What is Data Management
Data management is the practice of collecting, organizing, protecting, and storing an organization’s data so it can be analyzed for business decisions. Data management ensures that reliable, up-to-date data is always used to drive decisions. From data preparation to cataloging, search, and governance, the users quickly will be able to find the information they need for analysis and decision making. With effective data management, people across an organization can find and access trusted data for their queries. Some benefits of an effective data management solution include:-Visibility: Data management can increase the visibility of the organization’s data assets, making it easier for people to quickly and confidently find the right data for their analysis. Data visibility allows to be more organized and productive, allowing users to find the data they need to better reach their targets.-Reliability: Data management helps minimize potential errors by establishing processes and policies for usage and building trust in the data being used to make decisions across the organization. With reliable, up-to-date data, the organization can respond more efficiently to operational requirements and users needs.-Scalability: Data management allows organizations to effectively scale data and usage occasions with repeatable processes to keep data and metadata up to date. When processes are easy to repeat, the organization can avoid the unnecessary costs of duplication, such as users conducting the same research over and over again or re-running costly queries unnecessarily.
Importance of data management
Data management is important for an organization mainly for the following aspects:-Productivity: with good Data Management an entity is more organized and productive. The users of the data will have an easier time finding, understanding, and relaying information.-Cost efficiency: Data Management can help the organization avoid unnecessary extra costs (maybe conducting same researches or using data duplicated).-Operational nimbleness: great Data Management makes it easy for organizations/entities to respond quickly to the users needs/requests.-Accurate Decisions: proper Data Management helps to ensure that the users will view and analyze the same and most recent information. In this way the organization will make the most accurate decisions based on the most accurate information.-Reduced Data Loss: with a structured and organized data management in place, the organization/entity greatly reduces the risk of losing important and vital information. It also ensures that important information can be backed up and retrieved in case something happens to the original copy of the data.-Security Risks: proper Data Management helps to ensure that the information stays secure and never end up in the wrong hands. A strong Data Management system will help to protect the information from external attacks.