The Importance of Data Management

Data management is the process of developing and enforcing rules, processes and procedures to manage data throughout its entire lifecycle. It ensures that data is reliable and accessible, which facilitates compliance with regulations and enables informed decision-making.

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. This results in a growing amount of data which must be consolidated, and delivered to business analytics (BI) systems and enterprise resource management (ERP) platforms, and the Internet of Things (IoT) sensors,, machine learning, as well as generative artificial intelligence (AI) tools for advanced insights.

Without a clearly defined data management strategy, companies can end up with data silos that are not compatible and inconsistent data sets that hinder the ability to run analytics and business intelligence applications. Inadequate data management can erode employee and customer trust.

To meet these challenges it is crucial that companies come up with a data management plan (DMP) that includes the necessary people and processes to manage all kinds of data. For example, a DMP can assist researchers in determining the naming conventions that they should follow to organize data sets for long-term storage and access. It may also include an data workflow that specifies the steps for cleansing, verifying and integrating raw and refined data sets in order 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 privacy laws around the world such as the European Union’s General Data Protection Regulation or state-level regulations, such as California’s Consumer Privacy Act. It can also be used to guide the development and implementation of policies and procedures to address security threats to data.

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