The rapid growth of data volumes as well as the diversification of data sources results in a multitude of complexities for companies to navigate. This includes data integration and quality assurance, security protection and retrieval, as well as providing actionable insights. Enterprises that fail to tackle these challenges can suffer a loss in productivity, regulatory incompletion and missed opportunities to grow.
Data skews and inconsistencies can have a significant impact on the ability of an organization to make informed decisions. These errors are often the result of inconsistencies in standard formats, naming conventions, and processes for managing data. This is why these inconsistencies cause delays in the delivery of data to business users and reduce the value of the data.
A lack of a centralized repository can also cause problems with data integration. This happens when data is transferred to various systems without a clear structure. These issues may also hinder teams from collaborating with other departments and gain important insights.
Another issue that is frequently encountered is the difficulty of finding a data owner and steward. Capital One conducted a recent survey which found that lack of resources and confusion about the role were among the major obstacles to successful data governance implementation.
In the end, it is important to keep in mind that a good implemented, well-designed data management strategy is only as effective as the people who use it. This is why it is crucial to invest in the appropriate tools and technologies, offer clear guidance and training and establish the right environment for collaboration and creativity.
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