When done correctly, an effective data strategy can streamline operational costs, reduce time to market, and fuel the development of new products and revenue streams. However, as we’ve written about before here at the APEX of Innovation, managing data initiatives is not for the faint of heart.

In a recent TechTarget article, George Lawson examined some additional data challenges and what companies can do to overcome them. Below, we’ve outlined several of the most significant challenges covered in the piece.

Finding and Fixing Data Quality Issues

If data quality issues find their way into big data systems, the analytics algorithms and AI applications built on data can generate bad results. As big data volumes and types increase, so does the difficulty of finding and addressing quality issues. That’s why it’s important that companies continually monitor for data quality issues and deal with them as quickly as possible. 

Dealing with Integration Complexities

Many organizations utilize a data lake as a repository for big data sets originating from various sources but fail to determine how this disparate data will be integrated. Prior to embarking upon any data project, companies need to address the integration element and ensure they have a strategic plan in place.

Scaling Data Systems Efficiently and Cost-Effectively 

Companies can quickly burn through money on data storage if they lack an overarching strategy for how they plan to use it. To avoid this, organizations should plan out the types, schemas, and use of data before deploying data systems. It’s also a good practice to institute retention policies that cycle out old information to ensure that the resulting insights are relevant for today’s market.

Governing Enterprise Data Environments 

Without the right data governance strategy and controls, companies miss out on the full benefits of data analytics. One approach is to treat data as a product and see to it that built-in governance rules are instituted from the beginning. Spending this time at the outset identifying and managing data governance issues will make it easier to provide self-service access that doesn’t require oversight of each new use case.

Take a look at Lawson’s article for more data challenges to be mindful of before you embark on projects in the coming year.