1).

The sum of Information gathered: -

Risk managers and other workers are often
frustrated by the volume of data generated in
today's data-driven companies and the advent of
huge data. On a daily basis, an organization can
obtain information on every incident and interaction,
leaving analysts with thousands of interlocking data
sets.

2). Data collection that is both relevant and timely: -

With so much data available, it's difficult to sift
through it all and find the information that's most
important. Employees that are overworked cannot
thoroughly evaluate data or concentrate on the
steps that are easiest to obtain rather than those
that actually add value. Furthermore, if an employee
must manually sift through data, real-time insights
into what is actually happening can be unlikely.

3). Data from a number of sources: -

The next challenge is interpreting data from
different, diverse sources. Different systems also
house different types of data. Employees can be
unaware of this, resulting in incomplete or incorrect
research. Manually integrating data takes time and
limits insights to what can be seen easily.
4). Inaccessible data: -
If data is not readily available to the people who
need it, consolidating it into a single unified structure
has little effect. Even if they are operating remotely,
decision-makers and risk managers need access to all
of an organization's data in order to gain insight into
what is happening at any given time. Data analytics
should make accessing knowledge as simple as
possible.

5). Data of poor nature: -

Inaccurate data is the number one enemy in data
collection and analytics. The output would be
inconsistent if the input is bad. Manual data entry
errors are a major source of inaccurate data. If the
research is used to influence decisions, this can have
serious negative effects. Another problem is
asymmetrical data, which arises when information in
one system does not represent changes in another.

6). Different data consumers have different requirements: -

Whatever the case may be, making data available to
customers in the formats and resources they want can
be a major undertaking. Some tools currently on the
market only support one use case/destination, making
the whole solution static and difficult to modify from
the start.
7). Data mining on a larger scale: -
As an organization's data collection expands,
analytics can be difficult to scale. Collecting data and
analyzing reports is becoming more difficult. To deal
with this dilemma, we'll need a system that can
expand with the business.
Although it may take some time to resolve these
hurdles, the advantages of data analysis are well
worth the effort.

8). Skills deficiency: -

Owing to a lack of talent, some companies struggle
with research and collection. This is particularly true
of organizations that do not have structured risk
management departments. Employees may lack the
expertise or experience to perform in-depth data
analysis.
9). Data is represented visually: -
Data is often displayed visually in graphs or charts in
order to be interpreted and impactful. Although
these tools are extremely useful, manually designing
them is difficult. It's aggravating and time-consuming
to collect data from various sources and enter it into
a reporting tool making marketing analysis difficult.