What Is Data Management?

Data is the most valuable asset in the world. In today's digitally driven economic environment, different businesses use data for various commercial purposes. Continue reading this article to learn more about key approaches to data management.

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What Is Data Management?

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According to The Economist , data is the most valuable asset in the world. In today's digitally driven economic environment, different businesses use data to take strategic decisions, ameliorate existing services, and create innovative products. Data management represents the process of collecting, processing, and storing information. It is the 'spine' that brings together all segments of the data lifecycle. Apart from granting access to transparent and accurate information, data management also helps people and organizations make use of data at their competitive advantage.

Types of Data Management

The increasing volume of data that companies deal with makes it difficult to utilize data optimally and efficiently. For this reason, companies seek to elaborate a reliable procedure of accessing, integrating, cleansing, storing, and eventually analyzing the necessary data. The unique 'data needs' that certain businesses face in the digital era have led to the emergence of specific approaches to data management, the most reliable of which include:

  • Data Quality Management. Defines key metrics of data accuracy and data usability.
  • Big Data Management. Deals with organization, administration, and governance of massive amounts of both structured and unstructured data.
  • Master Data Management. Elaborates the end-to-end journey of core data that is necessary to organize and operate various business processes.
  • Data Governance. Embraces all organizational decisions that define a company's standards for generating, formatting, and (re-)using data.
  • Data Security. Focuses on the creation and maintenance of safe environments adapted to the storage, protection, and exchange of data.
  • Data Stewardship. Ensures the correct application of information management policies.
  • Data Warehousing. Builds infrastructure for data aggregation and data analysis.

5 Reasons Why Data Management Matters

As data is so ubiquitous and so valuable, the demand on data management has been growing in importance in the recent years. Taking charge of data has many benefits for people and organizations. Among others, data management:

  • Minimizes Data Movement. - Storing data in one concrete, easily accessible location reduces overall data management expenses required to achieve the optimized data performance.
  • Improves Productivity. - Efficiently managed data facilitates access to data and reduces significantly the time needed to find, comprehend, and analyze the requested information.
  • Reduces Security Risks. - A strong data management system ensures that data gets properly stored and protected from thefts and cyberattacks.
  • Prevents Data Losses. - Accurate data management reduces the risk of losing vital information and makes sure that data is backed up and retrievable in case of emergency.
  • Ameliorates Data Quality. - Timely implementation of comprehensive data management mechanisms leads to more cost-efficient and accurate decision-making.

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