As the world has shifted to a digital age, we’re now dealing with data on an unprecedented scale. This can create huge opportunities, but it can also present significant risks. Companies are unknowingly incurring significant economic losses due to bad data.
Gartner survey results have revealed companies estimate around $13 million in annual costs, yet 60% of businesses don’t know the exact financial impact this type of issue has on their operations.
As the speed of technology increases, there’s no denying that information is rapidly changing – making it crucial to ensure accuracy and avoid relying on outdated data.
Understanding the Challenges of Outdated Data
Data accuracy is essential, as outdated information can lead to major challenges in any system, including the following:
- Difficulty in differentiating between new and old data leading to inaccuracies and data rot.
- Unnecessary storage space taken up by old data.
- Slower system performance due to useless data.
- Severe legal penalties for incorrectly managing/being unaware of outdated data.
- Outdated data can cause disruptions during legacy data migration, delaying the process and introducing risks to legacy data integrity.
How to Overcome the Key Challenges
Fortunately, there are strategies that may help remedy this age-old dilemma.
Regularly Clean and Purge Data
This involves going through each dataset in your system and removing any information that is no longer accurate or relevant. It is also important to create a plan for how often to do this, as data can quickly become outdated. Additionally, you should consider implementing data retention policies to help control the amount of data you keep in the system.
Implement Automated Data Management Solutions
Consider implementing automated data management solutions to help streamline the process of identifying and removing outdated data from your system. They can also be used to create automated workflows that can help ensure all data remains up-to-date. Automated solutions can also provide valuable insights into how your data is being used and accessed, which can help inform decisions related to future data management strategies.
Use Data Protection Tools to Monitor Access
Finally, you should use data protection tools to monitor access to your system and prevent any unauthorized access or manipulation of your data. These tools can help ensure that only authorized personnel have access to sensitive information in your system.
The Final Takeaway
Since old and outdated data can cause major challenges in any system, organizing data so that it is accurate, secure, and up-to-date should be a priority for any organization looking to stay ahead in the digital age.
If you’re interested in streamlining your data processes and saving time, then utilize Anchor Software’s advanced solutions. Anchor Software has the tools and expertise to keep your data in the best shape possible. Anchor Software can assist with everything from data cleansing and enhancement to APIs, automation tools, and systems like IBM z/OS mainframes.
