Many companies practice asset management as a way to get the most out of their investments in buildings, machinery, vehicles, and storage facilities. If your company counts data among its most valuable assets, then you should consider how asset management strategies apply to your data assets. Practices like tracking costs and returns over the entire life cycle of your data, from its collection to its destruction, can help you get the best possible return on your investment in data.
When we talk about planning for the life cycle of a data asset, we talk about predicting the storage and handling costs of your data during several phases. First, there is the collection phase, when you need to be planning for the costs of developing data collection systems and actually mining the data your company needs. Next, there is the storage and analysis phase, where you need to plan for the costs and labor involved with turning your raw data into meaningful information for your company.
There is plenty to be said elsewhere about planning for your data assets’ needs during the collection and storage phases. Equally important, but often overlooked, are the needs of your data assets when they are no longer useful to your company. If you are spending more on storing and securing your data than you are getting in return for your investment, then it is likely time to erase that data. This step needs to be factored in when you are planning for your data assets’ life cycle needs.
For some data–consumer preferences in the color of a clothing item, for example–your data deletion planning will not be very complicated. For other data, like the financial information of your customers, you will need to plan on a data destruction method that protects your customers and complies with state and federal regulations. With data like this, it is often not enough to rely on non-mechanical data destruction methods like degaussers. You will need to plan on investing in mechanical data destruction tools, such as data crushers, to ensure that your data remains secure even at the end of its life cycle.
Properly planning for the needs of your assets throughout their life cycles is a good way to minimize costs and maximize your return on your investments. For data assets, you need to plan for the costs involved with collecting, analyzing, storing, and destroying data. Because much of your important data must be destroyed thoroughly using physical means, planning on investing in a data crusher is a critical component of your data management strategy.
When you need data destroyed for good, Phiston Technologies is here to provide you with the tools to do the job securely. Feel free to contact us for more information about our products and services.