Why businesses have a critical need for data management? Here’s the answer.
It’s completely understandable if the phrase “data is the new oil” has lost all its meaning for you from sheer reputation.
Every business in existence today makes use of data. It essentially forms the foundation of any modern business and drives business decisions for all businesses regardless of their size.
This is what makes it so crucial for organizations to get their data management strategy right, as they want to have the right data sets for their employees to be able to build the right decision framework.
For companies that want to stay ahead of the pack, investment in critical data management solutions is imperative. Traditional data management processes are typically unwieldy and not adaptable at scale.
To stay abreast of the digital economy, companies need their systems to be able to naturally evolve to meet changing data needs.
As data becomes the scaffold for all business decisions, companies need to ensure that they can always find trusted data. The need for the moment is for businesses to find a solution that lends itself to enhanced visibility, reliability, security, and scalability. Managed IT Services in Los Angeles can help you find and implement the right data management solutions for your business.
What Is Data Management?
At a surface level, Data management (DM) refers to all the practices, architectural techniques, and tools that govern capture, processing, safe storage, transit, and disposal of data at any organisation.
These can be harnessed to maintain and manage access to and delivery of data across diverse data subject areas and data structure types across all applications and business processes.
As the rate of data consumption and creation accelerates across the board, organizations are in dire need of efficient data management solutions that can help them make sense of the vast pools of data and drive actionable intelligence from them.
Reliable data management software drives the highest degree of business intelligence through reliable, up-to-date data and takes care of everything from data preparation to cataloging, search, and governance.
Why Is Data Management Important?
Ensures visibility of organizational data
Having clear visibility into your organization’s data assets is critical for businesses to find the right data that drives decision-making. Having access to the right set of data can boost productivity for organizations and streamline their processes. It also gives employees the confidence that they can find the right data for analysis at the right time.
Improves reliability
A key element in harnessing the best out of your data management infrastructure is to actually build trust in your data. Data management can help you achieve this by reducing the potential for errors with processes and policies that are proven and time-tested. When you have the confidence that your data is always up-to-date and reliable, it enables you to respond faster and better to changing markets and customer needs.
Enhance security
Effective data management employs some of the industry’s best authentication and encryption tools that can protect your organization against data loss, theft, and breaches. It also ensures that mission-critical data is always securely backed up and accessible. This is particularly relevant for companies that deal with personally identifiable information that are subject to consumer protection laws.
Improve scalability
Effective data management requires you to build repeatable processes that can help the company to effectively scale data and usage occasions. Easily repeatable processes allow you to save time and cost on duplication, such as repeatedly running queries. Cloud Solutions Los Angeles can help you implement highly scalable data management platforms that help improve business efficiency and productivity.
Best Practices For Effective Data Management
Making effective data-driven decisions requires insights that come from asking the right questions and streamlining the organization’s data collection processes to align with them.
While businesses generally excel at collecting vast amounts of data from a variety of sources, they need to use the right enterprise data management solutions in order to implement best practices in data storage and organization to clean, mine, and analyze it.
In fact, this is a critical part of implementing better analytics at a time when recent data indicates that nearly 40 percent of strategic processes suffer a breakdown due to poor data.
Most companies already have access to enormous pools of data. They need to make use of data templates in order to streamline the collection of relevant, usable data for specific contexts. 24/7 IT Support Los Angeles can help organizations leverage their data better in order to drive better decision-making across the length and breadth of the organization.
To ensure the highest quality of data, companies should implement well-designed Data Governance practices with clearly defined procedures, long term-planning, and more. The quality of data can be determined by the actions performed on the data such as profiling, standardisation, deduplication, verification, enrichment, and monitoring.
For better organization, companies need to be meticulous in documenting the data. The documented data should include its content, context, parameters, and potentially even mention staff members capable of processing or managing the data. This can be done through the use of a broad range of metadata tags for better discovery and use of data.
The creation of unified customer profiles has become increasingly important for companies who are now harnessing customer data platforms (CDPs) along with ‘zero party data’. The DMA’s Email Data Quality 2021 report found that nearly 1/3 of businesses make use of CDPs and implement a mature approach with the storage and use of customer data.
With smart Data Management Systems, it is possible for businesses to identify customers according to their activity levels and implement specialized marketing approaches to reach out to each segment. It is crucial for companies to understand the difference between consumers disengaging with specific channels and customers disengaging with the brand. It is much more frequent for the former to happen, in which case companies can use a diverse range of tactics to win back the trust and loyalty of that consumer through different channels.
NOTE: This is a post by Brent Whitfield
About Brent:
Brent Whitfield is the CEO of DCG Technical Solutions LLC. DCG provides specialist advice and IT outsourcing Los Angeles area businesses need to remain competitive and productive while being sensitive to limited IT budgets.
Brent has been featured in Fast Company, CNBC, Network Computing, Reuters, and Yahoo Business. He also leads SMBTN – Los Angeles, a MSP peer group that focuses on continuing education for MSP’s and IT professionals. https://www.dcgla.com was recognized among the Top 10 Fastest Growing MSPs in North America by MSP mentor.
