All businesses work with some form of data to achieve specific objects. Think big data, niche-specific data, and traditional data such as your physical documents. It is therefore going to be bad news for business if, for some reason, you lose any form of data. This could potentially turn into a disaster if backup and recovery mechanisms aren’t in place, which in turn could realistically mean you could face a huge downturn in productivity and sales.
No business plans to lose sensitive business data. However, if mechanisms to stop, or at the worst limit, this aren’t put in place then you may find that you face more than lower productivity and sales; you could lose your client base as well.
Businesses are starting to pay more attention to data loss and best practices to protect them against data loss. According to the Australian Bureau of Statistics, a fifth of Australian businesses paid for cloud services during the 12 months ending 30 June, 2014.
The most effective data protection any business can use is a simple data backup, and whether you manage the service yourself or pay for onsite IT support, protecting your data is a must, as the risks that come with data loss are great.
Consider these three disastrous consequences of data loss:
Consequence of Data Loss: Risk to Sales
Your business may not be able to operate for a specific amount of time. If this occurs, then you may not be able to communicate with your customers or make sales. The consequence? You risk a drop in sales.
Consequence of Data Loss: Competitor Advantage
Should your business have to close operations in order to manage unexpected data loss, any customers who aren’t patient enough for your business to get back up and running, may look elsewhere. The consequence? Your competitors take advantage of your lack of foresight.
Consequence of Data Loss: Bankruptcy
There are some staggering statistics around the consequences of data loss. Some businesses may go out of business, some never reopen again, and some close within two years of losing their data. Another devastating consequence? Having to file for bankruptcy due to losing data that covered an extended period of time and not being able to recover this data.