Data management is the collection of practices and procedures that companies employ to collect data and consolidate it, validate it, organize and archive it, as well manage its life cycle. It helps businesses create high-quality data which supports business decision making and drives action.
The quality of your data is essential to your success, whether you are looking to improve customer experience or create cutting-edge generative AI applications. Modern solutions for managing data offer greater visibility, reliability, security, and scalability in order to meet the demands of business users and IT.
Effective management not only ensures accurate data but also that you have all the resources required to achieve your goals, from third-party audits to training of staff and compliance with regulatory requirements. It is easy to invest in areas that are not that are in line with your plan for managing data without clearly articulating goals or having a plan to meet them.
The importance of data management
As the quantity and variety of data continues to increase across industries, it’s more crucial than ever to have solid Data Management principles in place. Without them, you may lose the value of your data and put yourself at a competitive disadvantage to competitors that have embraced these principles.