Data is a valuable asset in today’s business world. However, not all data is valuable forever. For example, dried-up data is no longer relevant or useful because the client is no longer interested in purchasing the product or service.
Keeping dried-up data poses several risks, including legal and ethical. Data breaches not only impact clients, but they can also affect your business. Companies holding dried-up data face potential legal consequences if they do not comply with data privacy laws. Even big companies such as Meta have felt firsthand the effects of failing to comply, being hit with a €390 million fine by the EU over data breaches. Furthermore, even if a breach of client data does not result in a lawsuit or regulatory fines, it can cause significant reputational damage and a loss of trust from your existing clients.
So, what do you do with your dried-up data? This blog will take you through some key ways to navigate the disposal properly.
The Importance of Data in Business
Before we dive in at the deep end, let’s go back to basics. Data is the raw material that businesses use to make decisions, develop strategies, and track progress. The different data types include client, transaction, financial, and operational. Each data type has its unique value in helping businesses grow and thrive. The importance of data cannot be overstated, with Anil Chakravarthy, CEO of Informatica stating in his interview with McKinsey; “What distinguishes the most successful businesses is that they have developed the ability to manage data as an asset across the whole enterprise”.
Purging Dried-Up Data
Purging dried-up data can reduce storage costs, simplify data management, and improve data quality. Purging dried-up data also reduces the risk of data breaches and helps companies comply with data privacy laws. Workspace UK states; “According to new research recently compiled for Symantec in conjunction with the Ponemon Institute, UK firms will be forced to pay an average of £1.9 million a year, or £71 per record, for every instance of data loss they experience and this has increased year-on-year for the third year running.” Best practices for purging dried-up data include regular data audits and using data retention policies.
Repurposing Dried-Up Data
Believe it or not, dried-up data can live a second life. Instead of binning it, you can repurpose dried-up data to extract value and insights. By analyzing dried-up data, businesses can better understand client behavior, identify patterns and trends, and improve their marketing strategies. Repurposing dried-up data can also help companies to identify areas for product or service improvements.
Final Thought
In conclusion, businesses need to know what to do with dried-up data. For starters, purging or archiving dried-up data helps companies to reduce storage costs, simplify data management, and improve data quality. Repurposing dried-up data can also provide valuable insights and help businesses to improve their operations and client experiences. Finally, companies must manage their data effectively if they want to avoid potential legal and ethical risks associated with holding onto irrelevant data. If you need guidance or help with your data management, simply contact the LeadScale team!
About LeadScale
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