6 Data Management Challenges to Overcome in 2015
Over the past few years the exorbitant growth of ecommerce, social media, mobile and other handheld devices has created the need for businesses to consider data more seriously. Consumer data is overwhelming with the increasing number of communication channels making manual data management almost impossible.
This data flood offers businesses deeper insights on consumers helping them develop a single customer view. However, it comes with its own challenges too. Here are some of the challenges to foresee in the year 2015.
1. Rapid data growth
Studies suggest that the data is growing rapidly at a rate of 45% increase year on year. This growth stems at the unstructured data creating the necessity to keep ALL the data; in turn resulting in data storage challenges.
2. Shortened lifespan of data
Data is created and collected moment after moment. This results in the growth of data but on the other hand shortens the period of data value demanding business to keep up with the changing preferences of customers.
3. Everybody needs data
Data is no more the resource of IT or marketers alone. Every nook and corner of the business now utilizes the data produced and repurpose for different objectives. It becomes difficult to decide who should be given access to data. The propagation of data is intensified as data would be imported into new applications, services and repositories.
4. New data sources
Businesses are embracing new avenues to reach out to consumers creating new data sources. Rising applications that businesses adopt become newer data collection sources. These different sources come with different requirement of data access, data protection, data security etc. Organizations have to comply with these varied requirements to bring together the data and make sense out of it.
5. Complying with regulations
With enormous data available, need for more organizing and regulations increase too. Organizations have to understand what data to keep, what to remove, what data is sensitive, who should be given access to the same. Organizations should put in place right set of regulations on data access and management and frequently update them.
6. Do more with less
Like every wing of business, even data management is expected to do more with less. While the outcome of consumer data is expected to be reflecting in more ROI, the budgets have remained flat for years. It is now more important than ever to store customer contact information from all possible channels.
The work we do for our clients at Lake B2B help saving 35% to 65% of their yearly budget. Moreover, our work saves you a considerable amount of time, allowing your team to focus on the core business activities. Call us on (800) 710-5516 or write to info@lakeb2b.com to know more about our Data Management services.
