What is the Importance of Data Management in different Organizations?

Data Management is the development and execution of architectures, policies, practices, and procedures to manage the information lifecycle needs of an enterprise effectively.”
It is merely the ‘management of information.’ Organizations use Data management to make business decisions and to understand customer behavior, trends, and opportunities for creating extraordinary customer experiences. Data Management is a pivotal part of any organization as it:
  • Acquires
  • Validates
  • Stores
And secures, the data to ensure the reliability and accessibility for users. It includes everything from data planning, managing, and documentation to storage.
An organization needs to have an effective aptness of data for better decision making. It is a crucial process which leads them to the success and reproducibility of an organization. Managing data as a resource is an essential function of data management. Accurate and relevant data is a source of valuable information.

Data Lifecycle Management

The different activities involving Data Management is formulated into a concept called Data Life Cycle. It follows the steps from data generation to its execution. It integrates the collection of data, analyzing, submission, preservation, discovery, and publication.
DLM approach is a comprehensive strategy for managing the organization’s data to achieve their goals better. It is important for an organization to follow this approach as it manages the flow of an information system by automating the processes which make it easier for the organization to segment the data according to specific policies.

What are the Benefits of Data Management?

1. Quality:

Effective data management helps in limiting potential mistakes. The probability of errors like copy-paste, and linking of documents, will be reduced. Effective data management ensures the protection of the most valuable assets of the company.

2. Efficiency:

DLM automates the data migration from one tier to another according to specified criteria and removes data when it becomes obsolete, giving higher productivity to an organization.

3. Accessibility:

Data is a driving force for all the business decisions today, and this is why the process should be such that the data is accessible on demand. Data management helps in aggregating and correlating data while maximizing productivity.

4. Security:

Through data governance, the data is secured establishing the process of managing the data effectively. It follows specified guidelines and recommends any improvements in data security.

5. Compliance:

Data management conforms to the rules and regulations of maintaining the data. It is the adherence to the standards or laws which are overlooked before keeping data. Data compliance offers the highest value opportunity and increases efficiency.

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