Data has long been an issue floating at the top of the business consciousness. How it is managed, the best way to optimise it and the relevance it has to everything, from the effectiveness of marketing to lead nurturing, have given it increasing importance. However, in 2018 everything is developing in the data management world. For many businesses, it might be time to reassess data management on the basis of these recent – and incoming – changes.
The impact of AI
The combination of artificial intelligence (AI) and data is paving the way for a new era in terms of what it is possible to do with data. Data valuation techniques are going to go up a gear as AI is increasingly used to do more with data, enabling more intelligent data management options. AI will have a heavy hand in helping to reshape information lifecycle management and provide insights of a depth that we have not had before.
Implementing the GDPR
May 2018 is the month in which data protection and management changes forever, not just for EU businesses but for any organisation outside of the EU handling EU citizens’ data. A survey by Veritas found that 31% of companies claimed to be ready for the introduction of the GDPR and fully compliant with its requirements – but that the reality was only 2% were up to scratch. The GDPR represents a big change for data management, not least to the way that consent is obtained, the need to make data more secure and the requirement to delete all the data held by a business about an individual on request. Implementing the GDPR is an organisation-wide effort that involves changes to existing policies, systems and attitudes. Failures to comply could attract fines of up to €20 million, or 4% annual global turnover.
Changes to the way that we store data
The volume of data being generated continues to grow at significant pace – and nothing about that is likely to change. However, what we are beginning to see is a different approach to the way that data is being stored. 50% of the files that organisations tend to store are “unknown.” Given the size of the data sets all enterprises are now dealing with, the big change in data management is the shift from saving everything to being selective about data that is stored, as well as taking the time to identify and organise it before doing so.
An increase in security threats
According to the UK government’s Cyber Security Breaches Survey 2017, 46% of all UK businesses identified one cyber attack in the preceding 12 months. Among medium sized firms this figure rose to 66% and for large firms 68%. One of the biggest changes to data management now is the acknowledgement that every single business is a target, not just big brands and those handling sensitive data. Proper protection is now essential.
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