The amount of data that any company collects on a daily basis is astounding. We now produce as much data within 2 days as we did from the beginning of civilization until 2003, according to Google’s Eric Schmidt. Realcomm even reported that the quantity of worldwide digital data equals the number of stars in the sky. Also, a recent study also showed that from 2011 to 2012, data collection in the U.S. increased a whopping 400%.
The problem with all this data is that it is often stored, processed, and used improperly, which costs U.S. businesses about $600 billion every year. This is because much of the data, if poorly or inappropriately used, is considered a loss for companies. A large sum of money is then spent yearly on trying to recover missing or stolen data, and without a proper revenue recovery plan in place, this revenue cannot be reclaimed.
For this reason, many companies invest in data management companies that offer data cleansing services, data quality control, and revenue recovery solutions. Additionally, they can offer data analysis, data security management, data maintenance, and data integration. They can go though every part of your company, and help search for information that has been lost or misplaced. They will be able to set your company up with a way to securely store data, and implement even more efficient computer programs and software to help you manage the data.
With proper data management in place, you will be able keep your finances on track. The inflow and outflow of cash can be accurately monitored, and you may be able to recover millions in unreported revenue.
Consequently, the revenue recovery solutions that these data management companies offer can save your company a significant amount of time and money. Since data will continue to pour in and out of your company, the right data management system will keep your business organized and efficient, and running smoothly.