Despite the extraordinary increase in data production, it’s unfortunate that a significant percentage of this wealth of knowledge goes completely untapped. Recent figures highlight the depth of the situation. The amount of data collected by organizations doubles every two years, and surprisingly; 99% of freshly created data is kept inactive, unutilized, unanalyzed, or untransformed for valuable insights.

This hurts organizations in many ways. For instance, 87% of marketers believe that data is not adequately utilized as an advantage in their organizations. This impression reflects a major chasm between the potential of the huge data resources available and their successful use to achieve business objectives.

This scenario underscores the critical need for organizations to develop and implement robust data management and governance strategies. Merely accumulating data is insufficient; businesses must establish frameworks that enable them to unlock the full potential of this valuable resource.


Data Management Challenges

Data Volume and Complexity

Data continues to proliferate. Approximately 328.77 million terabytes of data are created each day. Given the scale, managing and making sense of vast datasets become increasingly difficult. Without the right systems in place, organizations risk drowning in data without deriving meaningful insights.

Data Quality and Accuracy

A large percentage of the data that organizations collect is not fit for purpose. This represents a serious issue, particularly in relation to compliance requirements and managing risk. Inaccurate or incomplete data can lead to faulty analyses, misguided decision-making, and ultimately, operational inefficiencies.

Data Security and Privacy Concerns

With the increasing sophistication of cyber threats where hackers attack every three seconds, data security and privacy have become cardinal concerns. Organizations must protect sensitive information from unauthorized access, ensuring compliance with regulations and maintaining the trust of their stakeholders.


Overcoming Data Management Challenges

Implementing Robust Data Management Systems

To address data volume and complexity, organizations should invest in robust data management systems. These are systems that are scalable, able to handle diverse data types and provide efficient ways to organize and retrieve information.

Data Quality Assurance Measures

Implementing data quality assurance measures involves establishing processes to validate and maintain the accuracy of data. This includes data cleansing, validation checks, and ongoing monitoring to ensure data remains reliable over time.

Enhancing Data Security Measures

Enhancing data security involves implementing robust cybersecurity measures, including encryption, access controls, and regular security audits. Data governance policies play a crucial role in outlining security protocols and ensuring compliance with privacy regulations.


Data Governance Challenges

Lack of Defined Policies and Standards

Many organizations struggle with a lack of clearly defined data governance policies and standards. This ambiguity can lead to inconsistent data practices, unfavorable business decisions, and data leaks all of which undermine the effectiveness of an organization’s data strategy.

Organizational Silos and Collaboration Issues

When different departments or teams operate independently, it can result in fragmented data management practices, conflicting priorities, and inefficiencies that waste time and limit opportunities for growth, preventing the organization from realizing the full value of its data.

Regulatory Compliance Challenges

Meeting regulatory reporting requirements, especially those tied to stringent policies like the European Union’s General Data Protection Regulation (GDPR), becomes particularly daunting in the absence of a cohesive data strategy. This challenge is underscored by the staggering total of GDPR fines in 2023, which reached around $1.8 billion, surpassing the cumulative fines imposed from 2019 to 2021 combined.


Overcoming Data Governance Challenges

Establishing Clear Policies and Standards

Overcoming governance difficulties requires well-defined policies & standards for data governance. Data ownership, usage policies, and procedures for preserving data security and integrity should all be outlined in these papers.

Promoting Cross-Functional Collaboration

Establishing an effective data governance strategy requires cross-functional collaboration among all departments to ensure that data management is handled consistently across the organization. Achieving this level of collaboration is difficult, but it can be achieved through the implementation of centralized governance or a centralized data repository.

Ensuring Regulatory Compliance

Regulations like the GDPR are a step in the right direction for privacy and data protection. However, it can still be difficult for organizations to meet compliance requirements without sufficient resources. Hence, the first step is to appoint a data protection officer, conduct regular audits, and implement technologies that support compliance efforts.


Best Practices for Effective Data Management and Governance

  • Define your data governance strategy and be transparent about it
  • Implement a data quality plan
  • Invest in the latest tools & technology
  • Define access and usage policies
  • Build an information architecture
  • Establish data security policies
  • Develop awareness about your personal and organizational rights in relation to data
  • Communicate frequently with colleagues within departments that utilize data.


Wrapping Up — How Trinus Can Help

Effective data management & governance are not just challenges but essential components for the success of any organization. The complexities of handling vast volumes of data, ensuring its accuracy, and navigating security & privacy concerns require proactive strategies and robust solutions.

As the volume of data grows, the requirement for best practices becomes increasingly more pressing; and a good data management & governance approach includes data cataloging and classification, frequent audits, and ongoing training.

Trinus Data Management Services stands out as a trustworthy partner. Our multi-cloud-optimized services examine, align, and implement purpose-built solutions that enable enterprises to realize the full value of their data. As data becomes the driving force behind decision-making, Trinus guarantees that your company not only survives but also thrives in the data-driven future. To get started, contact us now.