Data management is a process that involves creating and enforcing procedures, policies and procedures to handle data throughout its entire life cycle. It ensures that data is easily accessible and useful, which facilitates the compliance of regulators and makes informed decisions and ultimately creates 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 needs to be consolidated and sent to business analytics (BI) systems such as enterprise resource management (ERP) platforms as well as the Internet of Things (IoT), sensors, and machine learning, as well as generative artificial Intelligence (AI) tools for advanced insights.
Without a well-defined and standardized data management plan, businesses can end up with uncompatible data silos and inconsistent data sets which hinder the ability to run business intelligence and analytics applications. Poor data management can also reduce trust between employees and customers.
To tackle these issues, it’s essential that companies develop a data management plan (DMP) that includes the processes and people required to manage all types of data. A DMP, for example can help researchers decide the appropriate file name conventions they should follow to organize data sets in order to preserve them over time and make them easy to access. It may also include data workflows that define the steps to be taken to cleanse, validate, and integrating raw data sets and refined data sets in order to make them suitable for analysis.
A DMP can be used by companies that collect consumer data to ensure compliance with privacy laws at the global and state level, such as the General Data Protection Regulation of the European Union or California’s Consumer Privacy Act. It can also be used to guide the development and implementation of policies and procedures that address data security threats.
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