Data Management: Challenges, Risks And Possible Solutions For An Organization
“Without big data analytics, companies are blind and deaf, wandering onto the web like a deer on a freeway” – Geoffrey Moore
Data management is something that sets a firm apart from the competition. A collaboration of effectively analyzed data and a well-groomed instinct are characteristics that allow executives to perform exceptional decision-making when it comes to planning strategies for an organization. Despite the availability of various tools to aid the process, things are not as simple as they might appear with numerous challenges popping up every step of the way.
1. Starting at the bottom: Ensuring accurate data collection
Good quality data is evaluated on six key characteristics:
- Accuracy: It is important that the data is collected after clearly defining the purpose for which it is to be used. Furthermore, the data should be collected at the time of its intended use to ensure effective results on analysis.
- Validity: Certain guidelines always have to be determined in order to make the data as appropriate for use as possible.
- Reliability: The data has to be collected from sources that can be trusted to be credible.
- Timeliness: It is important to collect data as close to the time of analysis as possible because the recorded answers can change over time, rendering the results ineffective.
- Relevance: A study to improve HR practices should focus on collecting data from people related to the field mostly.
- Completeness: The data should by no means be incomplete in terms of the earlier specified guidelines.
All these factors have to be considered and met while collecting data and though it might seem easy, on the field it is extremely challenging.
2. Data protection
Data is an extremely valuable asset that is collected after extreme considerations and allocation of resources. It holds sensitive information that can be disastrous in many ways to the organization itself as well as the respondents. It is, therefore, the foremost responsibility of a company to protect the data from hackers, misuse, compliance requirements and others with maligned interests.
Data in its raw form holds no meaning to anyone. Although the advent of technology has made life extremely easy for corporations in this regard, there are still certain challenges that crop up during data analysis. These challenges can range from inability to appropriately run the tools or inaccurate input of information that results in wayward results. Clients need tools that can extract data easily, systematically and provide a range of options for manipulating that data.
4. Data automation
Collecting, storing and sorting this data is a huge task that is impossible to do manually. This is where data automation steps in. The process streamlines the entire flow from collection to analysis without much human intervention. However, the relevant expertise is still key without which the whole exercise can go to waste.
5. Final Step: Integration
This is the part where many people and systems make blunders. It’s one thing to collect data, it’s quite another to make that data available to the organization and to any number of downstream systems. Not only do you need to provide tools to make data available. It still all starts at data, a small error that was made during data collection can result in failure of the entire strategy based on results obtained from it.
Data management is a complex task that has to be handled with delicacy. You wouldn’t trust an amateur with a life-changing surgery, why would you take that risk with your business’s strategy decisions? The challenges faced during the entire data collection process can be overcome by using off the shelf solutions like ZEMA.
The product allows you to get your house in order without having to lose your hair over every little bump in the data management process. ZEMA provides you resources that cater to every step of the process including data collection services, analytical platforms, a workflow engine and a wide range of technical tools such as web services and APIs to aid and make your decision-making process as hassle-free as it can be.
Get in touch with us today! to find out more.