What Is Data Management?
Data Management is a set of practices and processes designed to make information a strategic asset for companies, enabling them to be more innovative and make better decisions. It involves efficiently gathering data, organizing, secure and storing data in order to provide a single source of trusted information.
Effective data management can assist companies to gain a competitive edge by enhancing operational efficiency and cutting costs. It enables them to improve customer service, optimize resources, speed up decision-making and respond more quickly to market shifts. It can also help reduce privacy and security issues which could damage a business’s image, increase the cost of compliance and result in legal liability.
Today, businesses receive information from multiple sources that include software as a service such as application programming interfaces (APIs) mobile apps and Internet of Things (IoT) devices. A data management approach that blends these diverse sources can result in a single source for reliable, consistent data. It also helps to reduce the amount of data required to be processed and stored, saving on storage costs and decreasing processing workloads.
In a data-driven world it’s crucial that the users of the system can get what they want quickly and with confidence. It can be challenging to navigate a complex and expanding data environment, especially when it’s hard to comprehend how the various systems work together. Data management tools can help simplify this process by providing better access to data assets, such as catalogs, metadata-driven data dictionaries, and data lineage records. It can also make it simpler for data scientists and analysts to find information, access and analyze data.