Data management poses major challenges and issues for companies: new study

Business owners struggling to get the data they need to drive business success may face an even more daunting problem: managing the data they have.

The results of a new investigation published today by Capital One explores some of the data management challenges that businesses and organizations face. The survey identified barriers in the following areas.

Understand the data

  • 76% said it was difficult to understand their data

Costs

  • 82% of data management decision makers found controlling and predicting data costs difficult,

Talent

  • Respondents said talent challenges were the top barriers to data management. “Decision makers don’t have enough people, internal expertise, or collaboration across teams and tools to achieve their results,” Capital One noted.

Cataloging

  • Nearly 80% of respondents cited the lack of data cataloging as a major challenge. “Without data cataloging, decision makers struggle to understand what data they own, how the data is used, and who owns the data,” according to the company.

Data governance

An overwhelming majority of respondents (82%) cited confusing data governance policies as another major challenge. “Effective data governance makes data relevant, easy to find, and ready to use and derive business value from it,” salim syedvice president and chief engineering officer of Capital One Software, said in a statement.

“Companies can unlock information

“Data has become the lifeblood of businesses today, and with the right approach to data, businesses can unlock insights that have a real impact on customer experience,” he observed.

“The more data collected and produced, and the more employees consuming it, the more important it becomes for companies to maintain good data governance. Companies that adopt a comprehensive and thoughtful data governance program will be in the best position to navigate the changing business landscape as businesses increasingly migrate to the cloud,” Syed concluded.

A balance exercise

A report prepared by Capital One on the survey concluded that organizations “need to adjust how they balance the use of global and local data with a federated approach to ensure governance requirements are met and access, data quality and observability are optimal.

“Organizations can’t hire themselves because of the skills shortage that so many businesses face. Vendors and partners can fill the gaps in expertise and best practices left by employees with automation and no-code/low-code self-service.

The Capital One survey was conducted by Forrester Consulting. It was supplemented by questions posed to 157 data management decision makers in North America. The survey was conducted in March 2022.

Make the most of your data

A business takes steps to get the most out of its data.

The Wendy’s Company “…intends to enable its franchisees and business users to better understand and leverage sales, cash management and transaction data to make informed decisions and quickly maximize operational efficiency” . chain store age reported this week.

The fast-food chain uses a high-tech platform that “…is making a huge impact on our restaurants,” said Kevin Vasconi, CIO, The Wendy’s Company. “We now have real-time transaction data that drills down to the product level and gives us the ability to make on-the-spot decisions that keep our stores running smoothly and provide our customers with the best experience,” a- he told the trade publication. .

Ramon J. Espinoza