All businesses know that data can transform their operations, marketing, and customer service for the better; however, there are many challenges when it comes to building a sound and robust data culture internally.
Whether firms use a data collection company or in-house resources, there are various data challenges that can be identified and overcome with planning and strong systems. Let’s look at what a data collection company would recommend in terms of the key data pain points and the best practices to overcome them.
The biggest data challenges businesses face
Typically, these challenges are data quality, data privacy and security, skills gaps, and data silos. Governance is also another clear issue, along with the structures needed to tackle robust data management and governance. Without solutions to these common issues, there will be problems with data at every turn.
Poor data collection methods will lead to data sets that are incomplete, misleading, or simply inaccurate. Data silos mean that data stored in isolation will prevent collaboration and a full view of the business. Without ready data integration, data analysis becomes nearly impossible; without access to skills, the necessary analysis cannot be delivered. Governance, reporting, ethics, structures, and processes are all required to build the data architecture necessary for a strong data culture.
How to tackle data issues
These topics are complex and explain why many businesses outsource their data to a data collection company that can deal with all aspects, from the right collection processes to data quality, governance, security, and analysis. By outsourcing the data remit as a whole, businesses can take guidance from experts and know that they will receive clear insights for better decision-making without needing to resource, upskill, and invest in an in-house team.
Where businesses choose to invest in their in-house capabilities, investment in the right software, systems, talent, and governance is required for the best and most compliant results, particularly as the data field is growing and often regulated. Large penalties can be incurred by businesses that do not comply with data legislation.
