The Importance of Data Management

Data management is the process of establishing and enforcing processes, policies and procedures to manage data throughout its entire lifecycle. It makes https://taeglichedata.de/maintaining-data-processes-throughout-the-information-lifecycle sure that data is available and useful, facilitating regulatory compliance and informed decision-making and ultimately gives a competitive advantage for businesses.

The importance of effective data management has grown significantly as organizations automate their business processes, leverage software-as-a-service (SaaS) applications and deploy data warehouses, among other initiatives. The result is a growing amount of data that must be consolidated, and then delivered to business intelligence (BI) and analytics systems as well as enterprise resource planning (ERP) platforms, Internet of Things (IoT) sensors, machine learning and generative artificial intelligence (AI) tools to provide advanced insights.

Without a clearly defined data management strategy, businesses can end up with data silos that are not compatible and inconsistent data sets that hinder the ability to operate business intelligence and analytics applications. Inadequate data management can affect the confidence of employees and customers.

To meet these challenges it is crucial that companies make a plan for data management (DMP) that includes the people and processes needed to manage all types of data. A DMP, for example can help researchers decide the naming conventions for files that they should follow to organize data sets in order to store them long-term and make them simple to access. It can also contain the data workflow that outlines the steps for cleansing, checking and integrating raw as well as refined data sets to allow them to be suitable for analysis.

For companies that gather consumer information For companies that collect consumer information, a DMP can help ensure compliance with global privacy laws such as the European Union’s General Data Protection Regulation or state-level regulations, such as California’s Consumer Privacy Act. It also can guide the development of policies and procedures to address security threats to data and audits.