August 17, 2022

Utilizing new tech like machine learning, advanced analytics, and revenue growth management starts from enabling data-centric transformation. All the mentioned solutions are possible when enterprise data is accurate, complete, and well-managed. But the reality is that 68% of enterprise data available to organizations is not leveraged (according to Rethink Data Report, 2020).

Major Data Management Challenges

Large businesses have already made data their priority. Thus, to make data actionable most organization are still struggling with its collection, storage, as well as making it useable and secure.

The most significant data management challenges are:

1. Making collected data usable (39% of respondents)
2. Managing the storage of collected data (37% of respondents)
3. Ensuring that needed data is collected (36% of respondents)
4. Ensuring the security of collected data (35% of respondents)
5. Making the different silos of collected data available (30% of respondents)

All these points must be complemented with one general and universal challenge – data quality. According to research of Promotional Optimization Institute, 64% of FMCG companies have data quality issues.

Overcoming all these challenges is a must when businesses want the data to bring the direct advantage for revenues growth and provide business value for customers and consumers.

Solution to Effective Data Management

Today Data Platform is the most universal and reliable solution to tackle most of data management challenges. It includes complete data across all the organization and can be scaled up as the organization grows giving intelligent automation and a new level of efficiency. Data Platform can ensure the needed data is collected, stored securely, and turned into actionable insights automatically for quick and effective decision making. When every single detail is collected in a timely manner and gets to the right person at the right time, strategic focus of the business shifts to what’s important.

Learn how SoftServe Business System and AB InBev created a data platform to enable data science and ML or connect us to talk about.