What Is Data Management?

Data Management is a set of processes and practices created to make information a strategic resource to businesses, allowing them to innovate and make better decisions. It is the process of efficiently collecting data, organizing, protecting and storing data to provide an all-encompassing source of reliable information.

Effective data management can help businesses gain competitive advantage by enhancing efficiency in operations and reducing costs. It enables them to improve the customer experience, maximize their resources, speed up decision-making, and more quickly respond to market trends. It can also directory help reduce privacy and security concerns that could harm a company’s reputation, raise costs of compliance and ultimately lead to legal liability.

Companies today have access to data from a variety of sources, such as software-as-a-service applications APIs, mobile applications and Internet of Things devices. A well-designed data management strategy and software is able to combine these diverse sources into one source of consistent, reliable information. It can also decrease the amount of data that must be stored and processed. This can save on storage costs, and decrease processing load.

In a society that is driven by data, it is vital that those who work with it locate what they require confidently and quickly. It can be difficult to navigate a complex data-driven environment that is constantly growing in complexity, especially if you don’t know how the various systems work. Data management tools can simplify this process by providing better understanding of data assets like catalogs, metadata driven data dictionaries and data lineage records. It also makes it easier for data scientists and analysts to locate data, analyze and access it.

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