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Friday May 15, 2020 - 13:45:45 GMT -

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What Makes Business Data Management So Difficult?

In the age of Big Data, defining how much data your organization generates, uses, and records can be challenging. Every business process relies on large volumes of data, whether for day-to-day administration, strategic management, or growth campaigns, to name only a few. When you think about it, data is another term for information. You wouldn’t consider running a company without relying on trustworthy, relevant, and cutting-edge information. Ultimately, making the best possible decisions for the company’s growth and reputation needs quality data on the one hand, and quality data management on the other. For companies, sourcing relevant data and understanding how to interpret, store, and process it is a foundation of a profitable and performing presence. In theory, it sounds simple enough. But in practice, there are complex data management areas that can prevent businesses from evolving successfully. 

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#1. Businesses expect to receive customer data easily

Where do businesses get their data from? 

Market research is one of the most prominent sources of trends and demands. 

Additionally, your customers can also provide detailed information about their preferences, needs, and expectations. As a business, you want to be able to create customer profiles that will help create dedicated marketing communication and campaigns. You wouldn’t want to promote baby products to a single man, for instance. That’s precisely why it’s crucial to obtain as much information as possible from your customers. But how do you convince customers to share data with a business? Most customers are reluctant to fill up long contact forms before buying. However, you can rely on reverse squeeze page funnels to get hold of relevant data. The process introduces a natural exchange that encourages customers to share more data. 

#2. Confidential data is accessible to all

Data security remains a recurring source of problem for businesses. Indeed, a large number of data breach cases are the result of ineffective data access inside the company. Giving everyone in the business access to confidential data is a source of risks. Some employees may be tempted to use the information against the employer. Others may accidentally misuse or expose sensitive information, leading to security breaches. Creating a privilege access strategy can not only reduce risks of data misuse or loss but also spread data responsible through trustworthy individuals. 

#3. Data need validation before using

How often do you verify the data you use? Companies can keep customers’ and suppliers’ data for many years. However, when the data can’t be updated regularly, the business could be relying on incorrect and inaccurate information. Data quality and frequent validation procedures play a significant role in your business strategy. Investing in professional verification tools and validation processes can help to maintain data integrity over time. 

#4. Businesses accumulate too much data

How much data do you record and use? You’d be surprised to know that most companies use only a small percentage of their collected data. The reason behind the disparity in stored and used data lies in the lack of analysis and visualization strategy. Without an expert on board, companies are wasting opportunities because they can’t gain an overview of their data. 

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Data makes the world go round. Unfortunately, it is also one of the biggest challenges that companies face in today’s business world. Making sense of your data is an involved process that requires effective collection methods, confidential and secure access, frequent verification, and professional business intelligence. 


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