5 Key Signs That Indicate It's Time to Improve Market Data Processes
1. Frequent Data Inconsistencies
If your organization often encounters discrepancies across reports or has conflicting data sources, it disrupts workflow and leads to unreliable analyses.
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Why It Matters: Inconsistent data compromises the reliability of decision-making and impacts your bottom line. A McKinsey report states that 30% of organizations face significant inefficiencies due to such inconsistencies.
2. High Incidence of Manual Entry Errors
Manual data entry increases the risk of errors that require constant corrections and rework, slowing down processes and creating potential compliance issues.
Why It Matters: Gartner’s research shows that human error accounts for 63% of data quality issues in financial teams. This inefficiency not only wastes time but poses serious financial risks.
Solution: Invest in automation tools that allow for integration of any data source in any format into any system, minimizing manual handling. Additionally, enable custom data modification to fine-tune data processing and reduce errors tailored to your specific needs.
3. Dependence on Duplicate Data Sources
Teams that rely on multiple, overlapping data sources often spend time reconciling data and dealing with redundancies, which delays decision-making.
Why It Matters: : Deloitte found that 42% of financial teams struggle with duplicate data sources, causing inefficiencies. Duplicate data complicates analysis and reduces productivity.
Solution: : A centralized data hub eliminates redundancies by consolidating data streams into a single source of truth. Integrating advanced data governance tools ensures that data from different sources is automatically checked and de-duplicated.
4. Delayed Decision-Making Due to Data Delays
Decision-makers need fast access to current data. Delays in updating or retrieving data result in reactive rather than proactive strategies.
Why It Matters: : PwC reports that 47% of CFOs cite data delays as a significant obstacle to timely decision-making, which can result in missed market opportunities.
Solution: Implement a central data hub with real-time integration capabilities that allow seamless access and updates. This central hub ensures that data from any source, in any format, flows into decision-making tools promptly.