More than ever before, the need for businesses to integrate database management systems into their business operation in order to protect their business and clients’ data has become more prevalent than we used to have so many years ago. In the digital age, the cases of cybercrime and cyberbullying have increased due to the vulnerability of business data and other data like employee and customer data.
A database management system is also a storage mechanism for you to store much more than your business data. If you are just starting out as a new business there are a lot of options for you to store your business employee and customer data safely particularly in the digital age where so many businesses are prone to cyber-attack and internet fraudster activity you need a medium to safely store your business data; otherwise, your prospective customers will abandon your goods and services and pitch their tents with your computers. Using the right database management system will also guarantee a prospective investor that your business understands the terrain and also understands the needs of their customer.
Remember the data that you are dealing with is very valuable to the growth and prospect of your business. A business that lacks data integrity can never be seen as a trusted business in the eyes of prospective employees and even customers that will part with their money in order to gain value from the business. The accuracy of data is also important because you need your data to measure different matrices of your business. Data accuracy is also important because when measuring the customer service matrices of your business the data obtained from your customer will give you accurate results; otherwise, if the data is incorrect, then the matrices obtained from your calculation or research will also be incorrect. Enter database auditing.
The essence of auditing a database management system is to enable you to understand how your record and business data are used so that you can put in place the necessary risk management measures to forestall a possible attack on your business data in the future.
In this article, we will discuss the top 5 benefits of conducting regular database audits.
#1. Data quality
How else do you want to know or understand the quality of the data that you obtain from your survey if not regularly updating the data? Data quality is of immense importance to any business regardless of the niche that the business is operating in. For instance, if you want to measure your business growth in terms of the number of leads generated or the number of new customers that you have onboarded, you need to put in place measures to collect the data of your growth margin. You can read more about database audits.
It is this data that you will then use to calculate whether or not your business is growing or gaining traction. But if there is inadequacy in the data being collected or the data is of poor quality, then the chances of you getting the accurate value for your business growth will be very low. Therefore, it is very important for you to clean up your business data and regularly conduct audits so that you can identify where there are loopholes and nip them in the bud.
Additionally, quality data will help you build trust with your customers and stakeholders. In a business environment where there is no trust, the possibility of competing adequately with your competitors will be very low, particularly when your competitors have robust and quality data to present.
#2. Compliance with Data Privacy Regulations
Another reason to consider a regular audit of your business data is that your business will comply with data privacy laws. If you have a business offering quality products to a wide range of your clients across the world, there are some countries of this world that you cannot penetrate to offer your goods and services to residents in those countries. The reason for this obstruction is that those countries have in place what is called “data privacy protection laws.” As such, every business coming into the country to sell their product or services must have to comply with the data privacy regulation laws put in place by the government in those countries.
So, in order to comply with the data privacy regulation of those countries, you need to set up an in-house team that will regularly update your database so that you will not be found to be going against the law. As a matter of fact, a data audit will empower you to explore new business opportunities with confidence knowing that you have not broken any data privacy regulation in the country you are operating. This will translate to higher sales and double if not triple revenue for your business.
#3. Protection against Data Breaches
Issues of security and how to protect your business data cannot be overemphasized in view of the rising cases of cyber attacks and hackers prying into the vulnerable data of some businesses of software apps and games in recent years on here. The biggest advantage of regularly conducting database audits is the issue of protection against data breaches. When you regularly audit your business database, the audit will help you highlight the areas that are most vulnerable for cybercriminals to catch on.
With the audit results, you can quickly set up a team to manage the loopholes that have been identified and also design measures to prevent further vulnerability in the future. In summary, when you conduct a regular database management system audit, it means your business is less likely to be vulnerable to the attacks of cybercriminals or internet hackers.
Remember, when your database is vulnerable you are likely to lose your business data and it will cost you millions of dollars to fix, particularly if your business has gained traction and is a successful business up to the point that your clients have had to reckon with your brand.