If your company is making the first steps in Data Management, find below 3 tips to help you.
Top 10 Challenges with Data management
Uncover the top 10 challenges of data management for businesses in today's data-driven world to be better prepared.
Effective data management is critical for businesses in today's data-driven landscape. Without a clear strategy, companies may face a range of challenges that can impact their bottom line. In this article, we'll explore 10 common data management challenges. Read on to learn how you can optimize your data management approach to drive business success.
Top 10 Data Management Challenges
- Data security: It is a major concern that poses a challenge for many organizations. Compared to other data-related issues, it is one of the most complex obstacles and should be included in any data management policy to be implemented.
- Data quality: Data quality is a major challenge facing many companies today. While processing or recording information in a database, maintaining data quality can be difficult. It is crucial to remove unnecessary data and retain high-quality and accurate data that your business needs to function effectively.
- Data integration: Combining data from multiple sources in a way that is useful and meaningful.
- Data governance: Data governance is responsible for setting guidelines and regulations for the data management practices of an organization. Similar to a constitution, a data governance framework helps enforce policies, rules, and laws related to data procedures. For example: COBIT, DAMA-DMBOK, GDPR, HIPAA, ISO 27001, among others.
A comprehensive data governance plan must be implemented throughout the organization to adhere to industry-specific or federal norms and regulations.
- Lack of skilled resources: Experienced data management specialists are in high demand and come with a hefty price tag, making it challenging for businesses to recruit and retain them. For organizations working with cutting-edge technology, training and retaining entry-level personnel can be a costly endeavor. As a result, many businesses opt to outsource their data management needs to external providers that have the necessary resources and expertise readily available. This approach allows them to focus on their core competencies while ensuring their data is managed efficiently and effectively.
- Data automation: Collecting, sorting, and classifying data can be an enormous task that is not feasible to accomplish manually. That's where data automation comes in handy. This process streamlines the entire cycle from data collection to analysis with minimal human involvement. However, having the required expertise is still essential, as without it, the whole undertaking may prove to be fruitless.
- Data storage: Data storage can be a challenge for businesses, as the amount of data they collect continues to grow rapidly. This can lead to issues with managing and accessing the data efficiently, which can impact business operations.
- Data analytics: Raw data is of little use, no matter how excellent its quality is. Technology has advanced to a point where it can aid in data analysis, but various challenges still persist, such as avoiding errors while operating the tool and extracting data in a methodical manner. Fortunately, there are several advanced tools available that can help your organization import data and manipulate it temporarily, enabling you to evaluate it based on specific parameters.
- Data migration: Migrating data from legacy systems can be especially challenging because of the outdated formats and technologies used in those systems. It is essential to have a well-planned and executed data migration strategy to ensure a successful and seamless transition of data.
- Data silos: Overcoming the challenge of having data scattered across different departments, systems, or platforms, and consolidating it for better insights and decision-making.
Businesses that want to thrive in today's data-driven landscape must overcome the various data management challenges. Outsourcing to Latin American talent can be a quick and cost-effective way to boost your team's expertise and efficiency. By implementing a comprehensive data management strategy that addresses data security, quality, integration, governance, automation, storage, analytics, migration, and silos, businesses can ensure that their data is managed effectively to drive business success.
Schedule a free strategy session so we can discuss your Data Management Challenges and how to boost your team’s scalability.