One of the greatest challenges faced by business organizations is the accumulation and organization of data so that it can be used in future. It is a proven fact that the analysis of the data of business activities can play a great role in facilitating the management to take effective business decisions for the future. However, in order to ensure the integrity of data analysis, there are three prerequisites.
- Accuracy
The data which is to be analysed for taking business decisions must be accurate. The accuracy can be ensured by breaking down the data to the granular level and confirming it against the results. If the data is not confirmed as accurate, the findings of the analysis would come out faulty and might misguide the management while taking decisions. - Consistency
The data which the management will use for decision making must be consistent in both quantity and scope. For example, if the management is provided with the data of any particular business activity, and it is found that the data consists of the entries from the months of April and June, but not May, it would be difficult to derive any conclusion from the analysis of that data. - Transparency
This is a very important pre-requisite for effective data analysis. The management must have access to all the background sources of the data. There is no point in hiding the origin of any data as it might hinder the analysis process and thereby affect the decision making process.
All the aforementioned pre-requisites can be fulfilled with the help of a system known as enterprise data management. This system focuses on the creation of data results which are well defined and can easily integrate with other data results. The only thing that is demanded for by the effective enterprise data management is the consent of all the stakeholders of the data. It is the responsibility of the top management to ensure that all the stakeholders are happy with the use of their business data for the purpose of analysis.
