In the 21st century, data has moved ahead to be one of the new-fangled business currency. It is a matter of fact that almost all the major organizations still collect data and make the best use of the same for their benefits. As per the sources, a 10% increase in data accessibility can give rise to an increase of $65 million net income. In these days, it has been easier to collect data from various sources and draw out various insights.
However, the only problem that is related to this business is the management of data. If you want to avoid any misconception on the way, you need to have a clear understanding of the concept of data management.
Here are some of the misconceptions related to Data governance strategy:
1. Management of huge data is not an easy task
Almost all have a misconception that it is not possible to manage huge piles of data. However, it is not. Data can be easily and efficiently processed and managed with the use of proper frameworks and tools. If you want to manage a lot of data then you need to train your employees for the job and employ a huge workforce for managing your data. This can be highly beneficial for any company.
2. Businesses are not ready for management of data
It is a matter of fact there are more than a few factors that need to be considered in advance of the implementation of any process related to the management of data. Large-scale implementation is a bit tough and challenging so, you need to carry out the management of data in certain phases. Every single business needs to go for streamlined management of data. The key to the resolution of this challenge is to start slowly in the beginning by the usage of limited resources and with time increasing the effort. Businesses should come forward and make decent data governance strategies to have an edge over their competitors.
3. Data Management needs to be done by the IT team only
Most of the professionals working in the corporate sector think that it is the duty of the IT team to care for data management and EIM consulting services. However, it is not. It is the responsibility of both IT teams as well as functional teams to work in close union with each other to make available for a better data management framework and efficiently manage data. This is a misconception is absolute because of the lack of trust and understanding of the functional aspects of any project. The aim should be to make a transparent data management process in the organization.
4. Security issues related to cloud storage
This is one of the most common misconceptions across many industries. Most of the professionals who are unaware of the potential of the cloud platform term it to be highly insecure. However, in reality, it is just different. When the data is stored on any local device, it is more vulnerable to virus/malware attacks, theft, and physical damage. However, when the same data is stored over a cloud platform, the data is encrypted and stored behind strongly held firewalls and more than a few authentication gateways. On top of that, a number of security provisions are also employed in order to secure the data from any type of damage.
5. Cloud storage of data is an expensive matter
Many businesses have an apprehension that it would certainly be an expensive affair to make use of cloud platforms to store data. These Misconceptions about Data Governance were true a few years ago but now it can be ruled out. In the present day, cloud data storage has been very cost-effective as well as advanced than years ago. Cloud storage of data is literally available for all. The cloud data management software has also been boost up for managing huge amounts of data.
It is a matter of fact that the operational cost of the physical data storage will be more than the cloud storage when you take into account the cost of hardware, software, storage, management, backup, energy consumption, and security. On the other hand, you need to pay a small deposit and migration cost when you are opting to go for a cloud data management system from the traditional data storage means. This cost to be paid will give you long term benefits.
6. Nill ROI
This misconception can be technically true but not in the real business sense. It will not give you back any returns on investment directly however it will give you immense benefits indirectly. It would not only improve the process efficiency but also be helpful in reducing the overall expense.
7. Difficult to access
Many businesses think that it is difficult to interact with this new age solution. However, it is one of the easiest ways of managing data. The cloud storage of data is just using online to store your data. You can literally access your stored data from anywhere at any time. This is one of the most common Misconceptions about Data Governance.