How Digitization can Improve Data Handling for SMEs
According to a 2020 study conducted by the American technology giant Cisco, digitization of India’s Small and Medium Enterprises (SMEs) can boost India’s GDP as high as $158–216 billion by 2024. Being one of the backbones of the Indian economy, the digitization of SMEs, including mobile operations, can accelerate growth exponentially.
Currently, a vast majority of SMEs across the country face challenges around digitizing and modernizing the legacy data landscape. Handling the growing pile of transactional data in manual ledgers and excel spreadsheets is by no means an easy task.
Challenges Faced Around Legacy Data Handling
The operational efficiency and revenue growth of SMEs still running in the traditional (non-Digitized) business model is vastly hampered due to the following reasons:
Skill Gap
The employee force lacks the technical skills to operate a Relational Database Management System (RDBMS). This gap makes them stick to the pen and paper model.
History Data Scattered Across Multiple Locations
In a traditional model, historical business data is in silos and scattered across different storage systems in a non-uniform manner. This issue makes data search, access and overall management extremely tedious.
Error-Prone
The chances of human errors are also high in this model, making it riskier from an audit perspective.
Data Loss
The scope for data back-up and disaster recovery is practically non-existent in non-digitized systems. This aspect makes your operating model highly susceptible to data loss and breach.
Poor Operational Efficiency
The poor performance of legacy operating systems to handle data operations can be detrimental to your enterprise’s operational efficiency and employee productivity.
So, the million-dollar question remains. How can digitization overcome these kinds of challenges?
Make Data Handling Seamless via Digitizing Your Business
Centralized Mode of Data Management
Data handling becomes simple and efficient when it is managed using a centralized mechanism. At NITS Informatics, we employ a Master Data Management (MDM) system to integrate our client data from their on-premise data centers for easy and quick search, access, and other data operations. Data duplication/redundancy can be eliminated due to MDM.
Auditing and other forms of data monitoring become hassle-free when you digitize your business processes and data management systems.
Data Accuracy
Upon digitization, the chances of human-errors existing in the traditional setup are eliminated. Our solutions come with in-built automated data integrity checks to ensure no abnormalities in your business process data and enables data immutability.
Archival Based on Configurable Rules
Vast volumes of past transactional data can make data search and processing a cumbersome ordeal. Our systems can archive older data in a History Table and retain the newer data in a readily accessible state for simplified search and access. This system of archival boosts the performance of the data management system, especially while handling large volumes of data.
The criteria for data archival vary from case-to-case basis and can be configured as per client needs.
Zero Data Loss
At NITS Informatics, we provide our customers with Cloud Computing’s power, leveraging Amazon Web Services (AWS) for scaling their business in areas like cloud-based inventory management, Cloud infrastructure management, customized application development, and so on.
The inherent High Availability and Disaster Recovery setup makes your business-critical data safe and secure with us. The issues of data breaches and accidental loss are eliminated.
Wrapping It Up
Digitization is the key and the way forward for SMEs to reap the benefits of simplifying data handling and operational efficiency in their business. You are setting your course for exponential growth once you strategize to modernize your existing traditional business landscape.
NITS Informatics has got your back to digitally transform your business and eliminate all your data management woes associated with the existing setup. Why fall behind the race when your peers are embracing digital each passing day?