HOW VALUABLE IS YOUR DATA?

November 29, 2018 0 comments
Nearly every type of business depends on company information to serve their customers in one way or another. For many businesses, losing the data stored on computers or servers would be the equivalent to locking the doors, as it has the potential to bring the entire operation to a screeching halt.
 
Even if you think your business is immune to data loss, take a few minutes to consider the implications that even a minor data loss could have for you. The six steps explained below will give you a good picture of the monetary and business value of your company data.
 

Value of Your Business 

  • The total financial worth of your company

The Value of Customer Data

  • Customers expect you to know who they are
  • Knowing what was done when, where and how

Determine Your Company Value Without Data

  • Data is how your company maintains an edge over your competitors 
  • Few companies can survive after a data loss

Replacement Cost of Business Data

  • Data flow is the backbone of the office environment and controls the workflow of your entire company

Time is Money

  • The hourly cost of the recovery is another loss that needs to be included in the value of your data
  • More expense for your company for every hour the recovery lasts

Lost Employee Time

  • Consider lost operations. If your employees cannot perform their regular duties because of a data loss, what will that cost you in terms of idle hands on the company payroll?

Would You Survive a Data Loss?

The value of company data is a lot more than the cost of replacing a hard drive or hiring a data recovery team. It is the total value of your company added to any potential profits you might lose. Your company may survive a partial or even total loss of company data, but the costs involved are staggering and would impact your bottom line significantly.
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