In the digital world in which family businesses operate it is easy to store more and more data, information and records. Whilst keeping certain information is required by legislation, there is a glut of information that is kept that is not necessary and costs money to store, and can be a deterrent when actually trying to find something of value.
Family businesses would be wise to take note of some of the suggestions in the piece below which resonate well with me.
First and foremost you need to understand what data you have, what holds value now or could do in the future and then take steps to remove the 'clutter' from the business before it gets out of control!
We have all heard of dark data. It’s a catchy title which intentionally makes you think of dark matter, the invisible force in space that has never been directly observed, but is something astronomers tell us has a significant impact on everything around it. However, in a world where the explosion of data is already becoming a huge challenge, the big questions are how do you get it under control and how can you derive benefit from it?