Data management is the process of collecting, storing and organizing information to be utilized efficiently. This includes ensuring that the data is accurate and reliable and that it can be easily accessed by business users. By creating an effective strategy for managing data, organizations can lower risks and improve decision-making.
Data is a vital part of any business and must be managed to increase its value. However, the volume of data that businesses have access to is growing exponentially, and it becomes more difficult to manage and organize it in a meaningful way. To address these issues, new technologies and processes are being adopted including data observability and data fabric architecture.
The best way to manage data is by setting clear goals for what your company wants to achieve with its data. This will determine how you collect data, store, organize and maintain risk-profile the data, cleanse and analyze it. It will also ensure that your business doesn’t end up with a costly “data swamp” by keeping low quality or insignificant data that can’t be analyzed or utilized.
A comprehensive data management system must also be designed to deal with duplicate data in your databases. There are a variety of ways duplicate data could be generated such as when a customer or lead opts for multiple channels or when a company receives the same information twice from different sources. It is essential to implement regularization and validation processes at the beginning of the data lifecycle to prevent this.