From day-to-day operations to making important business decisions, the use and dependency of data is increasing worldwide. With an increasing volume of data, it is challenging to manage data throughout the enterprise, especially when a business has operations in different geographic locations.
In this blog, we discuss various data management challenges faced by today’s organisations and a solution-packed resolution that takes care of all! So, keep reading to make your business’ master data management strong and stand out in this competitive business world.
Top 4 Data Management Challenges
Below are the top master data management challenges several organisations with enormous data face.
- Consistency: Data is collected via different channels and is entered through various individuals, and facing the issue of inconsistency is unavoidable. Incomplete data, inaccuracy, unstructured data or wrongly structured information, and distinct entries for the same record, are some of the significant concerns that could make your database inefficient and unreliable. And if large volumes of data, dispersed in different repositories, is involved, then rectifying these errors can make you lose your precious business hours and even result in loss.
- Data Quality: Maintaining a database is far more challenging than simply recording and processing data. The data saved in your systems can either be outdated, incorrect or unuseful. Making decisions based on such data might be a bigger risk than the other risks involved in a firm. Therefore, it is paramount to have appropriate data quality monitoring standards to ensure high-quality and reliable data is a strength parameter and not a risk.
- Data Integration: When data is available in different business systems, finding and integrating it on a single source and platform is one big challenge. The ultimate purpose of having quality data is to analyse and process it to make more informed judgments and speed up data-driven decisions. Collating data to create a single source of truth for your business database and connecting up-to-date data from different sources could eliminate this challenge.
- Data Analysis: The main goal of maintaining a database is to draw rational conclusions and make the decision-making process faster and easier. Once the data is unified, rectified and classified, the information is valuable for analysis and decision-making. But, even if the data is apt and accurate, its raw form is of limited usage. That’s where technology plays a central role. It helps in analysing vast amounts of data. With the use of advanced tools, you can import data and analyse it based on different parameters.
Solution for All the Challenges: Master Data Management Software
Technology has come very far. Eliminate all the manual tasks of managing your business data with master data management software today. Dun & Bradstreet, one of the leading data intelligence platforms, is a solution-packed tool for all your data management challenges and concerns. Its platform, D&B Master Data Solutions, uses a unique matching algorithm that cross-references your data, standardises your data structure, enhances the quality of data, ensures consistency and creates a unified view of your database. It features everything that a master data management interface should have. So, check out the tool if you’re looking to leverage data across your enterprise.
