What Is Data Management?

Data Management is the practices and procedures that make data an asset strategic to the company, encouraging innovation and decision-making. It involves efficiently collecting data, organizing, protecting and storing data in order to provide an unrivaled source of information.

Effective data management can help companies gain a competitive advantage through improving efficiency in their operations and reduce costs. It enables them to improve the customer experience, maximize their resources, accelerate decision-making, and more quickly respond to market changes. It also helps to reduce privacy and security issues which could damage a business’s reputation, increase costs for compliance and even lead to legal liability.

Today, companies receive information from multiple sources such as software as a service applications as well as application programming interfaces (APIs), mobile apps, and Internet of Things (IoT) devices. A successful data management strategy and software can bring these diverse sources into a single source of consistent, reliable information. It also helps to reduce the amount of data that has to be processed and stored, saving on storage costs and decreasing processing burdens.

In a society that is driven by data, it’s critical that those who use it are able to find what they need quickly and easily. It can be challenging to navigate a complex data environment that is growing more complex, particularly if you do not understand how all the systems work. Data management tools can help ease this challenge by allowing better visibility of data assets via catalogs or metadata-driven data dictionaries as well as data lineage records. It can also make it easier for data scientists and analysts to find, access, and analyze data.

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