It is easy to see how technology has changed over the last few years. If you look at how nearly any business operation was handled a decade ago, you can see how traditional solutions like telecommunications or brand new concepts like virtual data management have evolved. Something like a database, for example, has transformed from a niche concept to a "must-have" system that has been incorporated into core decision making, is needed to push innovation and improve operations.
A recent Experian Data Quality article examined this trend for closely and points out that despite a growing importance of quality data, more companies are struggling to actually master how they manage it.
The piece cites a study by Dynamic Markets that found 94 percent of companies still suffer from common data errors. One of the main reasons for this is that companies have poor or ineffective data management practices. The problem here is that in many cases data management is fragmented or has become stagnant because of poor practices.
This is where having a proper data management strategy and software solution can come into play. The article points to three specific themes — detection, analysis and resolution — which can be used to unlock the most effective benefits. These include:
- Cutting down on unnecessary expenditures by identifying relevant data faster
- Enhancing regulatory compliance
- Centralizing and consolidating data
- Establishing a benchmark that is weighed against key performance indicators.
More organizations are relying on databases and data management to accomplish a number of best practices. With the help of a custom database software and a quality solution provider, any company will be able to tap into this potential.