Whether you’re in marketing, sales, IT, or any other business function, you’ll need to be able to access reliable, accurate data to inform your decisions. This is where good data management comes into play -which is why it’s one of the top tech trends to be watching in 2018.
Data management is a broad term that covers all areas related to treating your data as an important asset, and making sure that it is accurate, reliable and accessibility. That covers everything from data structure to deploying analytics and data systems to managing the lifecycle of storage of your enterprise’s information.
A solid data management strategy includes six principal attributes or fundamental attributes:
Accuracy — the data should reflect real-time objects or events, and must be verifiable by using trusted sources.
Completeness — the information must contain all the mandatory information to be used in a specific scenario such as sending a mailer to a customer with only their last name.
Consistency – the data must be identical across all data sets, and remain that way when updated or organized.
Accessibility — the information should be accessible to those who need it, without compromising compliance requirements.
A data management plan will only be successful if it is supported by all departments and business units. This is especially crucial since bad data can cause a significant financial loss to your business. For example, an IBM study found that poor management of data costs the U.S economy $3.1 trillion a year in lost productivity and the costs related to maintaining data.