Timely decision-making for businesses operating in data-intensive industries requires investing in creating viable support systems to help them make well-informed and impactful decisions. Businesses operating in industries like energy, commodities, agriculture, shipping, mining, insurance, finance, renewable energy, oil and gas, and utilities require data support systems that offer high-quality and timely data, which can directly influence your decision-making process as they directly impact the outcome of business operations.
Establishing the appropriate infrastructure for an in-house data management system that provides you with a steady and organized stream of critical data presents several challenges. The advent of managed data services comes with several possible advantages that can help you overcome the obstacles your organization might face in creating such data systems.
This post will discuss the advantages of outsourcing data management services for your organization. We will first introduce you to the challenges of data management that can become obstacles for your organization and the fundamentals of holistic data management solutions.
A better grasp of these aspects will help you understand how ZEMA’s managed data services can help your organization unlock its full potential and drive its growth into a more successful future.
The Primary Challenges For Data Management
The manner in which your organization captures, stores, distributes, and analyzes data, presents the most significant challenges for your organization. Let’s take a quick look at the five challenges your organization should address:
Your organization can acquire critical data through various sources, including internally within the company and through external data vendors. It creates multi-faceted datasets, and each data stream supplies its own set of standards. Efficiently handling enormous amounts of data with different standards has become a significant challenge. Adequate data automation measures can minimize the lag and resources spent on acquiring, organizing, and utilizing crucial data.
And IDC study showed that 2011 saw 1.8 trillion gigabytes of data being produced – a figure expected to grow by 50 times by year-end 2021. The sheer volume of data being produced and accumulated requires extensive monitoring and validation, necessitating intelligent data management systems that can make order out of chaos. Provided that your organization has access to a data management system capable of processing significant volumes of data, you can have access to more intelligence, giving your organization a competitive edge.
Working with data vendors comes with several challenges, including inconsistencies. Data vendors are also working to evolve and improve different aspects of their businesses, requiring the need to change their data formats or periodic downtimes to enact those changes. Short notice announcements regarding format changes or no announcements can present challenges for your business.
Additionally, data vendors may revise the data they accumulate if they determine that initial values are not accurate. Rechecking the data sources from your vendor to keep track of revisions repeatedly can result in the data vendor flagging your organization and eliminating a valuable data stream. Working with an experienced managed data services provider can help you circumvent this obstacle.
Analyzing and using data obtained from vendors that may be inconsistent or inaccurate altogether can prove to be devastating for your organization. Spending enormous resources on over-analyzing inaccurate data could hamper your company’s decision-making systems, especially if the experts you are working with cannot identify any abnormalities.
Intelligent data management systems that can navigate complex data and create meaningful analyses can mitigate the time- and labor-intensive process of removing inaccuracies and help you maximize the benefits of accurate and clean data streams.
The final goal for organizations using data management systems is to accumulate multi-faceted datasets and integrate them into business intelligence tools, trade and risk applications, custom applications, and other operational aspects. The data collected by your organization must meet your internal systems requirements for successful and effective integration into your business processes.
The right data management solution should ideally provide you with a wide range of integration points so you can use the necessary technology to make sense of all the data for meaningful and timely decisions.
Understanding The Fundamentals Of Holistic Data Management Solutions
Effective and intelligent data management systems can address these challenges. Remember that a data management system does more than merely capture data. It is responsible for organizing and analyzing multi-faceted datasets to allow your organization to use the data for timely and effective decision-making.
The fundamentals of holistic data management solutions include entire workflows for:
- Data Capture: A complete data management system captures data in real-time, all the time, considering the data volume as a crucial factor.
- Data Validation: It should validate the sheer volume of data to check whether it is complete and accurate.
- Administration: It should provide entitlement management to grant, resolve, enforce, revoke and administer fine-grained access entitlements of data while organizing it.
- Viewing Data: It should provide user-friendly but powerful ways to effectively view data, presenting it in a configurable visual format based on necessity.
- Third-Party Analytical Tools: It should work with third-party analytical tools to further validate the data.
- Process Automation: It should automate data processing to reduce resource-intensive business processes, ensure greater accuracy and security, and be more transparent for easier auditing and accountability.
