Reference data, which is data retained for referential purposes, is one of the fastest growing data types currently available. In fact, according to SearchStorage, reference data is increasing at a compound annual growth rate of 92 percent. Reference data can include any type of valuable reference information, including surveillance information, medical records, historical documents, images of checks, presentations, emails, contracts and more. Because this type of data is inherently different from traditional data, storage and management strategies must be different as well.
What to keep
Saving all of the reference data a business encounters is a waste of resources, and it makes organization difficult. That being said, experts caution against keeping too little data, since businesses can’t be certain of what the future holds. To determine what reference data to keep, businesses should consider what type of questions they will most likely need to answer in the future. If the business can see any potential use for a given document, it should not be discarded.
How to Store Reference Data
When storing reference data, businesses can choose between cloud storage and in-house data infrastructures. With an in-house data storage system, the business maintains all of its reference data using its own resources. Cloud storage, on the other hand, involves outsourcing data storage and maintenance to a third-party provider and accessing it via the Internet. Both of these options have distinct advantages and disadvantages.
Cloud Storage Pros:
- Cost effectiveness. Cloud storage hosting is considerably less expensive than in-house alternatives. When a business stores reference data in the cloud, it doesn’t need to purchase expensive hardware and software programs, nor does it need to employ a large IT staff to maintain the system.
- Scalability. Cloud storage can be scaled up or down to meet the needs of a business at any given time. This means that the company will pay for only the storage it uses, and the company can alter the amount of space used as needed.
- Reliability. Because a third-party provider manages the cloud storage system, businesses don’t need to worry as much about system failures, especially if the provider offers 24/7 customer service.
In-house Storage Pros:
- Security. Because in-house storage systems don’t typically involve the internet, there are inherent fewer security risks. This can be an especially helpful feature if a business stores sensitive data, such as customer social security numbers or medical information.
- Control. Storing reference data in-house allows the business to have more control over how it is organized and who can access it.
- Protection from loss. When a business stores data in the cloud, the business relies on the cloud storage provider to protect data through regular back-ups and server maintenance. However, when cloud providers go out of business or experience unexpected server failures, important data may be lost. Storing data in-house eliminates this concern.
Because reference data can be so important to a business’s future, companies must store and manage it carefully. To get the most out of reference data, businesses need a clear data collection and maintenance strategy that includes a plan for selecting important reference data, as well as a viable storage and organization system.
Elevating Your Writing Skills With These Simple Steps
Writing skills are an essential part of communication and is not something that naturally comes from within. You have to...
When to Replace Your Car’s Tires and How to See The Warning Signs
Trying to get by with tires that may be long past their prime can lead to many problems. Worn tires...
4 Reasons Why Your Small Business Should Hire An SEO Company
Starting a small business is a very noble endeavor. It takes a lot of courage to step away from the...
What Effects Would Artificial Intelligence Have on the Future of Digital Marketing?
In the past few years, the wave of technology has drastically transformed digital marketing. From connecting with people to working...
Best Affiliate Marketing Software Of 2021
The best affiliate marketing software makes earning advertising revenue from your website quick and convenient. The next challenge is to...
When Is It Time For You to Declare Bankruptcy?
If you’ve reached a point where you can no longer pay your debts, you need to file for bankruptcy protection....
Paying More For The Same Flawed Healthcare Insurance
Chances are, you are paying more for your health insurance this year than last year. You may well wonder, why...
Conveyor Belt Systems: 6 Ways to Improve Efficiency
You might think that conveyor belt systems cannot be improved because of the simplicity of their design. After all, how...
3D Rendering Terminology: Guide For Architects to Communicate With CG Artists
When chipping away at a building representation project, a modeler and a 3D delivering worker for hire need to see...
Learn and Become A Professional DevOps Engineer!
Have you been having a tough time deciding what you want to do when you grow up? Once your school...
Debunking The Common Myths About Cosmetic Surgery
Just a few years back, plastic surgery was thought to be some kind of sorcery or something that existed in...
How to Choose The Right Type Of Flooring For Your New Home
Building a house from scratch can be a tedious and stressful process even though you know you are doing something...
3 Ways To Style An Oversized White Shirt This Summer
If there is one staple item you need ready for your summer wardrobe, it’s an oversized white shirt. They are...
5 Tips For Picking The Perfect Wedding Ring
Your big day is coming up for your wedding day and you set the standards too high with your engagement...
What’s That Thing Called? All You Need to Know About Your Car’s Lift Struts
Imagine you’re out for grocery shopping or a weekend outing with family, and you need to load your shopping or...
Tech6 years ago
Creating An e-Commerce Website
Tech6 years ago
Design Template Guidelines For Mobile Apps
Business5 years ago
The Key Types Of Brochure Printing Services
Travel9 years ago
Who Else Wants Also Nfl Hat
General6 years ago
Kobe Bryant With His Unique Nba Jerseys
Tech7 years ago
Why Small Businesses Can't Ignore Mobile Technology
Tech6 years ago
Climb Google Using These Checklists
Health7 years ago
Health Supplements For Sports Activities Nutrition