Data Management is One of the Top Technology Trends to Watch in 2018
You require accurate, clean data to make decisions whether you’re in marketing, sales IT, or another business function. This is where good data management comes inwhich is why it’s one of the top technologies to keep an eye on in the year 2018.
Data management encompasses all disciplines involved in treating your data as an important asset, and ensuring its accuracy, reliability and accessibility. This includes everything from data management to data analytics to managing your business’s data storage lifecycle.
A sound data management strategy includes six principal attributes or fundamental attributes:
Accuracy — the information should reflect real-world objects or events, and must be verified by using trusted sources.
Completeness — The information must include all the mandatory values, such as sending an email to a customer with their last name only.
Consistency: the data should be consistent across all sets of data, and remain that way whenever it is updated or changed.
Accessibility – the data should be readily retrievable by those who require them without the risk of compromising the quality of compliance.
A plan for managing data is only effective only if all departments and units are fully on board. This is especially crucial since the impact of bad data could be costly for your company. For example an IBM study estimated that ineffective management of data costs the U.S economy $3.1 trillion per year in lost productivity and costs associated with data maintenance.