- October 16, 2023
- Posted by: msncollege
- Category: Uncategorized
If you’re in the field of marketing, sales, IT or another business area, you have to have access to trustworthy, clean data for your decisions. This is where effective data management comes into playand that’s why it’s a major technology trend to watch in 2018.
Data management is the field that covers all disciplines related to the management of data as a valuable asset and ensuring its accuracy and security. This covers everything from data management to data analytics to managing your enterprise’s data storage lifecycle.
A strong data management strategy consists of six primary, or core, attributes:
Accuracy – The data should be based on real world objects and events and be verified by trusted sources.
Completeness — the data must provide all mandatory values for a specific use case, like sending a mailing to a customer with only their last name.
Consistency – the data must be consistent across all sets of data and should remain the same when updated or changed.
Accessibility — the data should be accessible to those who require it without compromising compliance requirements.
A data management plan will only be successful if it is supported by all departments and business areas. This is crucial because the impact of bad data can be costly to your company. For example an IBM study found that poor data management costs the U.S economy $3.1 trillion annually in lost productivity and the costs associated with data maintenance.