The Importance of Data Management
Data management is a method that involves the creation and enforcement of policies, procedures and processes to handle data throughout its entire lifecycle. It ensures that data is useful and accessible, which facilitates regulatory compliance and enables informed decisions.
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 proliferation of data that needs to be consolidated and sent to business intelligence (BI) and analytics systems, enterprise resource planning (ERP) platforms, Internet of Things (IoT) sensors and machine learning and artificial intelligence (AI) tools to gain advanced insights.
Without a clearly defined data management plan, businesses 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. Unorganized data management can undermine employee and customer confidence.
To meet these challenges businesses must create an effective data-management plan (DMP), which includes the people and processes needed to manage all kinds of data. A DMP, for example can help researchers decide the appropriate file name conventions they should employ to organize data sets in order to store them long-term and make them simple to access. It can also include data workflows that specify the steps that must be followed to cleanse, validate, and integrating raw data sets and refined data sets https://taeglichedata.de/how-to-set-up-a-relevant-and-useful-deal-room in order to allow them to be suitable for analysis.
A DMP can be used by companies that collect customer data to ensure compliance with privacy laws on a global and state level, like the General Data Protection Regulation of the European Union or California’s Consumer Privacy Act. It can also be used to guide the creation and implementation of policies and procedures that address data security threats.
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