certain data is stored and used are increasing. Even though these regulations vary by country and by industry, every company is subject to data regulation. For example, the new EU data protection guidelines mean that every company in the EU needs to have a data management plan in place by May 2018. These new guidelines are referred to as General Data Protection Regulation (GDPR) and CIO’s are becoming concerned that certain types of information assets need to be properly managed. 
 
Increased corporate governance also adds to prioritizing data archiving & purging as a solution. Data archiving can mitigate the performance and storage issues associated with being compliant, while purging reduces the potential risk & cost of holding more data than is required. At Redfaire, we’ve worked with various companies whose industry requirements state that data should be stored for a minimum of 7 years, for example, though the corporate policy insists on storing data for a longer period.
 

Data Quantity

The volumes of data that organization’s collect is reaching mind-boggling levels. Data is growing faster than ever before and by the year 2020, about 1.7 megabytes of new information will be created every second for every human on the planet. There’s a reason it’s referred to as ‘Big Data’, it may soon become ‘Huge Data’! The need for data preservation tools has never been higher & it’s only increasing. Businesses are built on data, and if your current infrastructure can’t handle the amount of data the organization produces, it’s time to re-think how you’re managing that data.
 

Future-proofing

A current trend of CIO’s is to archive content to ensure its stored safely for the future. That is, ‘future-proofing’ data by placing it securely in an unaltered state for decades. According to a report by KPMG, CIO’s ultimately want IT stability and many see effective data management to achieve this. This is usually part of an overall corporate strategy to ensure the business can perform more effectively.
 
 

Summary

Revenue for the global data management platform market is estimated to rise by 14.5% between 2017 and 2024. Major IT vendors, vendor partners & organizations are investing heavily in data management solutions and expertise so that they can assist customers in data management practices.
 
At Redfaire, we use the ARCTOOLS solution to assist our clients with archiving and purging needs. ARCTOOLS is an Oracle Validated solution that integrates with multiple operating systems. Business Development Manager of ARCTOOLS, David Storey, is currently working on a more in-depth blog on GDPR and how EU organizations can thrive within these data regulations. Watch this space for updates!
 
 

Tags: Data Optimization, ARCTOOLS

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About the author

Emma Corbett

Emma works with Redfaire in marketing and communications and looks after researching and sharing relevant ERP information with the Oracle JD Edwards community.

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