How To Improve Data Management Services For Your Business

Data undoubtedly is a valuable intangible asset for any company as it helps in forecasting, Research & development and creating value for an organization. There are several sources from which data originates within an organization and so has to be managed properly. The volume of data only doesn’t justify its presence, but one has to ensure its quality and source to decide what one intends to do with it. Businesses today collect data through several sources like inbound or outbound customer contact points, web or mobile media. This data needs to be collated, cleansed, formatted, analyzed and presented in the right manner to help the business make smart decisions. In nutshell, any business striving to grow and stay ahead of competition needs an efficient data management system.

Data management typically includes the below-mentioned elements.

· Data collection- It refers to the collection of data from a variety of sources like brochures, internet, forms, CRM, etc.

· Data access- It means data has to be easily accessible for you to retrieve whenever needed. By using certain technologies one can ensure that data is easily retrievable without wasting much of time.

· Data quality- It implies that the data available is in a cleansed, synchronized and structured format for the user. This helps in linking data with other data from other sources to analyze and figure out the issues.

· Data integration- It includes combining different types of data in sequential steps. One can use data integration tools to design and automate all this process.

· Data governance- It implies to set of rules and procedures to manage your data hence ensuring that your data management objectives are aligned with your business goals.

· Data federation- It’s a kind of virtual data integration that allows one to view combined data from multiple sources without actually storing the combined view in a new location.

· Data streamlining- In this data is analyzed by applying logic, filtering and recognizing different patterns so that it can be used for multiple objectives.

Some key elements for efficient data management are as follows.

· Have a consistent policy- Develop a consistent data management policy aligned with the mission statement of your company. This should cover data from virtual, physical or cloud environment with clearly defined controls over its access, distribution, deletion and retention.

· Interconnected database- a company may have a huge amount of data but if it’s not stored properly it won’t be easy to retrieve and practically of no use. So one has to ensure that data architecture should be standardized as collating fragmented data stored in several places would be a tedious job. You should link your current systems, or replace it with new data management systems for better data visibility and coherence.

· Manage meta-data- Meta-data should be well managed as it gives you primary information on the data lifecycle as to how it was sourced, edited and formatted. This will help you to map your data and priorities it as per its value for the business. This further helps you to eliminate less useful or redundant data from your systems.

· Data delivery- The data finally has to be delivered to someone so that one can analyze and understand it for faster and intelligent decision making. Therefore data needs to be well formatted and structured so that it is easy to digest and can provide valuable insights. Further, you may also need to integrate or migrate data with new systems, hence data needs to be synchronized with relevant fields for trouble-free migration in future.

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