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Data management is the process of absorbing, storing, organizing and maintaining the data created and collected by a firm. Effective data management is vital in the deployment of the IT systems that run business applications and provide analytical information to help drive operational decision-making and strategic planning by corporate executives, business managers and other end users.
The data management process consists of an amalgamation of various functions that as a whole aim to make sure, the data in corporate systems is precise, always present and accessible.
Most of the required work is done by IT and data management teams, but 3rd party agencies/organizations may be employed by some firms for some/entire parts of the process to ensure that the data meets their needs and also the standards to get them on board with policies governing its use.
More than ever now, data is seen as a corporate asset, which can be used to make more informed business decisions, improve marketing campaigns, optimize business operations and reduce costs, along with the goal of increasing revenue and profits. But improper data management can hamper an organization’s ability to run Business Intelligence (BI) and analytics applications and could even lead to flawed and incorrect findings. Conflicting data silos, incongruous data sets and poor data quality can all present problems to the smooth functioning of any firm and inhibit their growth.
Data management has become very crucial nowadays with businesses being subjected to a plethora of regulatory compliance requirements, including data privacy and protection laws. On top of that, companies are bombarded with bigger and wider varieties of data, attributed to the Big Data systems many have already in place. And so, without a good data management in place, such environments can become cumbersome and hard to control.
Perhaps it is not surprising that, marketers, publishers, marketing service providers, and technology developers expect their spending on data and data-related services to steadily increase in the coming years (according to a 2019 study “The Outlook for Data 2019: A Snapshot Into the Evolving Role of Audience Insight”, conducted by the IAB and the research and consulting firm Winterberry Group).
According to Orchid Richardson, VP and MD, IAB Data Center of Excellence. “The increased investment in data underscores its importance to marketers, it is becoming an increasingly critical part of all business carried out by marketers. But while the industry is becoming more sophisticated in its application of data in marketing, communications and analytics, rapid growth in data analytics and solutions also presents challenges.”
“Data is increasingly the tool that marketers and their teams are utilizing to solve their most challenging problem,” said Jonathan Margulies, MD, Winterberry Group. “Spending on data and data-related services continues to increase, with that investment focused on unraveling what’s perhaps their most perplexing day-to-day issue: how to best engage prospects and customers—in a way that delivers a superior experience, while also addressing a range of business needs—across an ever-growing array of marketing channels.”
For more information on how UPDATE Technologies can help your organization with regards to Data Management or any other Data-related solutions, please click here.
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