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Harnessing the right data brings in a wealth of benefits to companies and organisations
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1. Data deluge: There is a lot of data coming from a host of sources which is too complicated. Most organisations are missing necessary tools and technology to analyse huge datasets and derive value from them. When thinking about managing business data, what’s needed to keep the business infrastructure from crumbling is clean, unified, well-governed, expertly-prepared master data content.
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2. Questionable quality: Companies that do not pay a lot of attention to the kind of data that they collect end up with data that is unreliable and inconsistent. Without understanding the reasons why data quality may vary and the veracity of a data source, it’s easy to grab data, analyse it and arrive at a conclusion; but this may cause harm. It’s good to spend an amount on foundational data rather than bad data.
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3. Data privacy concerns: It is often not clear what data can be used without encroaching on the grey, so it’s still uncommon for companies to use data and analytics to facilitate smart strategic and operational decisions. However, if data is sourced from legitimate and reliable sources it becomes trustworthy, which helps improve the business process and overall productivity in an organisation.