What you don’t know about data management could kill your business

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In fact, M.D.M.Master data management) means Big Data is a mess in most large organizations, the end result of 20-plus years of dumping data into data warehouses and data lakes without a comprehensive data strategy. IT leaders moving forward will need to find some way to basically clean out old data septic tanks.

At a recent conference, the editor of a major trade publication was called. Chatham House Rule Before asking the roughly 250 senior executives in the room how many of them considered an “aligned information strategy.” Seven individuals raised their hands.

Contributing to the general lack of information about information is complexity. There are many places in the enterprise where data costs occur. Individual business units, for example, purchase data from third parties. A good first step is to take an inventory of all data feeds being purchased enterprise-wide and get an accurate picture of how the purchased data is being used.

The reality is that a significant portion of the information reported about modern enterprises is duplicated in multiple locations, poorly distributed, idiosyncratic, locked in closed platforms, and tied up in local business processes. Along the asset portfolio path, data needs to be made more fluid – that is, the transformation of data assets into reuse and recombination.

I conducted a survey asking chief information officers working with major cloud providers where they spend their time. Between 50% and 70% of CDOs’ time is spent on people issues, such as ownership of data in silos. Breaking down those data silos Yet another issue of data management.

Data management fee

What we do know is that investments in data are huge. Estimates vary widely, with data costs pegged at somewhere between 10% and 57% of total IT budgets. According to his analysis. McKinsey concluded A medium-sized organization with $5 billion in operating expenses spends more than $250 million on third-party data acquisition, architecture, management, and data consumption.



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