You need clean, reliable data to make the right decisions, whether you’re in marketing, sales IT, or another business function. This is where good data management comes into playand it’s the reason it’s a top trend in technology to keep an eye on in 2018.
Data management is the area that encompasses all disciplines relating to the management of data as a valuable asset and guaranteeing its accuracy and reliability. This covers everything from data management to data analytics to managing your business’s data storage lifecycle.
A solid data management strategy includes six fundamental attributes or fundamental attributes:
Accuracy – the information should reflect real, world objects and events and should be verified by trusted sources.
Completeness — the information must contain all the mandatory information for a particular use case for example, such as sending a letter to a customer with only their last name.
Consistency — the data must remain consistent across all data sets and remain the same even after being updated or modified.
Accessibility – The data should be readily retrievable by those who require it without the risk of compromising compliance standards.
A plan for managing data is only effective if all departments and business units are all on board. This is crucial additional resources since bad data can cause a significant financial loss to your business. For example an IBM study estimated that poor data management can cost the U.S economy $3.1 trillion each year in lost productivity and expenses associated with maintaining data.
