Data Management can be defined as the practice of collecting, maintaining, and using data safely and efficiently.
Currently, everything we do on the internet is recorded. Here comes the concept of big data, a considerable amount of digital information to be used. Within this context, it is necessary to pay attention to Data Management.
As we mentioned earlier, Data Management is a unique tool for organizations because its benefits can make a difference in the competition. We can use it to make better decisions or to devise more effective business strategies.
What Is Data Management?
Data Management is handling information collected and created by an organization. It involves collecting, storing, organizing, processing, validating, supplying, and adequately using data.
These different functions work together to ensure that information in a corporate system is accurate, available, and accessible. This process aims to help organizations or individuals make decisions by optimizing the use of data within ethical and legal limits.
It enables a deeper understanding of consumer behavior, trends, and opportunities. Thus, taking the most beneficial actions for the organization is possible.
One of the most efficient ways of data management is using appropriate software for data processing. An example of this is the use of Power BI, a solution created by Microsoft.
How To Perform Data Management?
Different methods can be used when planning Data Management, but the following topics can guide you with the necessary basics:
- Find a good place (cloud) to store all your data and thus make a first diagnosis;
- Always have a backup of all your information, hence avoiding ransomware ;
- Create a team responsible for collecting and analyzing data from all sectors of the company;
- Train the team on demand!
Data Management Components
Here we have one of the essential parts to deal with the massive amount of accumulated information properly. From this perspective, we can identify three priority components in a data strategy:
Security
Good data management can protect the company from deviations and cyber attacks, preventing data from falling into the wrong hands and harming the company. This is beneficial both for preserving company strategies and for customer safety.
A recent example of this importance is the Facebook-Cambridge Analytica scandal, in which information about 87 million social network users was violated. The company has been severely investigated and has had several lawsuits in different countries.
Optimize And Process
Data Management provides an information structure that can be easily accessed and shared among employees. This allows them to validate each other’s results and conclusions, increasing the reliability of decisions.
An informative database can optimize several processes and prevent the loss of vital information for the company.
In addition, they need to be processed and compressed to be used, and multiple formatting and correction are required, which creates possibilities for revisiting these data for comparative analysis. Thus, measuring the impact and effectiveness of a given action for the company is possible.
Storage
When discussing managing data and information, the organization’s storage method is one of the main objectives. Companies increasingly deal with vast volumes of data, which often enter the system without any criteria and are piled up.
This generates a big problem of occupying space with information that may need to be used. Data management solves this issue by organizing and controlling all incoming data, which undergo filtering and cataloging.
What Is The Importance Of Doing Data Management?
A Data Management strategy is essential, as we live in a time when companies seek to incorporate features that are not material to add value to their products. Let’s see some reasons to adopt this practice:
Reduce Costs Data
Management enables more assertive attitudes. That way, having the correct information, you’ll know exactly which audience you need to reach and how to do it.
In addition, the storage of information can be used as a reference in the future. So employees can save time doing the exact searches again, avoiding unnecessary duplication.
Increase Operational Efficiency
Good Data Management also allows companies to deal better and faster with the factors influencing them. Organizations can respond better to market changes, reacting appropriately and remaining competitive.
This is a crucial factor for the company’s success. They can be more aware of changes by making information available to employees. Thus, the company can make quick decisions and actions.
Agility
Also, in this sense, we gained a lot of agility by implementing a structured Data Management system. The organization of information, facilitating access, and validation contribute to the company’s efficiency.
This makes people’s work more accessible, improving the team’s productivity. Employees will spend less time finding the data, understanding it, and passing it on, increasing the agility of the exchange of information.
Improve Processes
Let’s consider the following example: a marketing analyst needs the history of traffic on a specific product page to determine whether the advertising production of content is attractive and generates clicks.
First, this would be impossible if the company did not collect this data. If he did but did not filter and organize them, the professional would have to delve into the costly and time-consuming task of searching for this information. Data Management facilitates all of this by shortening and refining processes.
Improve Decision Making
Good data management helps ensure that all professionals view and analyze the latest information. This ensures that the company will make the most accurate decision based on the highest quality data.
In a company without this structure, employees may use different sources of information to perform a task or make a decision. This can lead to accurate or correct conclusions, affecting the entire company and its efficiency.
ALSO READ: The Enterprise-Oriented Data Warehouse
