Data Management is a set of procedures and practices that are designed to make information a strategic resource to companies, allowing them to be more innovative and make better decisions. It involves collecting data, organizing, protecting and efficiently storing data to provide a trusted source of information.
Effective data management can help companies gain competitive advantages by enhancing efficiency in operations and reducing costs. It helps them improve the customer experience, optimize their resources, accelerate decision-making, and respond faster to market changes. It also reduces privacy and security concerns that could harm an organization’s reputation, add costs of compliance, and result in legal liabilities.
Today, companies receive information from many sources that include software as a service applications as well as application programming interfaces (APIs), mobile apps, and Internet of Things (IoT) devices. Effective data management strategies and software can integrate these diverse sources into a single source of reliable, consistent information. It can also reduce the amount of data that needs to be stored and processed. This will save on storage costs and also reduce the processing load.
In a society that is driven by data, it is critical that those who use it locate what they require quickly and efficiently. It can be challenging to navigate a complex data-driven environment that is constantly growing and changing, particularly if you don’t know how the various systems work. Data management tools can help simplify this task by giving you better understanding of data assets such as catalogs and metadata driven data dictionaries, and data lineage records. It can also make it easier for data scientists and analysts to find data, access, and analyze data.
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