Data management is a method that involves establishing and enforcing procedures, policies and procedures to handle data throughout its entire lifecycle. It ensures that data is useful and accessible, 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 leads to a plethora of data which must be consolidated, and then sent to business analytics (BI) systems as well as enterprise resource management (ERP) platforms as https://taeglichedata.de/how-to-set-up-a-relevant-and-useful-deal-room well as the Internet of Things (IoT) sensors,, machine learning, as well as generative artificial Intelligence (AI) tools, to gain advanced insights.
Without a well-defined data management strategy, businesses could end up with incompatible data silos and inconsistent data sets which hinder the ability to run business intelligence and analytics applications. A poor data management strategy can undermine employee and customer confidence.
To meet these challenges businesses must devise a data-management strategy (DMP) that includes the processes and people needed to handle all kinds of data. For example an DMP can help researchers determine the naming conventions that they should employ to structure data sets for long-term storage as well as easy access. It could also include an data workflow that specifies the steps to cleanse, verifying and integrating raw and refined data sets in order to make them suitable for analysis.
A DMP can be utilized by companies that collect consumer data to ensure compliance with privacy laws at the state and international scale, such as the General Data Protection Regulation of the European Union or California’s Consumer Privacy Act. It can be used to guide the development and implementation of procedures and policies to address security threats to data.
