A fact of life in the modern business world is that information is so very important. You need lists of prospects to target your marketing. Inventory management depends on accurate data. Your bookkeeping using QuickBooks Online and perhaps integrated business intelligence tools like Microsoft Power BI requires data processing, storage, and retrieval. Many businesses today use Microsoft Office 365, a cloud-based solution that lets physically distant individuals collaborate on project and access centrally located data around the clock. But, unfortunately there hackers and natural disasters, human error and more that can result in data loss or corruption. Luckily, QuickBooks Online backs up your bookkeeping data with a third party backup. Unfortunately, there are weaknesses in Microsoft’s backup system for Office 365. The question is this, when you lose your data, can you lose your business as well?
The Boston Computing Network pulled together information from various sources in regard to the effects on a business data loss. Here is a snapshot of what they reported.
In any given year, six percent of all PCs experience data loss at least one time. Considering how many PC are in use, this comes to millions of data loss episodes and billions of dollars in losses of businesses that have a bad fire, thirty percent are out of business within a year and seventy percent are gone within five years.
More than thirty percent of PC users have lost files because of events they could not control.
For companies that still do tape backups, a third of companies don’t bother to test the backup and when others do, there are three chances in four that the backup has failed!
Sixty percent of companies that experience substantial data loss shut down within six months of a disaster.
Of companies whose data centers are down for ten days or more, ninety-three percent file for bankruptcy protection by the court with a year. Half of those companies filed immediately! . The loss to American businesses due to viruses runs in the tens of billions of dollars every year. The number of hard drives that crash in the USA every week is well over 100,000 and a basic hard drive recovery can cost up to $10,000 even when not totally successful.
Some of their stats are a bit dated but you get the point. When you lose your data you are in danger of losing your business! So, what can you do?
It should go without saying that if all of your data is on your business computers that you need to do routine backups and store data off site. It is a good idea use a backup program that not only backs up all of your data to given points in time but also does incremental backups for changes made every day.
Do many businesses do their computing in the cloud these days and that presents another set of issues. What software are you leasing and do those folks do adequate backups? As we mentioned at the beginning, you are smart if you are using QuickBooks Online for your bookkeeping because Intuit backs up with a third party backup system keeping a complete set of your data in a secure location should anything happen to corrupt data on your end or a disaster should befall the QuickBooks Online servers.
An issue we also mentioned at the beginning is that while Microsoft Office 365 is amazing business software that gives you best in class programs, Microsoft does not do fantastic backups. The two issues are saving everything and the ability to retrieve efficiently and from any point in time.
If you want to use Microsoft Office 365 (and you should), look into a service that will do cloud to cloud backups from your Microsoft Office 365 data to a separate and secure storage. Look for a backup system from which it is easy to retrieve data like emails, Microsoft Group work, and more. And, look for a system that gives you point in time backup and retrieval ability so that previously archived or inadvertently deleted information can be recovered.
At Exigo Business Solutions in the Kansas City area, we partner with three such companies, Datto, DropSuite, and SkyKick. Each of these can provide you with cloud to cloud backups, fast and efficient information retrieval, and point in time capabilities as well.
If you would like to talk to someone about protecting your data, and your business, from loss, contact us today.