Data management is a process which involves the creation and implementation of policies, procedures and processes to manage data throughout its entire life cycle. It ensures data is accessible and useful, which facilitates the compliance of regulators and makes informed decisions and ultimately creates 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. The result is a proliferation of data that must be consolidated, and then delivered to business intelligence (BI) and analytics systems, enterprise resource planning (ERP) platforms, Internet of Things (IoT) sensors, machine learning and Artificial Intelligence generative (AI) tools for advanced insights.
Without a well-defined and standardized data management strategy, companies can end up with incompatible data silos and data sets that are inconsistent that hamper the ability to run business intelligence and analytics applications. Data management issues can cause distrust between customers and employees.
To overcome these challenges it is crucial that companies develop a data management plan (DMP) that includes the people and processes required to manage all kinds of data. A DMP, for example can help researchers decide the appropriate file name conventions they should utilize to arrange data sets to store them long-term and make them simple to access. It can also contain the data workflow https://taeglichedata.de/how-to-set-up-a-relevant-and-useful-deal-room that outlines the steps for cleansing, testing and integrating raw and refined data sets to make them suitable for analysis.
For businesses that collect consumer information for their customers, a DMP can help ensure compliance with global privacy laws such as the European Union’s General Data Protection Regulation or state-level regulations such as California’s Consumer Privacy Act. It can also aid in the development of policies and procedures to address security threats to data and audits.
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