77% of companies believe that their bottom line is affected by inaccurate and incomplete data. This is a shocking statistic, Nevertheless, companies that did put a force on high quality data saw a revenue increase of 15% to 20%.
Companies have witnessed a staggering 40% of their initiatives fail to achieve target benefit due to poor data quality, this is a significant effect on on operational efficiency.
Takeaways from the above video Data Management: It includes all the processes for proactively collecting, organising, protecting, storing and sharing data.
Data Management Strategy It is an organization’s roadmap to achieve its goal. This roadmap ensures that all the activities surrounding data management form collection to collaboration work together and efficiently to be as useful as possible & easy to govern.
It is the strong foundation needed for consistent project approaches, successful integration and business growth.
Data Management Strategy help with following: Some common data challenges can be avoided straight away such as
1. Incompatible, duplicate or missing data from undocumented or inconsistently documented sources.
2. Soloed projects that use the same data, yet duplicate the efforts and costs associated with that data.
3. Data activities that consume time and resources but do not contribute to overall business objectives.
5 Steps to an effective data management strategy
a. Identify business objectives
b. Create strong data processes
c. Find the right technology
d. Establish data governance (Quality, Security, Privacy & Transparency)
e. Train & Execute
Data Owner They are either individual or teams who make decisions such as who has the right to access and edit data and how it’s used. Owners may not work with their data every day, but are responsible for overseeing and protecting a data domain.
Data Quality High quality data will ensure more efficiency in driving a company’s success of the dependence on fast based decision instead of habitual intuition.
The Five characteristics of High Quality Data are Completeness, Consistency, Accuracy, Validity & Timeliness
Data Efficiency It is the process of making data easier to use, manage and access. Data efficiency is a track off, it requires striking the right balance between cost and effectiveness.
Data Formats There are several data formats to choose from to load one’s data into the Hadoop Distributed File System (HDFS).
Data formats includes Text/Sequence/Avro/Parquet/ORC
Choosing a data format is not always black & white, it will depend on several characteristics including:
1. Size & characteristics of the data
2. Project Infrastructure
3. Use case scenarios
Thought of the day: “Management is doing things right; leadership is doing the right things.”
― Peter Drucker(Father of Management), Essential Drucker
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