Data management is the mechanism by which the data generated and processed by an entity are consumed, preserved, structured, and retained.
Good data management is a key piece of implementation of IT systems running business applications and delivering objective information to help drive business decision-making and strategic planning for corporate executives, business managers, and other end users.
Importance of data management:
Data management in businessis vitally important as it is constantly seen as a strategic tool that can be used to make more informed business decisions, enhance marketing campaigns, maximize business operations and reduce costs, all with the intention of increasing revenue and profits.
But a lack of proper data management will burden companies with conflicting data silos, incomplete data sets and data quality problems that limit their ability to execute business intelligence (BI) and analytics applications— or, worse, contribute to incorrect findings.
The importance of data management has also grown, as companies are exposed to a growing number of regulatory compliance requirements, including data privacy and protection laws such as GDPR and the California Consumer Privacy Act.
Moreover, businesses are collecting ever-larger volumes of data and a wider variety of data types, both of which have introduced the hallmarks of many big data systems. These systems can become unwieldy and difficult to navigate without good data management.
Top trends in data management
here are the top trends in data management that will ve extremely useful in the coming time :
- More attention to data security: the high profile data breaches we saw in 2018 have highlighted the importance of data security. With such significant potential losses, with so much on the table for both companies and their clients, ensuring that sensitive data stays safe is important. Organizations that collect and analyze data should look to invest more funds in cyber security technologies that mitigate data breach threats.
- Continued use of data enhancement solutions: Data quality is likely to continue to be one of the key factors of business success. As such, it is reasonable to expect companies to continue to use Information Development tools and technologies and ensure that they have information of high quality to support their decision-making process. Data optimization tools will also become more flexible and effective as more companies are interested in maintaining and enhancing data quality.
- Increased use of the cloud: Cloud systems see enterprise usage grow, and that is likely to continue. Businesses have recognized that the cloud helps them to streamline their operations and expenses, despite the fact that its use in the past posed security concerns. We could see more companies opting for hybrid cloud solutions in 2020 because having some of their data on-site could be healthier and more practical.
- Aiming for more value from gathered data: Despite data playing such a vital role in business performance and operation, companies must endeavor to make full use of the data they currently collect. Improving existing technologies such as predictive analysis, AI and machine learning will become more viable if companies have a better understanding of the handling of their results. Proper data processing will become the focus target for companies in 2020 as an important building block for adopting new technology and procedures that provide greater value from the gathered information.
Benefits of data management:
Managing the data is the first step in addressing the vast volume of data that threatens companies every day, both organized and unstructured. It is only through best practices in data management that companies can harness the power of their data to gain the knowledge they need to make the data usable.
Data management can be very beneficial for any organization an here is why
- A personalized experience for customers
- Ads value to the customer experience
- It identifies the root causes of marketing failures and business issues in real-time
- Helps to reap the revenues linked with data-driven marketing
- Improves customer engagement
- Increases the loyalty of customer towards the organization
The Differences between Data Management and Enterprise Content Management
Often, in business, data management and enterprise content management are confused. The core difference between the two is that ECM systems focus on document capture, storage, delivery and presentation. Whereas data management systems concentrate on minimizing risks of non-compliance, handling security concerns and legal matters.
