If analytics is a product that is constructed by the data of a company and data management is the result, then it is the factory, materials and supply chain which are involved in making it. It’s a crucial component of any data-driven enterprise because without it, even the most advanced analytics will fail. Data management covers everything from ensuring structured data is correctly classified, to maintaining a’single source of truth and ensuring accuracy of data.
Inadequate data management can be disastrous when it comes to the most valuable asset a company has, data. It’s estimated that bad data costs the US economy $3.1 trillion per year in lost productivity and an increase in the cost of oversight and maintenance.
If your sales department is using customer data to design targeted marketing campaigns, it’s important that the data be accurate and complete. If, for instance the address of a customer or their phone number is https://boardshould.com/navigating-the-complexity-of-business-processes-the-role-of-virtual-data-rooms-in-data-management missing from the database, it could result in unsatisfied customers or deliveries that are not as accurate. In addition, incomplete data can lead to faulty marketing strategies and inefficient operations that can result in a loss of time and money.
A solid strategy for managing data requires the support of all departments that handle and utilize data. It is essential to have a solid governance program that focuses on data quality and ensures that everyone is aware of the policies and standards to be adhered to. It’s a good idea to be aware that new technologies are being developed to assist businesses in managing their data environments better. Data fabric, for instance, aims to reduce redundant information by automating integration and making data reuseable.