# Invest in data management now and reap the rewards sooner than later Author: Pal Sinha, Barnali Author URL: https://financedigest.com/author/pal-sinha-barnali Published: 2019-11-14 Category: INVESTING Category URL: https://financedigest.com/category/investing Meta Title: Unlocking Revenue with Efficient Data Management Solutions Meta Description: Learn how data management tools can help businesses effectively handle unstructured data, increase margins, and cut costs to improve revenue streams. Tags: featured Tag URLs: featured (https://financedigest.com/tag/featured) URL: https://financedigest.com/invest-in-data-management-now-and-reap-the-rewards-sooner-than-laterhtml ![undefined](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/fdz1114191c-1736838984266-compressed.jpg) _By **Krishna Subramanian**, COO at Komprise_ Every business today relies on data more than ever before, which can only be a good thing as data is becoming an increasingly important way to generate revenue. With fierce competition between businesses across every industry, finding methods to manage data effectively can mean the difference between matching competitors and beating them. Better managed data equals happier customers – so what solutions are needed to achieve this? As the amount of unstructured data increases, the ease with which employees can manage this data is decreasing. Therefore, data management tools can be the answer, [providing the ability to quickly and efficiently sort through data](https://www.financedigest.com/comparative-analysis-of-the-best-data-room-providers.html "Comparative Analysis of the Best Data Room Providers"), analyse it, and help IT teams determine where to store it. ![Krishna Subramanian, COO at Komprise](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/krishna-450x300-1736838984171-compressed.jpg) Krishna Subramanian, COO at Komprise However,businesses recognise that efficiently managing and extracting [value from their unstructured data is vital for increasing revenues](https://www.financedigest.com/pediatric-hiv-infection-treatment-market-by-covid-19-impact-analysis-volume-and-value-revenue-business-opportunity-future-projections-and-key-trends.html "Pediatric HIV Infection Treatment Market By Covid-19 Impact Analysis – Volume And Value, Revenue, Business Opportunity, Future Projections, And Key Trends") and visibility, as well as meeting customers’ needs, thereby enabling IT to provide a high-quality service without exhausting expensive and unnecessary resources. Introducing a [data management solution that can help govern this data enables businesses to save money](https://www.financedigest.com/your-money-is-safe-but-your-data-might-not-be.html "YOUR MONEY IS SAFE, BUT YOUR DATA MIGHT NOT BE") in some key areas, making it a smart move for all. **Seeing is believing** Having better visibility and analytics provided through a data [management solution](https://www.financedigest.com/quality-and-compliance-management-solution-market-to-rise-at-a-high-cagr-of-9-4.html "Quality and Compliance Management Solution Market to rise at a high CAGR of 9.4%") can be a key way for businesses to increase margins and revenues. As unstructured data foot prints are growing exponentially, the visibility into how data is being used is important to keep [costs low](https://www.financedigest.com/analysis-euros-20-year-low-leaves-ecb-facing-costly-choices.html "Analysis-Euro’s 20-year low leaves ECB facing costly choices") while managing ever larger volumes of data. The majority of the cost of [data is not in its storage but in its active](https://www.financedigest.com/oil-slips-on-china-covid-curbs-weak-factory-activity-data.html "Oil slips on China COVID curbs, weak factory activity data") management – businesses typically spend four times more than the storage cost to actively backup and manage data. Given that most of their data becomes inactive and cold within months, this cost overhead becomes [overwhelming as data](https://www.financedigest.com/easing-the-burden-of-data-overwhelm-in-finance-functions.html "Easing the burden of data overwhelm in finance functions") grows. So, finding the cold data [across storage is important for IT to efficiently](https://www.financedigest.com/demand-for-energy-efficient-and-advanced-fairway-mowers-to-be-witnessed-across-europe.html "Demand for Energy-efficient and Advanced Fairway Mowers to Be Witnessed across Europe") transfer it from actively managed storage to archive environments. And, giving an easily searchable view across all data is vital for employees to find the right data they need to gain fundamental business insights rather than spending time trawling through millions and millions of files on various storage and [cloud environments](https://www.financedigest.com/how-to-manage-identity-in-a-hybrid-cloud-environment.html "How to manage identity in a hybrid cloud environment"). A management solution that can work behind the scenes, analysing and keeping on top of all the new data that is consistently being created, allows a business to make effective decisions about how to manage data and data growth efficiently to