data management

Data Management Explained: How Can It Create Value for My Business?

When people mention data management what are they talking about?

It seems to be a very straightforward concept that talks about managing your data, but in fact, it is a field that encompasses a wide range of practices and considerations.

Data management is the foundation for a sustainable data strategy, and it is essential for businesses across industries.

It determines whether a company can derive value from its data, enabling continuous value creation while safeguarding against data-related risks and threats.

how can data management create value

What is Data Management?

At its core, data management is concerned with ensuring the quality of data.

While many consider data as the new “oil” in the digital economy, simply possessing vast amounts of data does not guarantee a competitive advantage. In fact, without proper data management, organizations often struggle to harness the full potential of their data and end up wasting valuable resources.

Inaccurate, outdated, and incomplete data could bring huge risks and consequences to your enterprise as they provide the wrong information or insights in formulating strategies.

That’s why data management is crucially important. It helps you to maintain reliable and well-managed data.

However, achieving reliable and well-managed data is no easy task. Data management involves a series of actions, from planning and collection to storage and protection.

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Firstly, you need to plan deliberately on your data management strategies and design the process, taking into consideration data governance and technical requirements. It requires consistent efforts to maintain data quality and adhere to guidelines throughout the data lifecycle.

Additionally, securing your business and customers’ data from security breaches is of utmost importance. All these aspects demand consistent effort in data management.

In fact, all 11 knowledge areas that are being illustrated by the Data Management Association (DAMA) framework below should be covered in a comprehensive data management strategy.

data management dama

Why is Data Management Important?

As mentioned earlier, data management is a systematic approach that allows organizations to extract value from data by ensuring data quality and efficiency in data utilization. It serves as an essential foundation for effective data strategies.

Let’s explore the additional value that a data management solution can provide for your business.

1. A Centralized Platform for Efficient Management and a Single Source of Truth

Data management facilitates the integration of data from multiple sources and systems. It enables data consolidation, harmonization, and integration into a single, unified view.

Many times team members have to search through multiple databases and systems for their required data. With a centralized data repository, it can enhance efficiency in data search and management.

Furthermore, it reduces duplicated records and data silos that often occur when data is stored in multiple locations and avoids the need for manual data consolidation and reconciliation. This ensures consistent and reliable data across the organization, saving significant manual effort.

2. Enhanced Security and Compliance

A robust data management solution protects sensitive data by setting access controls and tracking data usage.

Data security management must run through the entire process of the data life cycle, from creation to disposal, to ensure data is secure and associated risks are effectively controlled.

Data management strategies also help companies comply with data protection and privacy regulations through techniques like data encryption, and protecting data from unauthorized access or interception.

Additionally, organizations can track who accessed which data, when, and for what purpose through audit trails. Data backup and recovery mechanisms are also crucial to protect data in the event of disasters or system failures.

3. Reduced Manual Processing Time

A data management system with automation updates can help to reduce manual processing time. This is essential for companies to improve their efficiency and productivity.

Organizations can streamline data-related processes and minimize manual handling by implementing data management systems and tools that automate repetitive tasks. This can include automating data collection, data entry, data backups, data transformation, and data integration processes.

At the same time, by maintaining standards and governance in data handling and collection, organizations can greatly reduce time in data cleansing, data validation, manual data verification, approval processes, and resolving data-related issues.

5. Facilitate Team Collaboration

With a centralized platform, teams can work together more effectively.

They can share information, collaborate on projects, and make decisions based on a shared understanding of the data. Members no longer need to spend so much time sending requests to another team for data or conducting manual checking.

Collaborative data management improves communication, teamwork, and innovation within a company.

6. Scalability and Flexibility

Effective data management prepares organizations for scalability and growth.

It ensures that data systems and processes can handle increasing volumes, varieties, and velocities of data. Scalable and flexible data management solutions enable businesses to adapt to changing needs and evolving technologies.

7. Reduce Costs

Most importantly, a well-designed data management system can help you reduce costs.

Effective data management ensures that data is organized, consolidated, and de-duplicated. Reducing data redundancies eliminates the need for duplicate storage, software licenses, and maintenance costs associated with managing multiple copies of the same data.

How Can DataSI Help You in Data Management?

At DataSI, we understand that data management can be a complex and daunting task, especially for small and medium enterprises. That’s why we offer our expertise to help you build a sustainable and effective data management solution with your most familiar tools, such as the Microsoft 365 Toolkit.

We provide customized solutions catering to your unique needs.

Read here on how can we help you develop a data management solution with Microsoft Azure, and how can we help small businesses in building a simplified data management solution.

Our approach involves a deep understanding of your business and its unique data management needs. We work closely with your team to design and implement a solution that meets your specific requirements, from data planning to storage and protection.

Our team of experienced data management experts will guide you through the entire process, ensuring that your solution is scalable, flexible, and easy to use.

At the same time, we will make sure your team is fully trained and ready to use the system to its fullest potential.

Data is at the heart of every business, and effective data management is crucial for success.

With the help of our experts, you can rest assured that your data is secure, accessible, and well-managed. Request a demo with us today.

datasi data consultancy book consultation

Talk to us today

Find out how we can help your business to build a successful data strategy.

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