The digital era has enabled businesses to gather, analyze and monetize more data than ever before, giving businesses the chance to gain a significant competitive advantage. To reap the benefits of this treasure trove of data, businesses must adhere to best methods of managing data. This process involves the collection, storage and administration of data across an organisation. Many data-driven applications also require high-performance and scale in order to provide the information needed to be successful.
For example, advanced analytics (like machine learning and generative AI) and IoT and Industrial IoT scenarios need vast amounts of data to function effectively, and big data environments have to be able to handle massive volumes of unstructured and structured data in real-time. Without a strong foundation, these applications can fail to achieve their full potential or produce inconsistent and inaccurate results.
Data management is the combination of a variety of disciplines that work together in order to automatize processes and improve communication. Teams usually comprise data architects, ETL developers, database administrators (DBAs) as well as data analysts, engineers, and data modelers. Some larger companies employ master data managers to provide one source of reference for business entities such as performance reports examples vendors, customers, and products.
Effective data management requires creating a culture that encourages the use of data to make decisions and providing employees with the education and resources they require to feel confident about making informed decisions. Strong governance programs, which include clear data quality and the requirements for regulatory compliance, are an essential element of any successful strategy for managing data.