Data is at the foundation of every innovation. Using it effectively can be a challenge, though, for companies in industries such as health care and biotech. In these fields, there is often an abundance of data, and sorting through it can be a major hurdle. There are a few solutions that can make this process easier, though, including the use of a data repository system. Learn about the top seven benefits that this platform can provide.
1. Minimize Data Loss
Data loss is an unfortunately common problem affecting companies across nearly every industry. Data loss happens when files get corrupted, overwritten, or otherwise compromised. A data repository can combat this possibility by giving your company a secure database infrastructure to house all of its files. This minimizes the risk that datasets can be lost, deleted, or corrupted. It also allows all members of the repository to access the data, thus further safeguarding it from potential loss. This is particularly important for companies that handle regulated data and content.
2. Maintain Compliance
Companies that generate compliance-sensitive data and content must do more than just protect its integrity. They must also implement stringent data management standards in order to ensure that they are in compliance with all relevant regulations. Creating a GxP compliance checklist can simplify this task and give your organization the resources to prevent infractions. More importantly, though, a data repository can help companies maintain compliance by providing robust security features and eliminating common obstacles in workflows.
3. Facilitate Understanding
A greater sense of understanding is another important benefit that a centralized data repository can provide. Repository systems work by giving group members access to shared data. This facilitates better understanding among group members because they can share important information, communicate openly, and develop insights through more accessible data. This is particularly important for companies in the medical field because sharing data can facilitate discoveries that ultimately benefit patients. Shared information also further facilitates understanding by connecting datasets, enabling research, and providing context for some of the most common lines of inquiry.
4. Encourage Collaboration
Along with facilitating understanding, data repositories can encourage collaboration, too. As the members of the database share data, transmit files, and work together, collaborative relationships will naturally arise, allowing organizations to further benefit from the repository. This is due to features such as indexing, linking, and metadata — all of which make information easier to find and thus allow users to collaborate more easily. In the medical field, this often gives way to valuable innovations, and it can be beneficial to fields such as information technology, pharmaceuticals, and biotech, too.
5. Demonstrate Value
All of these benefits ultimately demonstrate the value of data and help companies eliminate nonvaluable data from their schemas. When information is stored in a data repository, companies can easily highlight its relevance and demonstrate its value to common projects. In other words, if multiple organizations share the data contained in a repository database, the most important information can emerge as users share and comment on unique datasets. More importantly, built-in security features can shield the most valuable data from interception or corruption. This helps companies remain compliant while retaining the value of their information.
6. Maintain High Standards
Although data is an essential asset, companies must know that all data isn’t high-quality data. In fact, most raw data features duplications, aberrations, and other issues that decrease its usability. A data repository makes it easier to maintain high standards of quality for data by deleting duplicated information and automatically organizing incoming datasets. Keeping data high-quality is the best way to ensure that it is usable and accessible to the members of the repository. It also ensures the efficacy of any process that is predicated upon a dataset.
7. Improve Security
Finally, a data repository can help your company improve its security measures. Companies that use out-of-date and nonsecure platforms may see data become more easily corrupted or lost. Security issues can also leave sensitive, privileged information vulnerable to third-party interception from an unauthorized agent. Companies in industries such as health care or the life sciences should ensure that all files are encrypted or otherwise secured. The right data repository platform can provide this service along with regulatory compliance management, optimized workflows, and other innovative data management tools.
Types of Centralized Data Repositories
Centralized data repositories are databases, typically large and complex, that store a variety of critical data in one place. They are used to improve organizational efficiency and accuracy while also providing a more seamless experience for all stakeholders. Centralized data repositories can range from large enterprise solutions to smaller, more single-purpose repositories.
There are three primary types of centralized data repositories:
- Master Data Management (MDM): Master Data Management solutions integrate existing databases, such as corporate directories, customer records, and terms of service agreements, into a comprehensive platform so that people in different departments have the same view of the information.
- Customer Relationship Management (CRM): CRM solutions are designed to store customer contact details, sales history, customer preferences, and engagement analytics so that sales reps can better target their outreach efforts. In addition to contact information, CRMs also hold valuable insights about customer behavior which can be used to inform decision-making.
- Business Intelligence (BI): Business intelligence solutions focus on consolidating an organization’s key process indicators—such as sales status and delivery performance—in a way that makes the data available for reporting and analysis with tools like dashboards and charts. This type of centralized repository is beneficial when trying to gain visibility into how different teams impact company performance or when executives need drill-down analytics from multiple lines of business at once.
Transitioning your company’s data management strategy to a repository system can eliminate many of the barriers that complicate compliance. It can also give you the tools to strengthen collaboration, retain the value of your data, and prevent security mishaps.