5 Biggest Challenges for Data Management - PowerPoint PPT Presentation

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5 Biggest Challenges for Data Management

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Automation ensures data accuracy and reliability because there are higher chances of making mistakes with manual Records Management Consultants. Our expert Records Management Consultants have provided Data Governance Consulting to a wide range of companies from various industries. Our team of professionals offers the services to collect, validate, administer, analyze, automate, and prepare reports of your data. – PowerPoint PPT presentation

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Title: 5 Biggest Challenges for Data Management


1
5 Biggest Challenges for Data Management
  • Contoural Inc

2
  • Data is a significant asset for any company. Just
    like humans need quality food to perform well, a
    company needs a consistent supply of quality data
    to function properly. In order to improve a
    companys performance and to meet its goals in a
    timely manner, it is important to have an
    efficient system for data management. The supply
    and quality of data affect a companys
    decision-making ability, impacting business
    productivity.
  • According to Michael Cole-Fontayn, Executive VP
    of BNY Mellon, the biggest challenge for any
    company is how data is acquired, saved,
    distributed, and analyzed. To benefit from the
    data optimally, companies need to address a few
    problems. In this article, we have discussed the
    5 biggest challenges for data management.

3
Automation
  • Data can be acquired from multiple sources. These
    could be from the internal resource as well as
    external resources. Due to the variety of data
    sources, the gathered data is not different in
    various aspects. Multiple datasets have different
    formats, acceptable ranges, and publication
    periods (granularities). The company faces a
    challenge in handling these datasets because each
    set requires different standards and protocols.
    Another complication arises when the data cannot
    be published when it is required- creating
    undesirable time lag. This calls for the need for
    data automation so that data could be acquired
    and saved efficiently.
  • Other than efficiency, automation ensures data
    accuracy and reliability because there are higher
    chances of making mistakes with manual Records
    Management Consultants. Data automation has
    revolutionized the way companies do business.

4
Volume
  • The enormous amount of data being created on a
    daily basis has made it quite a challenging task
    to manage data. As the volume of data is
    increasingly growing, it requires more resources
    to monitor and validate the data. In the absence
    of an efficient data management system collecting
    and managing a huge pile of data becomes pretty
    much of a hassle. However, with the right tools,
    this process can be made easier. A good data
    management system sorts out the relevant data and
    manages them for quicker access.

5
Format Changes and Revisions
  • Since data is acquired from multiple sources,
    there is a difference in their formats. And data
    managers have another challenge of data
    inconsistency to deal with. With business
    evolution, new aspects are added which tend to
    affect the data format. Or, at times the data
    cannot be made available because it is going
    through the maintenance phase.
  • Data vendors need to revise the data because some
    prior entry was incorrect. Data inconsistency
    also occurs when the source data is changed which
    triggers change throughout. You can track these
    changes by going back to the source data however
    doing so frequently can get you blocked by the
    data vendor. And once you have made it to the
    blocked list, it is difficult to refer to the
    same source. Hence, it is important to have an
    efficient data management system, to avoid all
    these consistency issues.

6
Analysis
  • Analysis of poor-quality data can be extremely
    challenging and even devastating for analysts,
    managers, and traders within an organization.
    Based on the wrong data, and analysis and
    consequent decisions can be highly destructive
    for the organization because they can steer an
    organization in the wrong direction. Sometimes,
    data experts can identify data errors by
    detecting abnormal patterns however if this task
    is given to a resource, it could be draining and
    frustrating because of its unfeasible nature.
    Those systems that can analyze complex data can
    save a lot of resources for organizations. These
    could be in terms of time, money, stress, and of
    course quality data.

7
Integration
  • Because the data is acquired from different
    sources, it is difficult for all the data to meet
    internal system requirements. This data is used
    for assessing and analyzing trade and risk. It is
    used in business intelligence tools, billing and
    invoicing software, and other applications. With
    an efficient system, the data can be utilized and
    integrated for a wide range of applications.

8
Contoural Inc
  • Contoural Inc is a reputable and reliable service
    center for data management. Our expert Records
    Management Consultants have provided Data
    Governance Consulting to a wide range of
    companies from various industries. Our team of
    professionals offers the services to collect,
    validate, administer, analyze, automate, and
    prepare reports of your data.

9
THANK YOU
  • Address 335 Main St, Los Altos, CA 94022
  • Number (650) 390-0800
  • Email info_at_contoural.com
  • Website www.contoural.com
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