If you are involved with managing data, analytics, or business intelligence, you know that your organization is going to increase its appetite for making decisions based on its large reservoir of data. The increasing demands on data management operation will present new challenges, and you need to be ready. Here are the top challenges you’ll need to address.
Responding to the Increase in Demand for Data and Data Analytics
The demand for using data will increase throughout the organization. You’ll need to remove data silos and provide one source of truth across the company. In addition, many departments will want to use workflow automation to increase productivity, and you’ll need to provide data access to a new range of employees.
You’ll likely need to use cloud analytics to satisfy more demands for analytics, which will also increase the demands on data management staffs.
Overcoming Cybersecurity Challenges
As you need to manage more data, cybersecurity challenges will become even more troubling. You’ll be providing data access to a larger portion of the organization, and you’ll need to ensure that your cybersecurity strategy can keep up.
Adapting to the Speed of Changes in Data
Traditionally, management reports were generated every month. In the new world of data management, users will want access to real-time data, and it will be changing every minute as opposed to every month. You’ll need to respond to these increasing demands on data management to ensure you can adapt quickly to a changing environment.
Updating Customer Profiles by Accessing Real-Time Data
Until 2022, users could easily track customer identities from cookies placed on customer devices as they visited websites. However, in 2022, cookies were removed from popular internet browsers. You’ll need to adapt to new targeting strategies to reach your target market.
Typically, those strategies will require collecting and analyzing a large amount of real-time data to find patterns that will allow you to target prospects based on behavior rather than cookies. Your data management strategy will need to be more scalable than ever.
Responding to Resource Shortages
The pandemic has caused supply chain problems all over the globe. Some companies are experiencing shortages among cloud providers. At times, these companies can’t implement their original plans because they can’t get as many cloud accounts as they need to meet their goals.
Another area where shortages are being felt is in staffing. The Great Resignation is wreaking havoc throughout the tech industry. Attracting, recruiting, and retaining the right talent to support IT operations can be a challenge. As a result, more organizations are establishing partnerships with data management and analytics managed service firms. Very often, organizations can get the talent they need and save money at the same time.
Creating Value from Data
Productizing or commercializing data is a hot topic. Research done by Gartner indicates that Chief Data Officers (CDOs) are more successful when they meet data monetization project goals. Further, companies that can productize or commercialize data get more attention from investors. The indication that a company is data driven seems to raise their visibility with the people who can help their companies grow.
The ability to assign value to your data starts with a mindset: viewing all of your data as having value. Some of that value is helping your organization become data driven. You’re getting the benefits from that evolution that include making better and faster decisions, improving marketing campaigns, and increasing productivity.
The other side of data’s value is the value it could have outside of your company. Google is likely the largest company that has used its data to sell data products to other companies. You may think there are privacy issues associated with those sales. But, the fact remains that at some time, someone at Google looked at their data and saw value. That’s the same process you’ll need to use to create value from your data that extends beyond your organization.
For most companies, there are business opportunities that exist beyond the products and services they’re currently selling. The leaders of those companies know that the faster they can get to market, the bigger advantage they’ll have over their competitors. This will create an increased demand for the type of data that can be used to identify and define those opportunities.
In addition, the pandemic has presented opportunities for some companies, but the life of those opportunities may be short as the business world adapts to life after the pandemic. That is another place where having the right data at hand will make a difference to the company’s agility, flexibility, and ability to move quickly when needed.
How Datavail Can Help
We’ve created a white paper, “How Companies Grow Faster with Data Analytics Managed Services” to assist you in learning more about data management and data analytics challenges and how you can overcome them. The case studies in the white paper will give you examples of how several companies have benefitted from data management and analytics managed services.
Datavail provides managed services for data management, data analytics, and data warehousing. We’re a Microsoft Gold Partner and can provide expert assistance to help you reach your goals. We can provide the talent you need to add to your existing team or provide end-to-end services. Consider contacting us to discuss how Datavail can help you respond to the increasing demands on data management that are sure to come your way.
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