Top data management challenges and how to overcome them
November 6, 2018
While most businesses have a desire for data-driven insight, many are not realizing that ambition. The result is that data management is often fragmented and driven by multiple stakeholders. This leaves organizations dealing with a high degree of inaccurate and disparate data and BBA brought up a number of challenges to maintaining it:
- Sheer volume of data
Every day, it’s estimated that 2.5 quintillion bytes of data are created. This leaves organizations continuing to face the challenge of aggregating, managing and creating value from data. The sheer amount of data being created and the numerous collection channels make good data management an important, yet elusive goal.
- Taking a reactive approach to data management
One of the biggest problems we often see, is that firms often don’t realize they have a problem with their data. This means many organizations take a reactive approach to data management, and will often wait until there are specific issues that need fixing.
- Lack of processes and systems
When data is extracted from disparate databases, the inevitable result is data inconsistencies, and nobody trusts the numbers. A lack of processes, data management systems and inadequate data strategies contribute towards inaccurate data.
- Fragmented data ownership
A lack of data ownership is one of the key shortfalls for most organizations we speak to. Data ownership is still predominantly fragmented, with the management of data quality driven by multiple stakeholders and frequently measured at a department-by-department level, rather than across the business as a whole.
- Driving a data culture
Many organizations cannot invoke enough support to improve data culture. This may be due to organizations often lacking the knowledge or skills around data management and the resources required to manage data properly.
A new dawn for data management
As organizations begin their shift to that of a more data-centric organization, they recognize both the importance of quality data and having a more sophisticated approach to managing data. From building better customer relationships to overcoming internal and external data management challenges, organizations will need to overhaul and evolve their data processing practices.
In addition, as organizations shift towards a centralized data management strategy, they will be able to take on more sophisticated data projects. The ability to use high-quality data to make critical business decisions and improve your bottom line should be a huge focus in the coming months.
Data Management Services
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