No matter if you’re in sales, marketing sales, IT or another job, you need to have access trustworthy, clean data for your decisions. This is where good data management comes into play -and that’s why it’s a top trend in technology to keep an eye on in 2018.
Data management is a discipline that covers all disciplines related to the management of data as an asset and making sure that it is accurate and reliable. That covers everything from data structure to deploying analytics and data systems to managing the lifecycle of storage of your business’s data.
A strong data management strategy encompasses six fundamental, or core, attributes:
Accuracy – The data should reflect real, world objects and events and should be verified by trusted sources.
Completeness — The information must contain all mandatory information like sending an email to a client with only their last name.
Consistency – the data must be uniform across all data sets and remain that way when updated or reorganized.
Accessibility – the data must be accessible to people who require them without compromising the standards of compliance.
A data management plan is only efficient when all departments and business units are on board. This is especially crucial because faulty data can cause a significant financial loss to your organization. IBM found that poor handling of data can cost the U.S. economy $3.1 trillion each year in lost productivity, and the costs associated with maintaining data.