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Addressing Challenges in Data Analytics: A Comprehensive Review and Proposed Solutions
Abstract
Data analytics, in the context of big data, presents numerous challenges that organizations must overcome to harness the full potential of their data. Risk managers may face a number of obstacles in their efforts to gather and apply analytics. Fortunately, there is a solution. This chapter addresses some of the major problems with data analytics and the probable solutions. The main issues covered in this study are data volume, real-time analytics, data validation, poor data quality, lack of support, ambiguity, financial restrictions, talent scarcity, and security. It will need a holistic strategy that includes strategic planning, modern technology, and cooperative efforts to address these difficulties. Organizations must traverse these challenges to extract valuable insights and make educated choices from their data, from adopting scalable infrastructures for data processing to developing a competent staff and putting in place strong security measures.
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