It’s not just big businesses that use data analysis these days. Small businesses use it as well and benefit mightily from doing so.
But, as you might expect, data analysis isn’t always a walk in the park for small businesses. Particularly challenging is data storage.
Wondering what kind of storage challenges present themselves in the realm of small business data analytics? Let’s discuss them below!
1. Having Large Amounts of Data to Store
Source: blogs.lse.ac.uk
Perhaps the most prominent challenge when it comes to data storage is having a way to store exceedingly large amounts of data. After all, the more time that passes, the more data you’re going to accumulate. Where does it all go?
At first, you might attempt to store it all in traditional storage devices. However, this requires physical space and will likely eventually result in data fragmentation problems.
This is where cloud storage can be a huge help. Cloud storage can be seamlessly scaled as more data is accumulated. And because it exists online, it won’t take up any more physical space over time.
The key is choosing the right cloud storage provider. You want to choose a reputable provider that’s proven its ability to grow scale progressively. Some of the top options out there include Dropbox Business, Google Driver Enterprise, and Egnyte Business.
2. Managing Different Data Types
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Digital data doesn’t just come in one format. If it did, data analysis would be simple and straightforward. Unfortunately, it doesn’t, posing a huge challenge for businesses of all sizes, but particularly for small businesses that lack resources.
Data comes in both structured and unstructured manners. That said, the latter is much more common, constituting 4/5 of the total data that a business brings in.
The issue with this is that unstructured data takes a lot more work to process. Therefore, in order to use it consistently, you must put great amounts of time and effort into it.
As a small business, you might not have the team necessary to put forth this time and effort.
3. Working with Different Data Storage Platforms
Fairly common among small businesses that use data analytics is storing data on several different platforms. For instance, they might store data on internal servers and databases and various clouds and the like.
The issue with this is that it makes it difficult to analyze all of this data at once. And if you’re not taking all of your data into account, your analysis won’t be accurate.
Therefore, it’s vital that you find a single storage platform and stick to it. These days, cloud platforms are probably your best bet, as they’re highly scalable, not to mention cost-effective.
4. Fixing Corrupted Data
When storing data on physical storage, it’s not uncommon for it to become corrupted. For instance, a single data file might become segregated into an array of different types of files. At that point, it’s unusable, unless, of course, you fix the problem manually.
Ideally, you’ll prevent data corruption from occurring in the first place. How can you do this? By backing up your data.
Yes, even when backed up, data can still be corrupted. However, there will always be a backup available so that you can quickly reinstate your data as it was. In other words, if you’re going to be participating in data analytics, you need to back up your data.
5. Automating Data Analysis
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By automating data analysis, you can greatly improve data processing efficiency. This allows for quicker and more in-depth analysis, thereby allowing you to make more informed decisions.
The issue is that data automation is challenging; very challenging. Sure, if all data came in the same format and from the same sources, it would be fairly straightforward. Unfortunately, that’s not the way it works.
So, what can you do to facilitate data automation? You can hire an IT outsourcing company to process data for you. They’ll do all of the challenging and time-consuming work so that you can focus on other pertinent issues.
6. Meeting Compliance Regulations
Another challenge faced by small businesses in the realm of data analysis is meeting compliance regulations. These are regulations put forth to protect customers and businesses alike. If you don’t meet them, you could face legal consequences.
Unfortunately, there is a great deal involved in meeting compliance regulations. It takes not only great supervision but a great knowledge of compliance laws as well.
Small businesses often struggle to employ teams big enough to assure compliance. As such, they can often benefit by outsourcing their data analysis responsibilities to an IT team. This team will do everything possible to maintain compliance, ensuring that the small business is working within the lines of the law.
7. Keeping Stored Data Secure
Source: techdonut.co.uk
The last challenge we’re going to discuss is keeping stored data secure. Your data has the potential to be quite valuable and could be the target of thieves. If you’re unable to keep it secure from these thieves, you could lose your data, not to mention face legal consequences for doing so.
This is why it’s imperative to create security guidelines for your data. Need help doing so? An outsourced IT company can assist you.
The Storage Challenges of Small Business Data Analytics Can Be Beaten
Yes, there are many storage challenges when it comes to small business data analytics. However, they can be beaten. You just need to be aware of them, strategies against them, and then execute your strategy.
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