Oncore IT News - 15 February 2017

The four risks of ineffective data management

Data volumes have increased substantially and will keep growing in the future. For most organisations, collecting data is not really an issue. Organisations often struggle with effectively managing these enormous amounts of data. The lack of decent data management could have some negative consequences. What are these risks and how can you overcome them?

Exploding data volumes

Nowadays, data volumes are exploding. More data has been created in the past two years than in the entire previous history of the human race. By 2020, the digital universe will reach 44 zettabytes, or 44 trillion gigabytes. These numbers are not only very overwhelming, but they also require you to rethink your data strategy. As you can imagine, this forecast comes with opportunities, but can also be challenging.

The consequences of ineffective data management

Clearly, data growth is an issue that is not going to go away anytime soon. As volume and value of information grows, modern data management is crucial. Unfortunately, many businesses focus on collecting data, but fail at efficiently distributing and managing these incoming data streams. As a result, many companies possess a big pile of inaccurate and disparate data. These are the main potential consequences when your data has not been taken good care of:

1/ Data silos.

When you have a collection of many different applications, they produce many different data. This can lead to data silos. Not integrating data stores leads to inconsistent data insights.

2/ Data inconsistency.

Data inconsistency is a condition that occurs between files when similar data is kept in different formats in two different files, or when matching of data must be done between files. As a result of the data inconsistency, these files might duplicate personal data such as addresses and names. These inconsistencies could also lead to decreased database performance.

3/ Loss of business.

In relation to the above, if external client-focused systems are not working properly, companies can lose business. Customers will go elsewhere if they are not entirely satisfied with the performance of your applications.

4/ Data loss.

Nowadays, all organisations should know where their data is at all times. Ineffective data management can lead to more complexity and therefore an unclear view of where data is stored. This risk is frequently overlooked by businesses.

It is important for companies to know what processes to follow should data loss occur. Studies show that potential threats lie within every company. Human error, employee negligence and theft are all likely risk factors. Data loss comes at a cost, resulting in fines or a negative impact on your reputation.

Only half a percent of all existing data is ever analysed and used

Gain more insights in managing your data

If you don’t have a long term approach towards data management, data has almost no significant value, which is a missed opportunity for your business. Are you struggling with your database infrastructure and would you like to gain more insights into data management? Download the eBook ‘Hassle-free data management with the right cloud strategy’.

 

 

 

Sources:
Oncore IT Infographic: The future of data management, 2017
IDC – Executive Summary Data Growth, Business Opportunities, and the IT Imperatives 2013-2020, 2014
Forbes – Big Data: 20 Mind-Boggling Facts Everyone Must Read, 2015
www.reference.com/math/definition-data-inconsistency

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