Several businesses store sensitive data that include company information along with that of its customers. In case of data mismanagement, an organization can face issues at several levels. Whether it is data loss or theft, poor data management implies security risks and many other problems that eventually lead to loss of business intelligence. If partial or all data are lost, the company will have to invest more time, effort, and money in their retrieval, making the whole process counterproductive in terms of time and cost efficiency.
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