Data management is a critical component of any successful business. It involves the collection, storage, and analysis of data to ensure that it is accurate, consistent, and easily accessible. Developing a data management plan is essential for controlling data throughout its lifecycle. Documentation is also key to understanding why data exists and how it can be used.
As technology advances, data management and analytics teams must stay up-to-date with the latest trends and best practices. The Chief Data Officer of banking holding company Truist outlines an optimal data management culture as the demand for data skills increases. This includes creating good file naming conventions and adhering to them across the organization. IIoT software helps manufacturers and other industrial operations configure, manage, and monitor connected devices.
It's important to start with people and culture, then move to data governance, management processes, and technology. Data management best practices involve six major areas: models, software, deployment, data exchange, documentation, and control. Models are used to create an analysis product from a company's data. Software helps manage data at scale while adhering to business rules and standards. Deployment ensures that data is properly hosted and protected.
Data exchange allows for the sharing of information between different systems. Documentation provides context for why data exists and how it can be used. Finally, control ensures that data is accurate and consistent throughout its lifecycle. Data stewards must create a culture that sees data as a key competitive resource rather than a necessary daily work and task. When deciding on a platform, the data management team should have a good understanding of the type of data they have, how they want to host it, and what their ultimate goals are for data management. These six best practices should be considered when investing in big data technologies.
They will help ensure that your data is managed in a way that is useful to your business and safe from misuse or abuse.
