The Importance of Data Management

Data management is a method which involves the creation and implementation of policies, procedures and processes to manage data throughout its entire life cycle. It ensures that data is reliable and easily accessible, facilitates regulatory compliance and enables informed decisions.

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 growing amount of data that needs to be consolidated and delivered to business intelligence (BI) and analytics systems, enterprise resource planning (ERP) platforms, Internet of Things (IoT) sensors and machine learning and artificial intelligence (AI) tools to gain advanced insights.

Without a clear data management strategy, businesses can end up with data silos that are incompatible and inconsistent, which hinder the ability to run business intelligence and analytics applications. Poor data management can also undermine employee and customer confidence.

To address these issues businesses must create a https://taeglichedata.de/how-to-set-up-a-relevant-and-useful-deal-room/ plan for managing data (DMP) which includes the people and processes needed to handle all kinds of data. For instance, a DMP can help researchers identify the naming conventions that they should apply to organize data sets to ensure long-term storage and access. It can also contain a data workflow that defines the steps for cleansing, verifying and integrating raw and refined data sets in order to ensure they are suitable for analysis.

For businesses that collect consumer information, a DMP can help ensure compliance with global privacy laws like the European Union’s General Data Protection Regulation or state-level regulations such as California’s Consumer Privacy Act. It also can guide the creation of policies and procedures to address security threats to data and audits.