Data Management For Contemporary Organizations

Data Management For Contemporary Organizations

in Technology on November 26, 2022

A lot is riding on the outcome when it comes to the quality of your info. Data management for contemporary organizations may significantly impact anything from legislation to income for your business. Even while many companies in today’s world speak a lot about basing their choices on data, many do not trust the quality of their data required to drive new projects. It is not hard to visualize why this is the case, given that C-level executives estimate that 33 per cent of the data held by their firms is erroneous. Do you put complete faith in your data while making significant decisions?

Researchers conducted a yearly survey of over 1,400 data management professionals worldwide in 2017. The survey aimed to comprehend better how data is being utilized within organizations and how that data’s quality impacts those organizations’ business priorities. This is what the investigation yielded:

Data, namely high-quality data, is the driving force behind commercial activities.

To become entirely data-driven, companies require information in which they can have faith, and improving the quality of their data is the first step in this process. According to the survey findings, more than ninety-five per cent of firms in the United States claim they utilize their data to fuel commercial prospects. What other kinds of possibilities are there? Most of the time, we discover that businesses are using their data to boost income and improve the quality of service they provide to their clients. More than half of businesses report that providing improved service to clients is one of the critical uses for the data they collect. In addition, companies may utilize the data they collect to improve their marketing efforts, lower the risks faced by their organizations, and find new sources of income.

Reliable data is the only data worth possessing.

Although the vast majority of businesses worldwide claim that data helps them achieve their business goals, just 44% trust the data they collect to guide them when making crucial business choices. As a result, the research findings indicate that fifty-two per cent of companies report that, when making choices based on their data, they depend on either informed guesses or their gut impressions. This element of uncertainty adds to a rise in the company’s risk. More than fifty per cent of firms worldwide believe that a lack of confidence in their data contributes to an elevated risk of regulatory and non-compliance fines.

Managing data demands 

What kind of progress have modern corporations made with their data management methods? According to our survey findings, more than one in two enterprises worldwide think the data governance systems they are currently using are ineffective. In addition, just 18 per cent of firms in the United States have reached a more advanced level of data quality, which is what we mean when we say they are “optimized.” In addition, just one in every four worldwide firms reports having a single director responsible for centrally reviewing and maintaining their data quality plan.

While businesses know that poor data quality is a problem, they cannot take action because they cannot formulate a data strategy centred on the measurable business implications of poor data quality. The situation worsens when departments struggle to control data assets and create silos inside their organization. What is the answer? A centralized data job, such as a chief data officer, should bridge the gap between the business and IT to build a data quality plan that enables business intelligence while maintaining data governance.

Investing in data quality does result in a return.

When companies make changes and enhancements to their data, we find that they perceive favourable effects in their operations. According to the survey findings, an overwhelming majority of enterprises worldwide (85%) experienced more timely and tailored conversations with their customers as a direct consequence of enhancing their data quality solutions. In addition, 83 per cent of organizations worldwide report that they have seen some improvement in the productivity of their employees after implementing a data quality solution, and another 82 per cent of organizations report that they have seen some progress regarding expanding their customer base.

What kinds of data management initiatives can we look forward to?

Organizations worldwide are making significant preparations for their data initiatives as they look forward to the following year. Thirty-three per cent of individuals who responded to the poll said they wanted to initiate a data cleaning effort within the next twelve months. The following are some examples of other sorts of data management projects:

  • Data integration
  • Data migration
  • Data preparation
  • Data Enrichment
  • Data Analytics

In the following year, companies intend to allow businesses to handle the big data goals they have set for themselves by offering clarity for those beginning data management programs and advice for strengthening programs already in place. Read the study on the global data management benchmark for additional statistics and trends in data management. Click here for more tools and info on data management.

%d bloggers like this: