We live in a truly digital age. The amount of data generated by businesses each year is astronomical, and it’s increasing each year. This information needs to be stored in a safe, reliable, and practical way to not only ensure that any malicious attempts to access it fail but to also make it easily and readily available to those who need it when they need it. This is where Data Management comes in.
Keep on reading to find out about the uses and benefits of a Data Management solution, then learn more about how RANGE can help your Data Management needs by contacting us.
What is it, why is it important?
In a nutshell, Data Management is the complete process of importing, storing, organising, and maintaining the data collected and/or generated by an organisation in an accurate and accessible way. The specifics of this vary from company to company, but the overall purpose and function is the same.
Data Management is becoming progressively more important to businesses. Collections of data are increasingly being seen as valuable corporate assets which can be leveraged to help make more informed business decisions, improve the quality of marketing campaigns, optimise business operations and reduce overall costs, all while increasing revenue and profits.
Valid Data Management strategies are also important to help meet the increasing number of regulatory compliance requirements, such as data protection and privacy laws.
Who uses it?
All businesses will use Data Management in some form, but the details of them can vary greatly depending on the industry they are in, below are some examples of different sectors and how they can use Data Management
Small and Midsize Businesses
Using reliable data management technology that caters to the needs of smaller businesses can help modernise and improve legacy IT systems and help them be competitive with larger counterparts
Reliable data management technology helps governments of all sizes manage various initiatives, economic development, and other population-based tasks
The health care industry is a data critical environment, so an enterprise-level data management strategy is a must. Information will come from various sources, must be of good quality, adhere to strict regulations, and very well protected
People trust banks with their money, but their data is just as valuable to ensure that the money is safe. Strong privacy and compliance-based data management is key to helping banks earn the trust of their customers
The key to success in the manufacturing industry is quality. With solid data management, manufacturers can efficiently manage product inventory, get insights on machinery performance and make well-informed business decisions, all leading to a better-quality product.
From marketing to sales, a trusted data management solution is key to taking charge of retail data and understanding customers.
Data can come from multiple different sources and be stored in various locations. Quick, easy and reliable access to the information through good access technology allows you to spend more time using the data, rather than looking for it
Data can come from multiple different sources. The ability to pull the data from multiple locations and present them in a unified result can help reveal new insights and assist users to make more informed decisions
Data quality is the practice of ensuring that the data coming in and being accessed is accurate and usable. Outdated, unreliable, incomplete, or the wrong data can all lead to costly mistakes. Data Management solutions can standardise, parse, and verify the information to reduce the risks of poor data quality
Data Governance is the framework around how data is managed. This is often used to help meet regulatory requirements. Data Management solutions can help track and audit data usage and manage who has access.
Business Glossaries, Lineage, and Metadata
A business glossary sets data owners and integrates workflows. Lineage traces the data’s history and Metadata tracks key information about the data. Working together, these tools help a business stay ahead of the curve and address any potential issues before they cause bigger problems. They can also be used to create and explore relationships, allowing even more insights to make decisions.
Data Management Technology should have a way to help present the data in a meaningful way.
Benefits of good Data Management
- Gain a competitive advantage over business rivals
- Improve operational awareness
- Better decision making
- More agile
- Possible to spot new market trends and take advantage quicker
- Avoid data breaches, privacy issues and regulatory compliance problems
- All round better business performance
Risks and challenges
Inadequate data architecture can lead to siloed systems that are hard to manage and integrate. Alongside this, siloed systems can make it hard for users to find and access the relevant data. Sometimes the issue can lead to the need for a ‘Data Catalog’ of which information is located where.
Shifting to a cloud-based system can bring its own challenges when it comes to data management. Migrating data, especially from live systems can be complicated, and the costs involved in storing large amounts of data in the cloud need to be accounted for.
Many larger companies have their own data management teams. These teams are responsible for protecting data security and limiting potential legal liabilities. Ensuring that data management staff are adequately trained and competent can help reduce the likelihood of any human errors.