Ubiquitous data has empowered startups to compete against blue-chip companies even without huge financial backing, as they are now able to blaze their own trail and build superior products. This is evident as of late many big organisations are acquiring startups due to the unique value proposition of their products.
Although, in the current landscape, they also possess similar challenges to what blue-chip companies witness. One such problem is data management for streamlining workflows to improve its efficiency and productivity. Owing to this, various firms are embracing augmented data management for enhancing the outcomes of their data-driven products.
What is augmented data management?
Augmented data management is a process in which data is automatically refined by utilising machine learning and artificial intelligence techniques. It is no more a secret that data scientists spend around 80% of their time in data wrangling as often data are collected from different sources; information from various origins are usually unstructured and comes in several formats. Thus, implementing augmented data management assists firms in organising and maintaining data quality through cutting-edge technologies, resulting in reducing data cleaning activities of data scientists, and in turn, increase the productivity of organisations.
Best Practices For Augmented Data Management
Apart from the aforementioned advantages, augmented data management can facilitate data for real-time analytics. Desired quality and tidiness of data is essential for utilising it on the go and make informed business decisions instantly. Through augmented data management processes, startups are harnessing data across several departments and improving collaboration for accomplishing different tasks.
This will enable startups to better manage their day-to-day activities by making proactive decisions within their departments. Such immediate use of data also eliminates the data silos, thereby, decreasing the cost of business operations. Startups, where there is a dearth of resources, it is paramount to deploy such processes that can be a helping hand for their data scientist for deriving insights into data.
Other benefits include:
- Data scientists regularly strip or evaluate outliers for its genuineness with regards to other data points, which now can be carried out with augmented data management practices by deploying Ml and AI modules.
- Data scientists often configure database and query desired information that can be processed to solve business challenges. Long story short, they often interact with data management to manage and extract quality data. Therefore, embracing solutions that can auto-configure database will eliminate the necessity to manage silos.
- Augmented data management also has the potential to maintain data integrity by ensuring accuracy, completeness, consistency, and more, as a result, data scientists can focus on analysing instead of checking and cleaning data.
- Biased data can afflict any organisations and can lead to bankruptcy, as making decisions based on biased data can negatively impact firms. Ensuring genuine data is another facet of augmented data management such that companies can rely on it for their business growth.
- By deploying augmented data processes, companies can leverage organised data through dashboards like Tableau, PowerBI, and more, to analyse and create reports instantly.
- Apart from data scientist team, a well-structured data can also be utilised by management and other departments for decision making just by knowing the basic of dashboards.
Outlook
Startups need to revamp data management processes such that they can automate the process of data circulation and optimise their course of further analysis on data. With the right tools for data management, startups can enhance their products by purging intricacies pertaining to data. Decreasing complexities are the key for any business to strive and achieve business objectives, and startups are no different. Therefore, deploying augmented data management practices are the way forward to stay competitive and give blue-chip organisations a run for their money.
