What is Data Management?
Data management is the professional practice of developing and maintaining a framework for ingesting, storing, processing, and archiving data that is essential to modern business. Data management serves as the backbone that connects all aspects of the information lifecycle.
85% of organizations see data as one of the most valuable assets to their business. However, most companies are struggling to manage it.
In today’s world, businesses are collecting ever-increasing amounts of data, ranging from –
a) Machine Generated Data (loT or machine-to-machine)
b) Human Generated Data (social media, email, enterprise, sales etc.)
Many organizations, however, do not understand how to effectively harness this asset and use data to actually improve numerous aspects of the business.
This is done through Data Management Platforms, Customer Data Platforms and Data Warehousing. Other types of data management activities include data cleansing, migration, governance and testing.
This cleaned data ultimately then gets consumed by advanced analytics and AI based system which produce meaningful outputs that can be consumed by the business.
Implementing a comprehensive data management strategy can optimize processes in several key business areas, with specific benefits including:
Data management issues ultimately have a large impact on many organizations’ profit and productivity. Increasing operational efficiency allows your organization to become more productive. Brands that can respond effectively and efficiently to market changes will gain a competitive edge over rivals.
Better Quality Control
If your organization’s data is split into many different silos, constant movement of data between different systems leaves plenty of room for error. This data can easily fall through the cracks and get lost between silos. Ensuring the right data management tools and checks is the single source of truth.
This means employees will know where and how good quality data is meant to be stored.
Limit Security Risks
Security of sensitive company and customer data is of the upmost importance for all companies. Improved data management improves data governance and reduces organizational risks. These risks include data being corrupted or stolen. Strong data management will ensure that all types of data remain safe and secure.
Fully Understand the Customer Journey
Many prospects are often at different places within the customer journey at different times. Data management allows sales and marketing teams to grasp the full buying cycle and reach these potential customers at different points throughout the customer journey
Only an organization that has great data management processes in place will be able to get the best possible view of this complex journey.
While the implementation of data management tools and processes is a large undertaking for many organizations, ensuring your data is of good quality and accessible is a necessary part of a good data management strategy. The initial investment in data management systems won’t be an inexpensive endeavor for any business, regardless of the size. The benefits of investing in it, however, will save on massive costs in the future.
A well-executed data management strategy can help companies gain potential competitive advantages over their business rivals, both by improving operational effectiveness and enabling better decision-making.
We, at Wavelabs, create solutions across the entire value chain starting from discovery & aggregation, storage & transformation, modelling & analysis to advanced analytics & visualizations.
We design smart data pipelines for the next generation enterprises that provide easier access to actionable data and drive deeper insights to support critical business decisions.
Want to know how you can connect the dots between insights and action?
Reach out to us today!