The power of data is known to everyone. It can enrich your business with the capacities that can fully transform the way you produce, manufacture, supply, or perform. At present, AI is here, which is pushed by the force of niche, fresh, valid, and accurate information. The topmost enterprises are maximizing returns and artificial intelligence (AI)-driven benefits through this advanced version of impressive data culture and strategy.
Unfortunately, only 30% of companies have adopted it and only 29.2% of them have achieved success through the well-articulated data strategy. The reasons why this happened are diverse and many, like missing business alignments, fragmented data, inadequate relevant talent acquisition, and more. Accessibility is also a big problem, which is poorly defined.
What is data management automation?
Data management automation can help businesses to overcome these challenges. It is actually a bot process automation, which lets every department and process of your workflow turn automated. With scripting, APIs interactions can be made easier. It helps different systems in your company to interact in real-time and coordinate accordingly. With Robotic Process Automation (RPA), AI-driven digital products can be developed that can streamline tasks that a data entry service provider does, a manager does, HR does, a consultant does, and all those strategists do who are considered the think-tank of the business. AI breathes life into their systems using machine learning models, which reduce turnaround and improve efficiency while boosting profit margins & returns.
But, making it truly work is challenging.
Challenges in Building a Robust Data Strategy
What makes this automation challenging- let’s get started to discover them.
SMEs are really eager to embrace the new trends and this innovative culture. But, it involves a ton of struggle to deploy these technologies and automated processes into production. The struggle begins with data management. If your corporate database is massive, it’s hard to come across this challenge. You won’t do it alone. Cloud storage, remote computing, data integration tools, and well-defined accessibility together can make a difference. But, these alternatives require huge capital. Think if you have it.
Besides, there are some more missing links that interrupt data-based strategies set up.
Having No Data-driven Culture
It’s really a battle to design a feasible data strategy. Your going gets tougher and tougher because of having nothing to just a bit of top-down push for creating a data-driven culture. There are cases where leaders have strongly advocated the focus on adopting digital data analytics, but now they moved to legacy systems because of several loops and zero support from leaders.
Voting via a paper-based ballot box in a democracy is its biggest example. However, compensating for the privacy of data is the prime reason for shifting to a legacy polling systems.
Informal Business Alignment
Data strategy is not only concerned with technology implementation, but it has a lot of things to do with a business perspective. Oftentimes, your manager or strategists are not aware of the exact requirements, which caused straining on budget and energy on alignments that might have been strategized if they stayed informed about requirements beforehand.
One-hand Control of Data
Most businesses have an administration that proactively controls data, which is typically called silos. This limited control ends up in losing several business opportunities that could be yours. This may also increase operating costs and inaccurate decisions. Being accessible to only a few hands, the company has to wait for a long time to migrate, compile, and update databases, which might be updated at the point of entry via automation. The manual processing delays the time to get into insights, which means losing opportunities.
Not Yet Defined Data Accessibility
As aforesaid, only 30% of companies have this intellectual culture where actual records are the base of any decision. In most enterprises, the automated environment is not set up. However, a few might have it in the pipeline. This manual management of records does nothing good but delays feasible decisions.
Inadequate Data Governance
A business record consists of several sensitive credentials, which can be customers’ details, contact lists, or leads’ information. Even, some transaction-based details are also there, fragmented in different locations, which a small phishing attack can take away. This is called poor or mismanagement of data. Only a few companies are aware of GDPR, HIPPA, and the significance of data policing via data privacy setup and IT security. These shortcomings can be eliminated through automated systems that are policed by reputed IT or data services providing companies.
A sustainable data strategy can help you deal with the ever-growing records or files. Most companies ignore and return to the obsolete information management strategy, which was once initiated as a revolutionary step. For consistent scalability in terms of growth and capacities, the use of updated technologies is a must. For instance, scaling up the bandwidth of data is a necessity if the number of users is increasing. Else, it would cause a major lapse.
You might be dependent on solution architects or software companies to build a concrete strategy for you. Well, they can only prepare and maintain your databases, and codes, and also monitor the flaws. But, it’s you only that understands the strength, the volume of data, the resources, and N number of things associated with your own business. Having no technical knowledge can be resolved by using automated tools, which are available at the cost and size of your business. Lacking skills to understand the sensitivity & vitality of specialized skills may kill your business.
How to Overcome These Challenges?
Develop Data Culture
The makeover or transition should begin by developing a strong data culture and aligning responsibilities with initiatives accordingly. Involve top-down people in your company to build it by leveraging data intelligence. Keep all teams on the same page when it comes to putting efforts in this direction. Start with the leaders because they have the capacity to make decisions. Then, spread it all through different levels gradually.
Adopt Future-Proof Technologies
Giving up on legacy systems is a daunting challenge. But, you have to adopt a modern approach. Deploy such technologies that are actually future-proof. For instance, a remote server for networking, communication, and remote information storage is a need to sail across discontinuity conditions. It can help SMEs to maintain privacy and compliance with the contextual regulations, which builds trust in your customers. Moreover, you get a virtual space to secure your corporate databases.
Break Data Silos
There is no need to restrict the accessibility of all records. You can have a robust IT infrastructure like a completely secure cloud server where the collected information from multiple sources can be availed to stakeholders in no time. It lets you have faster processing, greater efficiency, and maximum supplies in real-time with benchmark quality.
Embrace a data engineering approach, which ensures strong data governance. Establish privacy policies, and do comply. Communicate or route information about policies over how to practically use corporate information & maintain data pipelines. Automate data integration with agility within the data management process, while creating a data-friendly culture for all in the organization.
Choose Leaders to Lead
Last but not the least, every organisation should have strong leadership. For this, they have to identify the right roles like a data analyst, a data scientist, data engineers, and business managers or IT experts to assign the right tasks. Set up an open communication network between the team and other stakeholders.
Data management automation is the only way to attain sustainability. In the cut-throat competition, it’s challenging to survive without cutting-edge technology for managing data effectively. Legacy systems should be upgraded or changed with future-proof technology that goes rightly with data culture and strategy.