In marketing, sales, IT or another business function, you need to be able to access trustworthy, clean data for your decisions. This is where effective data management comes into playand that’s the reason it’s a top technology trend to be watching in 2018.
Data management is a discipline that encompasses all disciplines relating to the management of data as a valuable asset and ensuring its accuracy and reliability. This encompasses everything from data architecture to the implementation of analytics and data systems to managing the storage lifecycle of your business’s data.
A sound data management strategy includes six fundamental attributes or the six core attributes:
Accuracy — the information should reflect real-world objects and events, and be verifiable by using trusted sources.
Completeness — The data must contain all mandatory information for example, sending a letter to a client https://www.reproworthy.com/business/data-room-provider-ma/ with only their last name.
Consistency – the data must be identical across all data sets and stay that way after being updated or reorganized.
Accessibility — the information can be easily retrieved by those who need it, without compromising compliance requirements.
A plan for managing data will only be effective if it is supported by all departments and business areas. This is especially crucial since the consequences of data that is not properly managed can be devastating to your company. For instance, an IBM study estimated that poor data management can cost the U.S economy $3.1 trillion per year in lost productivity as well as the costs related to maintaining data.