Data management is a method that involves establishing and enforcing procedures, policies and processes to manage data throughout its entire life cycle. It makes sure that data is available and useful, assists in the compliance of regulators and makes informed decisions, and ultimately provides 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. This results in a proliferation of data which must be consolidated, and then sent to business analytics (BI) systems such as enterprise resource management (ERP) platforms, and the Internet of Things (IoT) sensors,, machine learning, as well as generative artificial Intelligence (AI) tools, to gain advanced insights.
Without a clear data management plan, businesses can end up with uncompatible data silos and unbalanced data sets which make it difficult to run analytics and business intelligence applications. Inadequate data management can reduce trust between employees and customers.
To meet these challenges businesses must devise a data-management strategy (DMP) which includes the people and processes required to handle all kinds of data. A DMP, for example can assist researchers in determining the appropriate file name conventions they should employ to organize data sets in order to preserve them over time and make them simple to access. It may also include an data workflow that specifies the steps involved in cleansing, validating and integrating raw and refined data sets in order to make https://taeglichedata.de/information-lifecycle-management-establishing-data-processes/ them suitable for analysis.
For companies that gather consumer data, a DMP can assist in ensuring compliance with global privacy laws such as the European Union’s General Data Protection Regulation or state-level regulations like California’s Consumer Privacy Act. It can also aid in the creation of policies and procedures to deal with security threats to data and audits.
