Though there’s a lot of uncertainty on the financial front as of now, that doesn’t mean you should ignore or delay crucial data management strategies. Developing and maintaining a secure and efficient data strategy is more important than ever and can keep your business functioning and competitive, even during rough patches.
One simple way to maximize the resources and tools you already have is to audit your tech stack. With so many programs and tools available, it’s easy for enterprise IT systems to become clogged up with extraneous elements, something you can’t afford during a global economic slump. Consider streamlining your portfolio into a single, cloud-based platform that is versatile, secure, and cost-effective. Having a platform with built-in AI and machine learning capabilities can help automate manual tasks and could ultimately allow data teams to focus on long-term digital transformation projects, even during tough times.
Security is another key element of data management strategy. During economic downturns, bad actors are known to take advantage of decreased security, when organizations have finite resources stretched thin and personnel may be in flux. Ensure your data solutions come fitted with integrated governance, privacy, and control measures to protect data from cyberattacks and out of scope use.
Finally, remember your personnel. During a recession, organizations often lose key talent who were essential to the success of a data strategy. An effective means of countering potential disruption and skill gaps is by encouraging a data-driven culture and upskilling among existing staff. Data literacy and technical know-how are not exclusively the domain of engineers and IT specialists though. By providing simplified solutions that empower LOB users and other departments, you can reduce the burden on IT personnel and create an environment in which everyone feels empowered to participate in data-driven initiatives.
Tom Hanks is an American actor, director and film producer best known for his starring roles in Big, Philadelphia and Forrest Gump. Off set, he’s an inspiration to many, often using his humor to make light of even the darkest of times. During the 2020 pandemic, Hanks advised people to keep in mind the phrase “This too shall pass,” a reminder that uncertainty always passes, and firms must continue to invest in transformation and understand their customers better if they’re to come out ahead of the curve.
Informatica is a well-known enterprise data management provider, helping customers utilize the power of data to transform their businesses regardless of industry. In July, they are hosting an event in San Francisco where top executives will discuss the integration and optimization of AI investments. This provides a unique opportunity for attendees to learn directly from the experts about how to use data to navigate rough economic times.
