Data Management is a set of practices and processes designed to make information a strategic resource to businesses, enabling them to develop and make better decisions. It is the process of efficiently collecting information, organizing, securing, and storing data to provide an unrivaled source of information.
Effective data management can help businesses gain competitive advantage by enhancing operational efficiency and cutting costs. It allows them to improve the customer experience, maximize their resources, accelerate decision-making, and respond faster to market shifts. It can also help minimize privacy and security concerns that could damage a company’s reputation, raise the cost of compliance and result in legal liability.
Companies today receive data from a variety of sources, including software-as-a service applications APIs, mobile apps and Internet of Things devices. A data management approach that integrates these different sources can create a single source for consistent, reliable information. It also helps reduce the amount of data required to be stored and processed which saves on storage costs and decreasing processing load.
In a world that is based on data it’s essential that users get what they want quickly and without hesitation. It can be challenging to navigate a complicated and ever-growing data landscape particularly when it’s difficult to understand how different systems work together. Data management tools can simplify this complexity by enabling better visibility of data assets via catalogs, metadata-driven data dictionaries and data lineage records. It also makes it easier for analysts and data scientists to locate the data, access and analyze it.
