You need clean, reliable data to make decisions whether you’re in sales, marketing IT, or a different business function. This is where effective data management comes into play -and that’s why it’s a major technology trend to be watching in 2018.
Data management is the field that encompasses all disciplines relating to the management of data as a valuable asset and ensuring its accuracy and reliability. This includes everything from data management to data analytics to managing your company’s data storage lifecycle.
A strong data management strategy encompasses six primary, or core, attributes:
Accuracy — the information should reflect actual, real-world objects and events, and be verified using reliable sources.
Completeness — the information must contain all the mandatory information for a use case, like sending a mailing to a customer with only their last name.
Consistency – the data should be consistent across all sets of data and remain that way whenever it is updated or reorganized.
Accessibility – the information can be easily retrieved by those who require special info them without compromising the compliance standards.
A data management program is only effective only if all departments and units are all on board. This is especially important since the consequences of inaccurate data can be costly to your business. For example, an IBM study estimated that ineffective management of data costs the U.S economy $3.1 trillion annually in lost productivity and expenses associated with data maintenance.
