Data management is the process of developing and enforcing processes, policies and procedures for handling data throughout its entire https://taeglichedata.de/information-lifecycle-management-establishing-data-processes/ lifecycle. It ensures data is accessible and useful, which facilitates regulatory compliance and informed decision-making and ultimately creates 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 plethora of data that must be consolidated and pushed to business intelligence (BI) and analytics systems and enterprise resource planning (ERP) platforms, Internet of Things (IoT) sensors and machine learning and generative artificial intelligence (AI) tools to provide advanced insights.

Without a clearly defined data management plan, businesses can end up with silos that are incompatible and inconsistent data sets that hinder the ability to operate business intelligence and analytics applications. Data management issues can affect the trust of customers and employees.

To overcome these challenges to meet these challenges, it’s crucial that businesses create a data management strategy (DMP) that includes the necessary people and processes to manage all kinds of data. For example the DMP can help researchers identify the naming conventions that they should employ to structure data sets to ensure long-term storage and access. It can also include data workflows that specify the steps that must be followed for cleansing, validating, and integrating raw data sets as well as refined data sets to ensure that they are suitable for analysis.

For companies that collect consumer information for their customers, a DMP can help ensure compliance with global privacy laws such as the European Union’s General Data Protection Regulation or state-level regulations, such as California’s Consumer Privacy Act. It can also guide the formulation of policies and procedures for dealing with data security risks and audits.