- Data Distribution: It should provide multiple integration points and offer adequate measures to move data around the organization for more effective use of data.
The Benefits Of Outsourcing Data Management Services
Understanding the challenges of data management for organizations and the fundamentals that can create an effective and complete data management solution might already present you with a clearer picture of the advantages of outsourcing data management services.
Gartner predicts that 90% of corporate strategies will explicitly mention information as a critical asset for organizations, and analytics will become an essential competency for them.
The right managed data services that can accumulate, organize, analyze, process, effectively distribute, and integrate enormous volumes of multi-faceted datasets presents you with several advantages, including:
1. Scaling Up Your Organization
Eliminating the resource- and labor-intensive aspects of data management through an effective managed data service solution can free up enough resources to rapidly expand output and scale up your organization.
Transparent fee structures with data management solution providers help you better track your organizational expenses for data management and control those costs. No longer having to worry about unforeseen expenditure in that regard can free up your team to focus on garnering in-house talent and resources to grow your organization.
2. Improved Data Security
Several industries, including energy, commodities, agriculture, shipping, mining, insurance, finance, renewable energy, oil and gas, and utilities, require high standards to comply with the storage and sharing of sensitive data. Not fulfilling these compliance standards can result in exorbitant fines.
Failing to meet the compliance standards also exposes your organization to the threat of data attacks. According to a 2021 report from IBM and the Ponemon Institute, the average cost of a data breach can be as high as $4.24 million. Outsourcing data management to experts who can understand how to identify and implement the necessary data security can help you avoid these challenges.
3. Meet The Latest Tax Requirements
Compliance extends beyond meeting data security standards. Your organization must also meet the most updated tax regulations. Avoiding tax penalties and finding new tax incentives is another advantage of outsourcing data management services.
4. Making Timely Structural Decisions
Making structural changes in your organization can be challenging in the advanced stages of your organization’s development. Another advantage of outsourcing data management services is the ability to identify a clear road map for timely decision-making to enact structural changes.
5. Comprehensive Security In The New Normal
A remote workforce infrastructure has become the new normal since the onset of COVID-19 for organizations across most industries. The flexibility of a remote workforce comes with the challenge of enforcing better security measures to protect data at work and other locations.
Managing data security in the office presents you with direct control over the use of devices and wireless networks, but what about securing data at other locations while ensuring security? The right managed data service provider empowers your remote workforce by providing adequate data security through encryption, threat management, and virtualization wherever necessary.
6. Streamlining Administration
Automating administrative functions has rapidly become the norm across all industries. It is critical to know your options and devise an effective strategy to schedule and share information through everything from voice assistants to integrated data centers. The right managed data service provider can facilitate setting up a system to automate and streamline administrative processes.
7. Staying Ahead Of The Curve
Outsourcing data management services to the right managed service provider also entitles your organization to benefit from their expertise in a rapidly changing environment. New technology advancements and features to innovate business processes keep springing up. Keeping track of innovative new technologies and features becomes possible when working with managed data service providers who stay atop the latest trends.
Leverage the Advantages Of Outsourcing Data Management Services With ZEMA
ZEMA is a platform that has proven itself as an effective managed data services provider in several data-intensive industries, including energy, commodities, agriculture, shipping, mining, insurance, finance, renewable energy, oil and gas, and utilities.
ZEMA can empower your business through its end-to-end data management solution and cloud analytics solutions to minimize organizational risks and maximize self-service data insights through access to a comprehensive and intelligent data management system. Consider booking a demo with ZEMA to learn more about the platform that has decreased the risk of data-driven decision-making through automated data collection, secure centralization, cloud analytics, dynamic analytics, automation of workflows and processes, and integration with third-party applications.
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. ZEMA is an enterprise data management and integration platform that offers advanced capabilities to meet specific data management requirements for analysts, traders and risk managers. ZEMA’s powerful automated data capturing application, Data Manager automatically captures, schedules, standardizes and stores tremendous volumes of data from multiple data providers across all industries worldwide, and pushes this data into one centralized database. ZEMA collects data from any source, in any format, and under any schedule.
