Why Data Risk Management Requires Digital Transformation

Data risk management is a major concern for the smallest to the largest organizations. Most companies are putting programs in place to mitigate the danger of misused data. However, these programs can fall short without digital transformation.

Why Data Risk Management Is Needed

Data breaches occur all the time in alarming numbers. According to Security Magazine, there were over 1291 breaches in 2021, affecting primarily the manufacturing and government sector.

In Rhode Island, hackers got the personal information of thousands of state workers because an employee failed to delete a file from his hard drive. Social security numbers, drivers’ license numbers, and medical insurance information of employees and citizens of a city in California were accessed in a data breach. In Florida, hackers breached a healthcare system database, getting access to over one million people’s personal and financial information.

These are only a small number of occurrences that happened within a day or two, and there were many others. And these are just part of the bigger picture.

External and Internal Data Threats

Data breaches aren’t the only data threats. With today’s increase in remote workers and the need for collaboration and data sharing, it’s all too easy to share data with the wrong people. This type of mistake isn’t usually malicious, but it can be just as damaging as the external threat from hackers.

Organizations that can organize and analyze all the information available could see significant gains compared to competitors. Logically, you can assume your organization could lose a tremendous amount of revenue by not taking advantage of this information.

If dark data is so valuable, why do so many companies ignore it? Put simply, because they don’t understand how to manage it effectively. This is where M-Files comes in.

How to Reap the Rewards

M-Files can help your organization discover value in unstructured data today so it can prepare for greater opportunities in the future. If you can’t find information effectively, it’s essentially useless. M-Files fixes this problem by connecting to your existing systems and organizing information no matter where it’s hidden.

Thanks to metadata, all you need is a keyword. Just like Google, M-Files can find what you need whether it’s in your CMS, a network folder, Sharepoint, or anywhere else. Instead of worrying about where the data is, you only need to know what it is.

M-Files has automation features that intelligently categorize and index documents. Properly categorized information makes your company work more efficiently, increasing revenue. Compliance is also a simpler task because you can quickly find whatever you need in the case of an audit.

Bringing dark data to light will enable your organization to increase revenue and operate more efficiently. Customer satisfaction can also improve because your company will be able to provide better, more individualized services. It’s a win for everyone.

Learn More

Now is the time to learn more about how M-Files can be a single point of access for collaboration and control of all types of data. Contact us today to schedule your consultation and let us show you how we can help you reach your business goals.