Data Management is a set of processes and practices created to make information a strategic resource to companies, enabling businesses to innovate and take better decisions. It involves collecting information, organizing, safeguarding and efficiently storing data to provide a trusted source of information.
Effective data management can also help companies gain a competitive edge by improving efficiency and reducing costs. It enables them to enhance customer experience, maximize resources in decision-making, and respond more quickly to market shifts. It can also help reduce privacy and security issues that could damage a company’s image, increase costs of compliance and ultimately lead to legal liability.
Today, businesses get information from many sources that include software as go to website a service applications as well as application programming interfaces (APIs), mobile applications and Internet of Things (IoT) devices. A data management strategy that combines these disparate sources can create one source for reliable, consistent information. It also helps to reduce the amount of data that needs to be stored and processed, saving on storage costs and reducing processing load.
In a world dominated by data, it’s essential that those who utilize it can access the information they require quickly and efficiently. It can be challenging to navigate through a complicated and expanding data environment, especially when it’s hard to understand how the various systems work. Data management tools can reduce the complexity by providing better visibility of data assets via catalogs as well as metadata-driven data dictionaries, and data lineage records. It can also make it easier for analysts and data scientists to find, access and analyze data.
