Data management is a sensitive operation at every stage of the process. And with big data becoming increasingly important to 75 percent of businesses, corporate decision makers and data officers need to think carefully before they decide how they manage their incoming information; is it better to keep things in-house, or work with an external firm?
The Key Concerns
Ultimately, data exchange management comes with the following challenges and concerns:
Privacy and security. The global average cost of a data breach for a company is $3.6 million, making privacy and security top concerns for any company that deals with data.
Costs. Companies also need to acquire, organise, and manage their data as cost-efficiently as possible. All forms of data management require an investment, but some cost more than others.
Time. There’s also a time component to consider; how long does it take to manage your system upkeep with each option?
The Value of External Management
Let’s start by looking at the value of using an external data partner:
Existing infrastructure. By working with an external data partner, you can leverage the infrastructure that already exists, instead of building your own. This is important for everything from electronic data interchanges (EDIs) to long-term customer data. Investing in all …