Only maintain the data deemed business critical or legally required and ensure it reside on the appropriate tiered storage.
Ensure companies know the what, why, where, and the age of data so it can be appropriately categorized, protected, audited, and retained.
Companies need to fully understand all the costs involved in maintaining data across the enterprise. By identifying all these cost variables, a plan can be put in place to reduce or eliminate them.
Work with Legal and Audit teams to implement processes, templates, and dashboards to not only identify and document existing corporate, industry, and legislative policies around the handling, storing, and securing of data both domestically and internationally but ensure they are understood, mapped, and applied appropriately to all applications throughout the enterprise.
Eliminate duplicate and redundant data by providing end users and applications with the most current versions of the data. This way, more time is spent on analyzing the data than looking for it. In addition, focus on providing data that is needed, not wanted, i.e., data subsetting vs. a full database copy. The goal here is for IT resources to redirect their focus on delivering value through managing data not infrastructure.
Record maintenance can be a very inefficient, manual process with no clear data ownership and little to no transparency. Changing regulations and increasing interactions with a complex value chain are forcing businesses to manage more data with more details, more accurately. Incorrect master data means high costs across the value chain, which impacts the bottom line. Manual processes must be converted to system guided processes with workflow approval.