You require reliable, clean data to make informed decisions whether you’re in marketing, sales, IT, or another business function. This is where good data management comes into play — and that’s why it’s among the top technology trends to watch in the year 2018.
Data management covers all the disciplines that deal with treating your data as a valuable asset and guaranteeing its accuracy, reliability and accessibility. This includes everything from data architecture to deploying analytics and data systems to managing the storage lifecycle of your business’s data.
A well-designed data management strategy consists of six fundamental, or core attributes:
Accuracy – the information should be based on real world objects and events and should be verified by trusted sources.
Completeness — the data must provide all mandatory values for a use case such as sending a message to a customer using only their last name.
Consistency Data should remain consistent across all data sets, and remain the same even after being changed or reorganized.
Accessibility – The data should be readily retrievable by people who require them, without the risk of compromising the compliance standards.
A data management strategy will only be successful if it is supported by all departments and business areas. This is particularly important because the impact of faulty data could be costly for your business. IBM estimated that poor data handling costs the U.S. economy $3.1 trillion per year in lost productivity, as well as costs associated with maintaining data.