What is Data Management and Why is it Important?

Business dictionary defines data management as an administrative process that includes acquiring, validating, storing, protecting, and processing required data to ensure the accessibility, reliability, and timeliness of the data for its users. That would be the broad and wide-angled way of exploring the term data management. The 5 broad skills required for data management would be as below.

Data Management
  1. View and analyze data: This would comprise the way to effectively work on the procured data, check on patterns, and arrive at analyze the results.   

  2. Pilot database software: One must be an expert at sorting, reviewing, editing and exploring the huge volumes of data at hand. Basically, go through and navigate and channelize through the same.

  3. Data integrity: There must be clear channels of communication among colleagues and vendors, if any. Never work in silo, instead review data with those on the project & to ensure that data is accurate.

  4. Manage accounts & files: Keep a close watch of online accounts and passwords that you are privy to. Organize files and folders and share credentials with the required team members and no more.

  5. Database design and planning: Be aware of design concepts, especially something as valuable as RDD or Relatable Database Design. RDD represents data and information into a set of tables and rows. RDD employs SQL (Structured Query Language) to control relational databases.

Now, let’s deep drive and explore the significance of data management.

  1. Increase productivity: Data has to be made easily accessible to everyone in the organization on the cloud. This increases productivity as well as increases transparency of work.  
  2. Cost-effective solution: Does your firm have an orderly system in place? Great! A methodical organization would know how best to arrest duplication of information and have teams work in tandem. 

  3. Back up and recovery: Do you recall the windfall you made in May 2008? Awesome if you’ve the details and stats; but an expensive lesson to learn if you don’t. Always remember to take the back up of your data. In large or even smaller teams, data undergoes multiple rounds of iteration and would be handled by different individuals. It’s wise to always have back up.

  4. Better decisions: Once the entire team is in the loop on the details of what needs to be checked precisely where, things fall in place smoother and better. Leading to better decisions by the management that would also trickle down to the lower part of the grid.  

  5. Shrink security risk: The data in the world as we know it today has become more public and accessible to anyone who has Internet. If your data isn’t handled appropriately, it can fall into the wrong hands and can severely hamper the growth and profit of your company. But thankfully with swift data management systems in place, keep your company data safe and secure.  

To sum up, implementing a data management system within your organization helps in improving data quality and also access. Ensure seamless working between teams with a rigid data management system. Have you implemented data management practices at your firm? Get in touch if you require any help at all.

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