For any business to sustain and prosper in a fulfilling manner, data is the backbone. It has to be collected, processed, protected and stored to make decisions in and around it.
The data is that gold mine for any profiterer which if utilised wisely will give progressive outcomes and continual growth.
However, there are various challenges associated with data management which if not considered timely may lead to limited growth and disruptions in the long run.
The amount of data that is produced each day is huge and it has to be streamlined to get viable results. Therefore, companies need to figure out various data sources and manage them as per their needs.
Unavailability of Processes
In case of data being collected from contrasting sources, there are high chances of inconsistencies and errors. This lack of homogeneous databases help develop imprecise data.
Seriousness of Data Management System
The organisations do not take the problem associated with their data seriously. They need to be more aware of their data and react to its management in an effective way. Rather, they should correct it time and then and not wait till it is collected in huge amount, where fixing it may take a lot of time and efforts.
Who owns Data?
The ownership of data is still divided. This affects the management of data quality which is dependent on different stakeholders and analysed from department to department despite through the organisation as a whole.
Acknowledgment of Data Culture
There are associations unaware of data management skills. Leading to it, they have no idea about the resources required for it. This reflects absence of data culture in the organisation.