Data management is the process of establishing and enforcing rules, processes and procedures to manage data throughout its entire lifecycle. It ensures that data is reliable and accessible, assists in regulatory compliance, and facilitates informed decisions.

The importance of effective data management has grown significantly as organizations automate their business processes, leverage software-as-a-service (SaaS) applications and deploy data warehouses, among other initiatives. The result is a growing amount of data that needs to be consolidated, and then delivered to business intelligence (BI) and analytics systems and enterprise resource planning (ERP) platforms, Internet of Things (IoT) sensors, machine learning and artificial intelligence (AI) tools to provide advanced insights.

Without a clear strategy for managing data, businesses could end up with data silos that are incompatible and inconsistent data sets that hinder the ability to run analytics and business intelligence applications. A poor data management strategy can erode employee and customer trust.

To overcome these challenges It is essential that businesses develop a data management plan (DMP) that includes the people and processes needed to manage all types of data. For instance an DMP can assist researchers in determining the naming conventions that they should employ to structure data sets for long-term storage and easy access. It may also include data workflows that define the steps to take for cleansing, validating and integrating raw data sets and refined data sets in order to make them suitable for analyses.

For companies that gather consumer information For companies that collect consumer information, a DMP can help ensure compliance with https://www.taeglichedata.de/master-data-management-the-first-steps-in-data-consolidation privacy laws around the world like the European Union’s General Data Protection Regulation or state-level regulations, such as California’s Consumer Privacy Act. It also can guide the formulation of policies and procedures for addressing data security threats and audits.