Continuing off of the last blog about tactical issues surrounding the loss of critical corporate information, this blog will look at the strategic issues that have an impact on critical operations within your business processes.
Loss of Opportunity: Without current and accurate information about your company and its customers, data loss can result in lost sales. For example, if you do not have up-to-date inventory information, customers may order from someone else who guarantees delivery. Another example, follow-up calls to customers may be missed if your CRM data is lost, which could cause lost sales for current customers as well as future sales.
Decreased Operational Efficiency: The lack of access to data will result in a greater dependence on manual processes, which will significantly decrease your operational efficiency.
Inability to Support Customers: Without access to customer data, you will have a difficult time supporting your clients and may incur unnecessary costs.
Increased Systems Costs: Your total cost of ownership will increase, making it more difficult to make money if margins are small.
Noncompliance Issues: Without accurate data, you might not be able to prove compliance with government mandates, resulting in fines and legal fees.