Data management is the process of developing and enforcing policies, processes and procedures for handling data throughout its entire lifecycle. It ensures that data is accessible and useful, facilitates regulatory compliance and informed decision-making and ultimately provides businesses with an edge in the market.
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 proliferation of data that must be consolidated, and then sent to business analytics (BI) systems as well as enterprise resource management (ERP) platforms, and the Internet of Things (IoT) sensors,, machine learning, and generative artificial intelligence (AI) tools for advanced insights.
Without a clearly defined data management strategy, companies could end up with incompatible data silos and inconsistency of data sets which hinder the ability to run analytics and business intelligence applications. Inadequate data management can cause a loss of confidence in employees and customers.
To address these issues companies need to develop a data-management strategy (DMP) that includes the people and processes required to manage all kinds of data. For example, a DMP will help researchers determine the naming conventions that they should employ to structure data sets for long-term storage and for easy access. It may also include a data workflow that defines the steps involved in cleansing, verifying and integrating raw and refined data sets in order to allow them to be suitable for analysis.
A DMP can be utilized by organizations that collect consumer data to ensure https://taeglichedata.de/generated-post/ compliance with privacy laws at the state and global level, such as the General Data Protection Regulation of the European Union or California’s Consumer Privacy Act. It can also aid in the development of policies and procedures for addressing data security threats and audits.