Data Audit: 5 Ways it Helps your Business

Data Audit: 5 Ways it Helps your Business

As technology evolves, so does the way we store data and records. Being consistent in your data storage and organization isn’t always as easy as it sounds, with some companies still trying to make the transition from hard copy records to digital records. With changing records over, some inconsistencies may be detected in your data- calling for a data audit.  Although many organizations view data audits as time-consuming and not a worthwhile endeavor, the benefits outweigh the costs. Here are 5 reasons to audit your data regularly:

1. Streamlined Storage After an audit, employees should be able to look in one place for the data they seek and find it in a timely manner. Creating this consistency can take a great deal of planning, but it is well worth it in the end because it saves employees time in the long run. Creating policies to enforce the consistent storage of data comes in handy. This should be done before employees are able to access the newly cataloged data. A data audit can also uncover instances when data which should not be accessed by just anyone can be accessed by, well, anyone in the organization. An audit will help find out where records are stored now so you can make changes when necessary.

2. Reducing Risk If your data or records are not correct, your company could be vulnerable. It is important to detect inconsistencies and correct them before an issue like this creates problems. Even more importantly, if your company is not protecting confidential records and an e-discovery inquiry uncovers, the fines and fees will be more than a new records management system. A good data architecture will reduce the risk your company has of legal and contractual violations.

3. Save Money An audit will reveal if you have been wasting money in records management by keeping data in silos. Keeping data in silos is ineffective from a business intelligence standpoint and it can also be costly. Having records isolated by a computer system, application, department, or even physical location can hold a company back from achieving the highest levels of efficiency possible. Centralized management is the standard your company should strive for.

4. Preparing for the Future With data insights about everything available to companies, what most are dealing with is handling the sheer volume of data. This data is most valuable, however, and should be applied to your business. Having intelligent reporting relies on having organized, quality data. Auditing your data will help prepare your company to use the ever-increasing amount of data available to them.

5. Integrating Data  If your data is all in order, it will make launching an integration that much easier. The higher quality the data and the less data replications, the fewer hurdles you will have when you go to integrate.  Integrations can create efficiency in your organization and allow you to optimize your employees’ workday. Connecting your applications with other business essential applications won’t be a daunting task when your data has been audited and it is managed properly. Before you launch an integration, the Ryvit Portal allows you to audit the data that will be used in the integration.