Data management issues are nothing new to IT experts. Fortunately, there are many ways to resolve these problems with lasting results. With the amount of data continuing to soar for countless organizations, IT teams are working feverishly to craft new management strategies. This includes actual collection of data, along with processing, allocation, and storage for multi-department use.
Common Data Problems
Recent studies on data have shown a few common problems that most technological companies share.
- The quality of data collected must be relevant to increasing revenue and decreasing cost.
- Due to a lack of quality data, companies are investing in newer, high-quality management (DQM) tools.
- Companies are also making quality data collection a top priority across the board, but this has resulted in higher costs to facilitate acquisition of newer tools and apps.
Resolving Ongoing or New Data Issues
It is important to understand that all available data collection and analysis resources should be tailored and customized to meet specific company needs and directives. This is especially true when it comes to the cost of collecting, maintaining, and storing data for everyday use. Keep the following considerations in mind when looking to resolve data-related issues:
- It is important to consult with data solutions providers on a frequent basis.
- Data solutions providers can formulate strategic plans to manage, analyze, and assess data for companies of all sizes and industries.
- These providers can also help increase revenue and profits, while decreasing costs and expenditures related to data collection and/or retrieval.
Data Quality Troubles
The process of collecting and analyzing data is results-orientated. The end result should be positive and favorable for any business. The following was determined through 2015 market studies of companies that procured new data management companies and tools to better their businesses:
- 40% of global organizations were confident in their DQM practices and tools.
- 20% of global companies deemed their data quality management as simply satisfactory.
- 10% of global companies stated that their data quality management was less than satisfactory.
Impact of Data Quality on Businesses
IT professionals understand the importance of precise data management for businesses. The value of any company can be lost due to poor data quality and collection techniques. Whether looking to cut costs, increase revenue, or simply to see if departments are operating at peak performance rates, data quality remains crucial for any business.