Data management is a procedure that involves creating and enforcing processes, policies and procedures to manage data throughout its entire life cycle. It ensures that data is accessible and useful, facilitates the compliance of regulators and makes informed decisions, and ultimately provides companies with a competitive advantage.
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 creates a flood of https://taeglichedata.de/ data that needs to be consolidated and then delivered to business analytics (BI) systems and enterprise resource management (ERP) platforms, and the Internet of Things (IoT), sensors, and machine learning, and generative artificial Intelligence (AI) tools, to provide advanced insights.
Without a well-defined data management strategy, companies can end up with incompatible data silos and inconsistent data sets that hamper the ability to run analytics and business intelligence applications. Poor data management can also cause a loss of confidence in employees and customers.
To meet these challenges businesses must devise an effective data-management plan (DMP) that includes the people and processes needed to manage all kinds of data. For example an DMP will help researchers determine the file naming conventions they should employ to structure data sets to ensure long-term storage as well as easy access. It may also include the data workflow that outlines the steps for cleansing, testing and integrating raw and refined data sets to ensure they are suitable for analysis.
For businesses that collect consumer data, a DMP can help ensure compliance with global privacy laws like 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 procedures and policies that address security concerns for data.