Data Management
What Is Financial Data Management?
Data management is more than scanning in receipts and paperwork to be pulled up at a later date, learn the ins and outs of financial data management.
Learn everything you need to know about what intelligent data management it is, why it’s useful, and what to look for in your data management platform.
Technology is advancing at an awe-inspiring rate. This means that more and more processes are becoming automated so they can be performed by artificial intelligence and machine learning rather than by a human. This wave of automation goes far beyond simply using AI to archive and sort different forms of data. Organizations are continually developing new and innovative ways to leverage machine learning for a rapidly expanding array of processes and procedures.
What Is Intelligent Data Management?
Advanced learning technology is ever-developing. Intelligent data management implements those developments and implements them into your organization’s data processing systems. It prioritizes best practices for data management including strict user access, regular backup, data protection, sorting and archiving.
Intelligent data management assists with real-time data and form processing. An intelligent data management system is able to differentiate between structured, semi-structured, and unstructured data. This allows your data management platform to independently interpret, index, and organize new data without creating duplicates. This saves your team from manually naming and categorizing files within your systems and eliminates the risk of human error.
In addition to assisting with data and form processing, intelligent data management helps protect against the loss of data in the event of a disaster with recovery management protocols. Your system will be able to create back-ups, recover lost files, and save automatically. It should also have cybersecurity features such as segmentation to mitigate damages in the event of a cyberattack. These features can save your organization both time and money by allowing you to bounce back from disasters with reduced downtime.
A data management system with AI or machine learning capabilities enables also users to experience seamless interfaces that simplify an otherwise complex management system. With an intelligent data management system, organizations can easily and competently manage their data without the need to expend resources on additional IT staff and training.
Protect Your Organization With Intelligent Data Management
As access to data has become not only prevalent, but imperative, the processes surrounding how data is stored, how long it’s retained, and how it can be used have changed. Regulations have emerged in respect to each of these processes, although the degree of regulation varies across industries and functions. When consumers share their information with an organization, they are trusting that entity to handle their information responsibly. Staying compliant with regulations preserves the safety and relationships of both consumers and organizations.
Building these relationships on trust is vital to continued success. Failing to do so can have hefty public image and financial impacts. Many of the regulations in place require steep fines from companies and institutions that fail to comply. Often times these fines are administered on a per-instance basis. This means that if 1,500 individuals were impacted by bad data management practices, your organization could be required to pay the fine 1,500 times over.
Overcoming Legacy Data Systems
When organizations change leadership or restructure departments, concerns that were swept under the rug previously are often brought to light. All too often these include data management systems that were pieced together and only operable by the administrator who created it.
Intelligent data management helps provide adequate tools to adapt the existing systems and bring them into the present. Rather than attempting to integrate this older technology, which often leads to data loss, modern data management systems will process what’s currently stored and transfer it to the new platform. Organizations with analog data management systems can take advantage of industrial document scanning and conversion services to digitize their files to be transferred into their new intelligent data management system.
Performance is another area that can’t be compromised. Consumers and business partners expect speed, consistency, and accuracy from professional organizations. Platforms that do “just enough” quickly drive down the user experience both internally and externally. Intelligent data management systems can ultimately improve customer service and relationships, leading to an elevation in your organization’s reputation and revenue.
Stay Compliant With Relevant Tools
Your organization is likely required to undergo periodic audits and compliance checks from the relevant regulatory bodies. With an intelligent data management platform, your team has instant access to a well organized and archived source of data. This can streamline the compliance verification process. Your employees will have an easier time gathering the data that your organization must provide for these audits.
Additionally, intelligent management systems have access control features that ensure sensitive information is only accessible to authorized staff. Access control measures will reflect well on your compliance performance during audits and checks.
Your data management platform is also likely to have a highly useful reports feature. Analysis reports help to validate retention policies and show the path that forms and documents take before ending up in their final destination. Analysis reports can also indicate whether your data is protected with the strongest security available.
Working with Scan-Optics and our intelligent data management solutions means access to our easy.forward™ platform that uses machine learning and AI to keep your data storage compliant as regulations change.
Scan-Optics works with organizations of all sizes to provide intelligent data management software and solutions. Our proprietary technology and data management system help to reduce costs and protect sensitive data that only needs to be accessed by specific staff. By leveraging machine learning and AI, we have ensured that our platform is future-proof and ready to evolve as the scope of data management expands.
Intelligent data management is the present and future of how organizations handle data, from acquisition to destruction, as businesses and regulatory bodies deem fit. Scan-Optics is dedicated to keeping your organization on the forefront of fast, secure, and simple data management.
Now is the time to see how much time, money and energy can be saved for everyone in your organization, not just IT and administrative staff. Contact a member of the Scan-Optics team today for a free consultation.
*This blog was originally published in October 2021. It has been updated as of December 2022.
