Data Management is often overlooked, even though, like the invisible foundations of a skyscraper, effective data management is essential to the success of a digital business. In fact, with the onset of big data where the volume and velocity of data being ingested by many organisations is unprecedented, the need for such organisations to adopt a robust and systemic Data Management framework is now more essential than ever.
Data as an asset
More than ever, data should be treated as an asset. Today, the data entities being managed are larger and more diverse, now including social media, IoT, web browsing, and network data insights. Ensuring that well defined, high quality, data is delivered in a timely manner according to privacy regulations is more important today than it has ever been.
Cost of bad data
One of the most costly side effects of weak or unmanaged data management practices is poor quality of data. For example, 75% of analytical model effort is in the data preparation and 70 percent of business executives spend 40 percent of their time ensuring data validity, according to Gartner and Forrester, respectively.
Back to basics
Data Management practice has been a part of business and IT for decades. Data policies can specify tasks, but unless responsibility is assigned and individuals are held accountable for carrying them out, implementation will be ineffective. For this reason, Data Governance plays a key role when discussing and defining Data Management.
Well-defined Data Management policies and procedures that bring together the necessary leadership, people, process, and technology are essential.
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