Schedule Backup Considerations
Regular backup of your environment, specifically your database, is prudent practice. There are three good ways recommended, and of course they may all be used in parallel.
VM backup
If you are deploying the product on your own VM, you may use the VM management software to backup the VM environment.
In addition, if using the bundled PostgreSQL database, you will be backing that up, as well.
In addition, if the database server is on VM, then again you may backup that VM, as well.
PostgreSQL data copy on MM software upgrade
Another good practice is to take advantage of any clean software upgrade where you have both the applicatoin server and the PosgresSQL down, to make a physical copy of the postgresql\data folder and all its contents to another drive or machine.
PostgreSQL dump
Finally, you may also use the db dump utility for the given database type (and as documented in the related sections),which may in some cases be used while the database is running although it is recommended to use it only when the database when quite which is when no users are working and when no regular import, build or database maintenance is running.
Other Best Practices
For reducing the database size, you should cleanup your repository on regular basis (too many versions), see repository cleanup.
Run your database maintenance on daily basis
https://www.metaintegration.net/Products/MIMM/OEM/Talend/Help/#!Documents/rundatabasemaintenance.html
Exceptional PostgreSQL compacting
The bundled PostgreSQL server runs in auto vacuum mode so no nothing else is needed as model versions get deleted, the next model versions will reuse that space. If a huge delete of configuration and models is done, one my require a manual PostgreSQL shrining, but that requires dba expertise and is not recommended.