The Benefits of Data Management: Unlocking the Value of Data

Data management is essential for any successful organization. Learn how industries around the world are using it to support their objectives & unlock value from their data.

The Benefits of Data Management: Unlocking the Value of Data

Data management is a critical practice for any successful organization, as it helps to ensure that data is accurate, up-to-date, and protected. It also enables data analysis, which is essential for digital business and the digital economy. Data management methods involve developing entity relationship diagrams, data mappings, and schemas, as well as data integration and data mining. Additionally, data management tools help reduce data loss and provide companies with a better understanding of customer needs.

All of these techniques are essential for unlocking the value of data and gaining insight into the data. Data management helps minimize potential errors by establishing usage processes and policies and building trust in the data used to make decisions across the organization. With reliable and up-to-date data, companies can respond more efficiently to market changes and customer needs. A good data strategy helps deliver the right knowledge and actionable information at the right time and place for the right purpose and consumer of the right data (human or machine). Data integration is the process of combining master data from multiple sources into a single, coherent view.

This integration takes place in-company and outside—both in partners and in third-party data sources and use cases—to meet the data consumption requirements of all applications and business processes. Data mining involves extracting raw data from a database to gain insight into the data. Data governance is an important part of any data management strategy. It involves monitoring data sets and ensuring that end users comply with approved data policies. Security is integrated into systems and applications, while data governance is there to ensure that those systems are properly configured and managed to protect data, and that procedures and responsibilities are in place to protect data outside of systems and database. Data management systems are based on data management platforms and include a range of components and processes that work together to help you extract value from your data.

However, the lack of proper data management can burden organizations with incompatible data silos, inconsistent data sets, and data quality issues that limit their ability to run business intelligence (BI) and analytics applications or, worse, lead to erroneous findings. In a database, full access belongs to the administration and only the authorized person can assign the access level to other users after verifying all the protocols. It can give companies a better understanding of what customers want and help companies deliver exceptional customer experiences based on the learning data they provide. Learn how industries around the world are using data management to support their objectives. With more data and easier access to analytics, there is an opportunity to seize more opportunities, ask more questions and solve more problems.