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Businesses of modern times are constantly plagued by the challenge of becoming entirely data driven digital-first entities. Though a highly beneficial one, this goal can’t be realized without a robust data management and governance strategy. Businesses often utilize many reliable measures to improve and ensure the integrity and viability of their data but fail due to the absence of smart data management and governance processes. And among all, startups face this wrath the most! Unfortunately, most startups struggle to meet the internal as well as industry demands for data integrity and quality, despite the value data management can bring to their operations. For example, a lot of newly setup FinTechs and InsureTechs even face lawsuits due to data privacy concerns which erodes their margins in the beginning of their journey. This is the point where startups must collaborate with data management services as managing the business data is integral to analytics success and the edge they need over their competitors.
What is Enterprise Data Management Services?
Data management ensures the reliability, availability, accuracy, and accessibility of business data that needs to be further processed and analyzed. Lack of these processes can have a significant impact on business decisions as these decisions can’t be taken on a whim. When it comes to enterprise data management, it involves certain elements namely, data governance, data processing, data integration, data security, data quality, and data management and it entails a lot of efforts to maintain them while meeting the regulatory compliance. Most of the time, startups don’t have the time or resources to handle these specific tasks, and this is where data management services providers save the day!
How Outsourcing Data Management Services Can Help Startups?
Now as a startup, if you are planning to manage data in-house, you may want to reconsider your decision as it may become a different ballgame altogether. To maintain the data quality and integrity while meeting the industry regulations and compliances, you need someone who understands data and its many nuances inside out. And it is none other than data management consulting services! Still skeptical? Here are some other reasons reflecting how outsourcing your data management requirements can be a win-win for your business.
1. Cost Efficiency: For a startup, harnessing data is crucial. Initially, it can be managed with an in-house data team but when operations expand and data becomes sophisticated, your current IT team could become ineffective as they may not have the skillsets of data scientists. And this is where hiring professional data management services makes sense. You can outsource data management services as it’s not only cost efficient but flexible as well. With such vendors, you always have the option to scale up and down and you pay for what your need is. Moreover, there is a significant reduction in overheads associated with hiring extra workforce and training them as well as zero spending on deploying infrastructure for data management.
2. The Right Expertise: Hiring an in-house team of professional data scientists can have a direct impact on your annual budget. Outsourcing enterprise data management connects you to the best in the industry without burning a hole in your pocket. With a “dedicated team”, you have data experts working exclusively for your business and your data KPIs are theirs as well. Moreover, deploying a dedicated team through data management services providers is way easier than putting together an in-house team. You have complete control of this dedicated team even though you are bypassing legal, administrative, licensing, and infrastructural costs. Your data management partner can manage the entire project while following the time-tested industry best practices and proven methodologies and keep you in the loop about the status/progress.
3. Compliance: The importance of meeting the industry compliances, both global and local, along with privacy regulations, can’t be stressed enough. Missing any one of these can have legal repercussions, hefty penalties, and a big dent to the brand name, something which no business, especially a startup, can afford. Thus, it is vital that your data management partner should address these challenges. While negotiating the security measures to be followed, keep an eye on the previous performance of the vendor to check if there has been any situation with compliance. Check their procedures and internal policies regarding data security and handling, if they follow General Data Protection Regulation for robust data security and the methodology they follow for data transfer. It is always advised to double-check for compliance, though professional data management services providers strictly adhere to these guidelines.
4. Focus on Core Business: As compared to giant business houses, startups are required to focus more on tasks and activities that have a direct and positive impact on their topline. Though data management is an important aspect, it is still a back-office operation. When the data is processed, managed, and utilized efficiently, there is an indirect yet significant improvement in overall efficiency. Managing data has more like a multi-pronged impact, whose existence won’t be noticed if data management is done in a proper way. In other words, this activity can’t be ignored, yet can’t be prioritized over other higher value tasks. And that is why leaving it to data management consulting services providers is the best option as they have the required expertise, resources, and tools to process and manage your business data in the most efficient manner, making it a win-win situation for your business.
5. Ease of Scalability: Outsourcing data management services comes with the benefit of scalability, an aspect highly crucial for startups. Once your data challenges are addressed, you can easily reduce or increase resources as per the further requirements. Processing and managing data while maintaining data quality require several manhours, making it a cumbersome process. And things can get more complicated when your startup experiences traction as that’s when you start implementing changes. At this point, activities like data management, which can be easily handled, turn out to be key time sinkers as they require manual efforts. Ensuring that your data quality keeps pace with protocols, compliances, and business goals is a big challenge. This can be addressed by hiring data management consulting services as they have the right capabilities, and their business models are designed to handle any scalability requirement. And finally, there’s no need to upgrade the hardware or any capital investment to accommodate the changing data needs.
6. Highly Accurate Insights: For a startup to succeed, it is vital to have highly accurate business insights and forecasts on time. Now insights and forecasts are good as the quality and reliability of data through which they are generated from. Partnering with reliable data management services providers ensure you get not only accurate data but on-time as well as these data management services are underpinned by professionals with years of experience who ensure there are no inconsistencies or inaccuracies in data collected. Compared to these dedicated professionals, your in-house team can only pinpoint a few abnormalities, that too if they are trained enough or have the right tools, which are insufficient to navigate through complex data insights. You can outsource data management services to ensure that required business data is collected, sorted, processed, handled, and managed efficiently and in real-time so that you can leverage data optimally to achieve your business goals.
Being a startup, trying to pave your way toward success, managing data shouldn’t be in your to-do list. With so many aspects involved in data management, you need the support of professional expertise to handle and leverage it. Each day witnesses a new technology or concept popping up and adding these tech stacks to your IT infrastructure isn’t just expensive but exhausting as well. That is exactly why startups need to bank on the competence, experience, and infrastructure of reliable data management services partners like Damco Solutions. With our data professionals as an extended version of your IT team, we keep your core operations agile and lean while transforming your daily operations since your data is being managed by data wizards. Now the onus is on us to ensure that your data is not just managed but processed and delivered in the best possible manner so that you can continue doing what you do best!
