Question

As business processes have evolved overtime, so too has the use of IT systems and associated tools. As a result, data storage needs have increased to the point where IT solutions are required to maximize new business practices. What challenges do companies face in regards to managing data? Expert Answer

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Answer 1

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Answer:

Uncertainty about the future :

Being able to predict customer trends, market trends is a very difficult task at present.

Financial management :

Many CEOs they’re great at the big picture and disruptive thinking, but less good with things like cash flow, profit margins, reducing costs, financing, etc. Small and medium businesses may not require a full-time CFO.

Monitoring performance :

The use of performance indicators that provide the business with insights about how well it is performing is key. Most business people should be experts on how to avoid the key pitfalls and how to best communicate metrics so that they inform decision-making.

Regulation and compliance :

Depending on your industry, it can make it much more useful to bring in a consultant to help with these areas rather than trying to understand the complexities yourself.

Recruiting the right talent :

All kinds of business might not need full-time human resources or recruiting staff, but during peak growth periods, finding the right people and developing the right skills and competencies is the key to a sustainable future.

Technology :

As technologies change the companies should try to innovate and should integrate new platforms into existing systems.