Data is the new currency of business. As long as businesses have been managing it, they have had to process data and avoid what is called “garbage-in/ garbage out.” With many types of sources and volumes soaring, so too does the need increase for efficient processing that helps preserve information integrity. There is also making sure troves like these do not get lost forever with inconsistent techniques across all areas where such assets exist.
Data is the most valuable resource in any industry, but only if it is analyzed well. Without proper analysis and meaningful insights of what data means for your business models, there can be no profit made from its findings. Effective methods should always be used when analyzing this important statistic since every organization has different needs depending on how they will use those numbers. Data alone will not profit any organization. Effective methods are needed to analyze the data well. The tell-tale stories of consumer wants and buying must be mined form the ore of data.
Effective Data Management Aspects
Data will only yield gold when it is intelligently managed. There are several key methods that help achieve this end:
· Data Needs To Be Accessed
Data is everywhere, and it can be anywhere. Text files are one place for data, and databases reside in other places too. There are emails, and data lakes exist on web pages or social media feeds. So, what access technology do we need to extract useful information from all these formats?
· Data Needs To Be Integrated
Data integration is a powerful way to make decisions by combining elements of multiple, individual data sets. Data integrated this way can reveal new insights and help answer different questions you might have about your company’s performance or the consumer world.
· Good Quality Data
Data quality can touch every aspect of an organization. It is a key to success for any business, but especially so in today’s competitive environment where consumers have increased awareness and power over what they buy. This is thanks to technology platforms like social media that provide feedback from peers about products before purchase decisions are made. Poorly collected or handled data will not only cause mistakes but be more costly due its lack of reliability.
· Good Data Governance
Using a data governance software, your organization’s data management can be effectively improved with the pre-defined enforcing of data management policies and processes.
· Good Data Preparation
Data preparation is a task that cleanses and transforms data for analysis. It involves combining information from various sources. Then making it all fit together in an organized and structured fashion so you can see what is really going on.
The many sources of troves of data pouring into organizations, called Big Data, can be a goldmine of valuable and actionable information. But it is challenging to analyze because of the nature of the unstructured data that comprises many sources of Big Data. The Content Analytics Platform (CAP), developed by Scion Analytics, can help with the analysis of the textual form of Big Data. The CAP can quickly shred unstructured documents and rearrange the contents into an actionable, structured format.