How can data management ensure consistency in growth?Blog by Glorious Insight
In the present day and age, a staggering amount of data flows across the enterprises. This data ranges way beyond sheer customers' data and includes a variety of elements based on the industry the business belongs to. While manufacturing businesses would have data pertaining to suppliers, material, and test results, retailers would manage merchandising, operational, and supply chain data. Similarly, insurance companies relate to data about claims, partners, and other third parties. Cutting the long story short, data is the driving fuel for modern enterprises across all industry verticals.
Data is continuously generated and accumulated in the silos, if not properly managed and utilized to its full potential. The outburst of Internet-based technologies such as big data, social media platforms, cloud computing, IoT, and many others have taken the volumes of everyday enterprise data to incredible heights. This exponential upsurge in data is only meaningful if enterprises could efficiently process and analyze it and derive valuable actionable insights. In the absence of such analytics, it remains just a pile of statistics and other information pieces that eventually start adversely impacting the organization.
This clearly defines the need for establishing an effective data management strategy and architecture for collection, verification, maintenance, and sharing of these massive datasets. Data management is not only vital in organizing your data but also help you address the critical need of utilizing this data in a way that benefits the organization. It allows you to create a single trusted source of information and optimize control to capitalize on your invaluable digital asset.
√ Importance of data management
Since businesses have started understanding the importance of data in making critical business decisions, it is seen as the most treasured asset of an organization. The potential of data in enhancing the outcomes of marketing campaigns and slashing down operational costs by optimizing processes have further elevated its importance. These benefits directly align with the obvious and vital objectives of profits and revenue generation.
Data management is crucial in making your enterprise data consistent, compatible, and high-quality to ensure accurate findings and precise running of BI and analytics. The importance of efficient data management is also businesses struggle to comply with varying numerous regulatory requirements related to data security and privacy. It helps in handling the limitless sources of data and a vast range of different forms.
Data management is not a choice but an indispensable and urgent requisite to become resilient and continue growing in the present competitive environment. The escalated market share of big data services is setting a new record every day and is likely to grow almost thrice in the next five years. Such an explosion is also mandating companies to resort to sophisticated and efficient management. Clearly, wieldy storage and easy navigation across datasets are rudimentary for the growth and success of present-day enterprises.
√ Risks that inadequate data management can lead to
It is clear by now that data is the most crucial asset for businesses and is rightly called digital gold. However, given the agility in the present-day market and ever-changing demands, it is still not wise to spend your valued resource forever to collect this asset and draw beneficial business intelligence from it. Also, any loss of information extracted after such grueling efforts would cost you a fortune in terms of time, revenue, and business.
Statistics suggest that over 90% of the companies who lose their data for 10 or more days went out of business and had to file for bankruptcy. Out of these nearly 50% who were without any data management has to take this devastating step almost immediately. For these reasons having robust data management can save you from potential risks and ensure continuity.
Data management not only organizes your data, but it also helps rapid insight retrieval and enhances security. It helps you develop and command a secure working culture within the organization subtly. It enforces the best data practices gently, makes everything measurable to enable you to take quick corrective actions, and prevents your data from going inaccessible forever.
√ Benefits of effective data management leading to the growth for your enterprise
No one can deny from that the fact that in the present day and age data is everything. In the digital era that we are living in, data provides the foundation on which you base your daily business operations and business decisions. It is clear that effective and efficient data management is just imperative. Companies must make dedicated data management efforts to ensure that their enterprise data is always precise, consistent, complete, and organized. Here are some of the major benefits you can draw from data management that directly contribute to your business growth.
• Enhanced quality of data
Elimination of bad data also comes under the umbrella of efficient data management capabilities. If not eliminated, bad data can lead to plenty of confusion within the organization and also cost you tremendously by causing wrongful decision-making. Data management ensures that only the best quality data is delegated to the decision-makers and operators, in the right format, to align their actions to business growth.
• Significant reduction in time and efforts spend on data processing
‘Time is money’. Today’s business environment is bringing this phrase to life. We are living in an era of digitization where customers are becoming increasingly demanding. Delays at any stage of product or service development can cost you significant business. Also, in today’s ferocious competition, you cannot afford even the slightest delay blocking your road to continuous growth. Data management is the fuel you need to ensure an uninterrupted journey to success.
• Single source of truth
Data management ensures that the data your processes and people access across the enterprise is always consistent. As the data is collected from multiple sources in myriad formats and is accessed by various people at different levels, data management is vital in maintaining its cohesion and uniformity. It eliminates the duplication in data allowing unambiguous and consistent information flowing across the enterprise.
• Greater compliance
With technological evolution and transforming the market, the regulations and policies are also changing frequently. These are also getting more stringent every day making compliance a challenge. Compliance is even difficult for companies that operate across different states. Data management allows you to stay abreast with the diverse and evolving regulations.
• Higher data accuracy
No company can grow without data precision. In fact, inaccuracy in master data can create a ripple effect and be catastrophic for your businesses. Data management solutions structure your data in the most suitable format and eliminate errors and confusion while extracting data from a wide range of applications and interfaces. It delegates an exceptional precision rate that is the core of a growing organization.
• Improved and more informed decision making
The role of data in decision-making is no big secret. Data management not only keeps the data organized but also ensures efficient retrieval and processing. Data management systems are the foundation of present-day BI and analytics that drive almost all the aspects of your business. BI and analytics solutions are coupled with data management systems to unearth deep insights in real-time to navigate your decisions.
• Efficient handling of change requests
The current business models are collaborative in nature. They require synergic operations on business units and other market players. Also, you have to accommodate the inter-industry flow of information for sustainable growth. In such a scenario, multiple entities can access and change enterprise data. Data management restricts and efficiently manages the change requests and keeps them consistent all the time.
• Higher productivity
You can boost the productivity of your businesses and make them more organized simply by delegating the ease of data use. Contemporary data management systems come with highly user-friendly interfaces that allow you to access data rapidly and with utmost convenience. These can be easily coupled with other enterprise solutions that present data in different formats that are much more intuitive. This simplified access is bound to increase productivity and propel growth.
• Frictionless workflow
A seamless and smooth workflow is a vital ingredient of a growing organization and investing in data management brings you one step closer to that. These systems help you draw the maximum potential of your digital gold and stay competitive in the market. Rapid data processing ability helps you respond to your audience timely and in consonance with their expectations.
• Risk mitigation
Data is the most valuable asset in today's businesses and must be kept safe and secured. However, in the Internet era, we live in, entire businesses and lives are online, open to several vulnerabilities. Data management systems enforce access control, encryption, and several other measures to keep your data protected from prying eyes. These are quintessential for deriving growth with utmost safety.
Given the grueling competition and rising uncertainties, data management is undeniably vital for the growth of a business. It is your biggest tool to steer growth, beat your competition, and stay ahead of the curve. Data management provides bedrock for all your crucial applications and critical business decisions. It fuels effective strategy-making and ensures its execution. It reduces your corporate risks and provides nimbleness to your operations. Now is the right time to invest in an efficient data management system that promises growth and takes your business to new heights.