The efficiency of an organization is directly proportional to the way it uses business data. During data analysis, the quality of data affects the quality of the resulting analysis. Poor data can lead to poor conclusions which can be a major setback in an organization. The practical way to obtain clean and actionable data is by utilizing data cleansing services provided by a data entry company. Proper data management and use helps to draw the right conclusions and business decisions.
Traditional databases are finding it difficult to stand up to the current data-driven world due to escalating data and lack of clear structure. Businesses have huge volumes of data stored and kept away and they do not have a comprehensive picture of how much data they hold. This leads to complexities and misuse of data.
Inefficient Data Processing Affects Productivity and Efficiency
Inter System recently conducted a research study and surveyed more than 350 IT and business professionals across enterprises and mid-market organizations. They identified the top challenges these entities face with the current database and infrastructure. The top challenges are:
- Managing data growth and database size
- Meeting database performance
38 percent of respondents said that they have had 25 to 100 unique database instances and 20 percent said that they have more than 100 database instances. This shows that business organizations are struggling to process and manage data in real time.
According to a survey by IDC in partnership with Inter System, improper and untimely data cause hindrances to business opportunities. 54 percent of those surveyed said that it causes limitation in efficiency of operations; and 27 percent said that it negatively affects artificial Intelligence, machine learning and business analytics.
Resolving the Challenges with Efficient Data Management
- Plan well: You need to find out the current position of your business, where all the data is coming from and how it is being used. Have a clear understanding of your business objectives so that you can get the best out of the data you have.
- Ensure that the entire team is on board: You have to make sure that each and every employee is knowledgeable in the software you have implemented. Each employee should understand the significance of tracking a customer’s purchasing patterns and payment history and other relevant things. Sales staff can use this data to identify trends and opportunities for extra revenue as well as spot problem areas that need immediate attention. Data can be effectively used by the marketing department to derive valuable insights that can be used in the future.
- Find a data platform that can ingest data from real-time and transactional activities as well as from document databases.
- The data platform must be capable of accepting data of different types and from different environments.
- All the data stored must be accessible whenever necessary.
- Data platforms should be capable of delivering high quality business data. This data should be integrated to business intelligence, big data processing predictive analytics and machine learning. So, organizations should have a unified data platform that can integrate various forms of data from multiple sources that are capable of driving enhanced business insights and help in better decision making.
Data is an integral part of any business, which is necessary for carrying out different activities such as accounting, marketing, customer service etc in the organization. Valuable data should be managed efficiently to prevent data loss, mismanagement of data and data breach. You can use outsourced solutions for efficient data entry and management, thereby minimizing errors and improving the quality of data.