If analytics is the product that comes by a company’s data, then data management is the factory, materials and supply chain that goes to create it. Data management is a crucial component of any company that relies on data, since without it, even the best analytics are useless. Data management encompasses everything from ensuring that structured data is properly categorised, to maintaining a single source of truth our website and ensuring that data quality is maintained.

Inadequate data management can be disastrous when it comes to the most important asset for a company data. The bad data can cost the US economy $3.1 trillion a year in lost productivity, and increased maintenance and oversight costs.

If your sales department uses customer information to create targeted marketing campaigns, it’s vital that the information be accurate and complete. If, for example, a customer’s address or phone number isn’t in the database and it results in incorrect deliveries or frustrated customers. In addition, incomplete data can lead to misguided sales strategies and inefficient operations which result in wasted time and money.

A solid strategy for managing data requires the participation of all departments that manage and use data. It’s important to have an effective governance system which prioritizes data quality and ensures everyone knows what policies and standards are to be adhered to. It’s great to be aware that new technologies are being developed to assist businesses in managing their data environments more effectively. Data fabric, for example seeks to cut down on redundant information by automating integration and making data reuseable.

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