Entity resolution is the vital process of identifying, grouping, and linking digital records. For example, you may have several different versions of your name, address, and phone number in different locations. Entity resolution software for big data simplifies this information. Yet the process is not easy, and can easily go awry. Here are four facts about entity resolution that may make you lose some sleep.
1. Bad Data Quality
You probably do not realize the amount of bad data you have in your company records, and it is costing you. An Ovum Research study revealed that poor quality data is costing firms 25 to 30 percent of quarterly revenue. Inaccurate, inconsistent, and disconnected data create inefficiencies that directly impact your bottom line.
2. Multiple Data Sources
The primary issue affecting data quality is multiple records of the same information found in a variety of sources. Over time, you collect duplicate information, ending up with multiple records of the same entity, affecting everything from internal reporting to customer service.
3. Emergence of New Technologies
The speed of change in the data management industry is dizzying. New technologies, software, and formats keeps changing. New data silos form as departments attempt to maintain data integrity in a contained unit. Your ability to complete successful identity resolution is diminished across the enterprise.
4. Data-Knowledge Gap
The age of big data means your organization has more information than ever before.
Yet, often there is a growing divide between the information you have about clients, vendors, employees, or products and the actionable data you can use to make better business decisions.
Here is what that means: you may have a lot of data, but if it is gathered and organized in a way that is un-usable, then what is the point?
The Solution? A Hybrid Approach.
Current enterprise data tools are often very good at giving you a single view of the massive datasets inherent in large organizations, but they fall short in the modern world of multiple channels, end-user desire for self-serve analytics, and cross-channel dashboards.
For proper data management, you must reconsider the traditional concept of enterprise data management and think more broadly to include social media data, event data, and big data. Modern data management requires entity resolution software that can assimilate these sources. It is a hybrid approach that improves data reliability, security, and governance.
With the right tools, it is possible to gather and organize actionable data that will help you gain customers, build sales, and generate profits. To learn more about our proprietary entity resolution software for big data, get in touch with Black Oak Analytics at (877) 805-0736.