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The exponential growth of data volumes as well as the diversity of data sources creates numerous complexities for businesses to deal with. These difficulties include data integration security assurance, quality assurance, efficient retrieval, and providing actionable insights and strategic decision-making. Enterprises that struggle to meet these challenges may suffer from a loss in productivity, regulatory incompletion and missed opportunities to grow.

Inconsistencies and skews of data can have a major impact on the ability of an organization to make informed decisions. These mistakes are usually the result of inconsistencies in standard formats, naming conventions and processes for managing data. These inconsistencies lead to delays in the distribution of data to business users, and also decrease the value of the data.

The absence of a central repository may cause problems with data integration. This occurs when data gets scattered across multiple systems without a comprehensive structure. These issues may also prevent teams from working together across departments and gaining valuable insights.

A frequent issue is the lack of an owner of data or steward. A recent study by Capital One found that a lack of resources as well as confusion about the role are the main obstacles to successful data governance implementation.

It is essential to keep in mind that, at the end the day that a well-implemented and efficient data management system is only as effective as the people who utilize it. It is crucial to invest in the most effective tools and technologies, offer clear guidance and training and foster a culture that promotes collaboration and ingenuity.