Data management is a process that involves establishing and enforcing processes, policies and procedures to manage data throughout its entire lifecycle. It ensures that data is accessible and useful, facilitating the compliance of regulators and makes informed decisions, and ultimately provides an advantage to businesses.
The importance of effective data management has grown significantly as organizations automate their business processes, leverage software-as-a-service (SaaS) applications and deploy data warehouses, among other initiatives. The result is a proliferation of data that needs to be consolidated, and then delivered to business intelligence (BI) and analytics systems, enterprise resource planning (ERP) platforms, Internet of Things (IoT) sensors and machine learning and generative artificial intelligence (AI) tools to gain advanced insights.
Without a clearly defined data management strategy, companies may end up with data silos that are not compatible and inconsistent data sets that hinder the ability to run analytics and business intelligence applications. Poor data look what i found management can also reduce trust between employees and customers.
To meet these challenges to meet these challenges, it’s crucial that businesses develop a data management plan (DMP) that includes the necessary people and processes to manage all types of data. A DMP can, for instance, can help researchers determine the file naming conventions that they should use to arrange data sets to store them over the long term and make them simple to access. It can also include the data workflow that outlines the steps involved in cleansing, validating and integrating raw and refined data sets in order to ensure they are suitable for analysis.
For companies that gather consumer information For companies that collect consumer information, a DMP can help ensure compliance with privacy laws around the world such as the European Union’s General Data Protection Regulation or state-level regulations, such as California’s Consumer Privacy Act. It can also guide the development of policies and procedures to address security threats to data and audits.