keep storage and backup costs in check. Analysing and managing all data in one easy-to-use solution presents IT teams with the information required to determine where savings can be made through their ability to put both their employees and their archive storage to good use. **Freeing up employees** When it comes to storage, managing quotas, backup windows and migrating data as [storage fills](https://www.financedigest.com/eu-will-consider-making-countries-fill-gas-storage-energy-chief.html "EU will consider making countries fill gas storage – energy chief") up are the time-consuming tasks that can prevent experts from focusing their efforts where they are needed more. While structured data is usually fairly manageable, unstructured data can get very large very quickly, making it much harder to understand and efficiently manage. Therefore, having a data management solution that can accurately sift through huge amounts of data can make the process of identifying cold data much simpler and quicker. The visibility provided can also [assist businesses](https://www.financedigest.com/lane-change-assist-systems-market-overview-business-growth-development-factors-application-and-future-prospects.html "Lane Change Assist Systems Market Overview – Business Growth, Development Factors, Application And Future Prospects") with observing employees’ use of data, anticipate any future storage needs and understand what could be offloaded to archive storage. With more [effective data](https://www.financedigest.com/can-banks-compete-in-the-digitisation-race-without-effective-data-integrity.html "Can banks compete in the digitisation race without effective data integrity?") analysis solutions, staff are able to focus on tasks within the business that rely specifically on the expertise of a human employee as opposed to being completed by a machine, and so overall the labour costs come down – with fewer employees required to handle the routined at a monitoring, resources can be distributed more efficiently across the company to better meet business objectives. **Save with smarter storage** Being able to streamline data is crucial for businesses to make a [positive impact](https://www.financedigest.com/broadcast-switchers-market-increasing-adoption-of-ip-live-production-technology-to-positively-impact-growth.html "Broadcast Switchers Market: Increasing Adoption of IP Live Production Technology to Positively Impact Growth") on their data storage, and data management solutions can help to achieve this. Considering the volume of [data being generated is increasing faster than ever before, having sufficient storage and efficient data protection](https://www.financedigest.com/modern-data-protection-how-organisations-can-protect-against-cyber-attacks.html "Modern Data Protection: How organisations can protect against cyber attacks") to cope with this growth is essential. The dilemma that most businesses face is understanding the [hot data](https://www.financedigest.com/hot-u-s-inflation-data-reignites-global-selloff.html "Hot U.S. inflation data reignites global selloff") that needs to be kept active and accessible, and the cold data that can be moved to archive storage because it is being kept as a record but isn’t in use. But IT teams shouldn’t just move all of their older data files into storage, whether it’s on-premises or in the cloud. Using data [management tools can help to determine which files](https://www.financedigest.com/edf-staff-shareholders-file-complaint-over-management.html "EDF staff, shareholders file complaint over management") can be deleted, which in turn reduces the overall amount of data being stored at all. Less data in storage means less payments at the end of the month, enabling [business leaders to put this money saved](https://www.financedigest.com/how-cloud-computing-saves-businesses-money.html "How cloud computing saves businesses money") towards more important areas of the company, that can ultimately provide better services for customers. The growth of unstructured [data is on the rise](https://www.financedigest.com/german-bond-yields-give-up-rise-after-u-s-price-data.html "German bond yields give up rise after U.S. price data"), as data from videos and IoT devices for example become ever more common. Because of this, having an effective data management solution in place is a necessary expense for a [business to ultimately increase revenue](https://www.financedigest.com/covid-19-is-impacting-the-high-speed-steel-market-size-business-revenue-forecast-leading-competitors-and-growth-trends-2031.html "COVID-19 Is Impacting The High Speed Steel Market | Size, Business Revenue Forecast, Leading Competitors And Growth Trends 2031"). With data being sorted and stored more efficiently, employees are able to easily find the data they need quickly, increasing the overall efficiency of the business and delivering a better [customer experience](https://www.financedigest.com/the-next-generation-of-customer-experience-in-banking.html "The next generation of customer experience in banking"). --- This blog is powered by Superblog. Visit https://superblog.ai to know more. ---