Month: September 2013

Data and risk management go hand-in-hand. The ability to process information and identify key components that could potentially lead to future problems for the organization is of the utmost importance.

There will always be an element of uncertainty in business decision making. This is typically related to company financials, but that’s not always the case. While it’s impossible to completely mitigate the risks associated with the unknown, companies can do themselves a big favor by collecting proper information and using it to identify whether it is a risk or not and handling it accordingly.

The question is, how do companies identify risks hidden within their information? There are a few schools of thought regarding this.

The online publication Waters Technology addresses two of them. One is data quality. Having the best, most up-to-date and accurate information will provide major assistance to an organization’s risk management efforts. This can become more challenging as information volumes rise, but having a higher quantity of data can actually give businesses more resources and a greater chance to identify and manage risk.

Data governance also plays a big role in risk management, even if two processes are independent of one another. The reason for this is that data governance impacts a number of departments within the organization and has far more uses than simply helping identify risk. Essentially, ensuring the accuracy of information will certainly help companies trying to identify risk, but it can provide a number of other advantages as well.

As this blog has discussed in the past, data governance and data quality are directly related. According to Fidelity ActionsXchange’s Deborah Culhane, who spoke with the news source, “data quality is being improved by more mature data governance processes.”

Ultimately, building a custom database software system will allow you to concentrate your efforts on data governance and improving quality, which will pay dividends in your risk management initiatives. FileMaker development can play a sizeable role by providing you with the resources you need to discover any potential risks. This system can scale and adjust to the volume of your information, which will allow you to maintain an effective risk management process, regardless of any changes that occur to your data.

Data governance will always trump big data for one simple reason: Information managers have to follow the philosophy of quality over quantity. 

The biggest challenge data managers face is that the more they collect, the bigger the risk for low quality or inaccurate information. Making decisions based on data that is simply wrong can be incredibly costly at an organization, but it can happen if you don't have a system in place to properly review your information and ensure its accuracy and relevancy. 

An ironic twist on the NSA scandal occurred when the U.S. Government was unable to extradite Edward Snowden from Hong Kong earlier this summer due to data errors. The organization with perhaps the most amount of data at its disposal did not have its information in order. As a result, documentation filed by the government lacked crucial data, which allowed Snowden to escape. 

This is a prime example of why having too much information without a proper way to manage it can be an enormous problem for an organization. Of course, this is also an extreme example, and your data management processes will likely be on a smaller scale, but the same principle applies.

You cannot concern yourself with having enough data if you don't even have the right information. Having said that, information volumes will continue to rise over the next seven years, so having the right solutions in place to help sort and organize data is crucial. Building a custom database software system can allow your organization to stay on top of data governance, even as your information grows. 

The importance of proper data management is not exclusive to for-profit companies. In fact, non-profit organizations may have a greater need for data management, considering that many have a responsibility to provide assistance with social issues. Improper data management in the non-profit sector can have consequences that extend far beyond the organization.

However, many non-profits are struggling with handling their information. According to a study conducted by the Washington-based CPA and consulting firm Tate & Tryon, the main obstacle these organizations are facing is missing and inaccurate data. Perhaps most disconcerting is the fact that while the majority of organizations know what their problem is, they don't necessarily understand what's causing that problem. "Without understanding what is truly preventing your organization from fully leveraging your data, you may end up wasting time and money – such as buying new database software – fixing something that wasn't broken," the report says.

While that assertion makes sense in theory, companies shouldn't simply negate the importance of database software. The purpose of the statement is to implore users not to invest anything they don't need, but know that they will still need some way to monitor and track information. Buying a solution for the sake of having one might not be the answer, but if you are able to build a custom database software system that fits your information management needs, you can identify data issues and solve them without having to take any unnecessary action.

FileMaker development is an ideal solution because it allows you to create a system that fits specifically with your organization. You can maximize your data management efforts and alleviate any issues such as lost or inaccurate information.

Tonight marks the kickoff of the 2013 NFL season, as the Baltimore Ravens will begin their Super Bowl title defense against Peyton Manning and the Denver Broncos. For people in Maryland and Colorado, this is certainly a big deal, but anticipation for the new season extends well beyond the two local fanbases. Tonight, millions of football fanatics around the world will sit down to watch the game with one particular interest — their fantasy teams.

For many people, the beginning of the NFL season is only important because it means the start of a new year of fantasy football. The industry itself is worth over $1 billion, according to a 2012 report from Fox Business.  Many analysts say that fantasy football has surpassed actual sports like basketball and hockey on the list of America's most popular pastimes. It seems every year fantasy football gets bigger and bigger, which is one of the primary reasons why the NFL is the most profitable sports league in North America.

So what does all of this have to do with your business? Probably more than you think. Fantasy football, much like your organization, is increasingly being driven by data.

In fact, data has blurred the lines between fantasy football and business to a degree that companies traditionally involved in business technology and data management tools are starting to produce solutions for fantasy football owners.

Recently, Intel sponsored a panel discussion about the relationship between fantasy football and business technology, and Vice President Boyd Davis used the forum as an opportunity to praise fantasy football for its educational value. 

"Big data is a huge buzzword in my industry right now, but it's hard for people to get their heads around," he said in a post-discussion interview with the San Francisco Chronicle. "Fantasy football was for us a vehicle to bring home that rather complex, rather boring topic and then translate it into something the average person could understand."

Fantasy football is supposed to be a fun, leisurely activity, but its basic concepts are just as applicable in the business realm. In both areas, you need accurate, real-time data to help you make smart decisions on the fly. You need the best analytical tools and a way to view your information in a user-friendly format. 

FileMaker development can be used to create a custom database software system that will provide your company with the resources you need for both fantasy football and business.

How much time does your organization spend managing data? How much of that time is unnecessarily wasted? Without the proper information management software in place, the answer to the latter could be shockingly high. 

According to the McKinsey Global Institute, data volumes are growing at a rate of 40 percent per year. Between 2009 and 2020, the amount of information at the average company will increase 4,400 percent. This means, standard practices regarding the processing, evaluation and storage of information will no longer be viable unless businesses have the tools to accommodate growth. While a lack of proper tools may sound like a problem typically experienced by smaller companies, large enterprise-level organizations aren't exactly off the hook. In fact, their challenges could be even greater, because Forrester Research suggests these companies experience information growth at a rate of 76 percent each year.

The growth of information has made it even more difficult to manage it, which is why best practices must be administered at all times. If they are not, companies can spend an excessive amount of time just trying to find their data. According to Google's Enterprise Search Manager Binesh Lad, 25 percent of a data manager's time is spent just trying to find information. As data grows, that number will increase. In fact, employees could spend as much as 50 percent of their time looking for information if it's stored in five more more silos. 

Worst of all, Lad says that 38 percent of the time, workers don't even find the information they are looking for. Imagine spending all that time trying to find the data you need, only to come up empty. This inefficient use of time can be extremely detrimental to your company's profits, and if you are unable to make changes to your data management processes, you could ultimately wind up buried in a sea of your own information. 

That's why having the right processing solution is so crucial. Building a custom database software system designed to track data and expand as volumes grow will not only eliminate wasted time immediately, it can set your organization up for long-term viability. FileMaker development can allow businesses to create a flexible and scalable system that will effectively help manage information, regardless of how big it gets.