At one time companies used their own IT personnel to oversee data management challenges. In recent years companies are increasingly outsourcing to IT consultants to tap into broader knowledge of constantly changing technological solutions. As companies transform into more digital operations, here are the top challenges they face with data management.
Rethinking Siloed Systems
One of the biggest data management challenges is for companies that are locked into traditional silos to break out of them and become part of shared networks. The networks can still be segmented so that only certain individuals have access to certain resources. Companies have been able to transform into more integrated systems by creating data catalogs that include business glossaries and other simplified methods of organizing data.
Migrating to the Cloud
The pandemic caused many businesses to migrate to the cloud as a solution for business survival. They were able to keep operations going by allowing employees to work remotely from home, which requires building a hub in the cloud. The cloud also helped advance e-commerce to become a more common business solution for transactions.
The main concern for businesses that haven't yet migrated to the cloud is that the process can be very tedious and create a multitude of errors. Files must be moved carefully and tested to ensure they can still be easily accessed. It may require reconfiguration and rethinking how files are organized. For a smooth transition to the cloud, it's helpful to work with an experienced IT team that can help with the planning and execution.
Adopting Big Data Platforms
The fact that companies are managing more data than ever before poses a major challenge for them to maintain big data collection and storage. Questions are arising about data overload and how following irrelevant analytics can lead to poor decision-making. Access to an enormous amount of data also raises questions about how and where to store data safely.
Much of the data generated, though, may go to waste, which is another area of concern surrounding big data. If the wasteful data clogs the system, it means you have to prioritize data better and transmit it in the most efficient way.
Maintaining Privacy and Regulatory Compliance
Another major challenge is to protect the company's reputation by maintaining the best industry practices regarding cybersecurity and privacy. It's becoming increasingly important for certain businesses that deal with confidential data, such as healthcare organizations, to commit to robust technology for meeting government compliance. Even minor breaches can result in major fines and lawsuits.
Investing in Innovative Technology
Many new technologies are emerging that can help businesses operate more efficiently, although companies with tight budgets are not able to afford transformation at the moment. Automation can speed up processes and be a solution for labor shortages. Machine learning technology can also speed up processes, particularly audits designed to identify system vulnerabilities. IoT devices are populating factories to collect data on production processes. The companies that invest in these technologies will clearly have competitive edges over those who cannot or resist.
These data management challenges will be leading topics among businesses for years to come. At some point, you may need to work with a company to deal with the destruction of your confidential information so that it doesn't get into the wrong hands. Data is becoming increasingly valuable, so it needs to be disposed of in a secure and responsible manner.