The increasing value of data has drawn a lot of comparisons in recent times. Some people say it’s now worth more than oil – or gold. What’s clear is that, for any company, data is a huge asset and data management has a key role to play in ensuring that you’re getting the most out of it.
What is data management?
It is effectively the process of collecting, organising and using the data within the business, producing actionable insights that the company can use to generate value. This could include a number of different functions, such as planning, organising, controlling and delivery of data and insights. It will necessarily involve creating plans, policies and programmes that are specific to an individual organisation and the data most relevant to it, both to enable that data to be managed and to enhance its quality and value.
As we enter an era of big data, the process of management is crucial to ensure that a company is able to enjoy the opportunities offered by engaging with data – without it, many will simply miss out.
Why data management is crucial to companies
Driving efficiency and productivity
Well-managed data is up to date, accessible and organised. It can be used in multiple ways to help drive the business forward in productivity terms and supports efficiency initiatives. Data that hasn’t been organised in this way can actually block efficiency and will have nothing positive to offer productivity, particularly if accessing it is overly time consuming or confusing.
Avoiding bad data
Without data management in place, data is not just unwieldy and difficult to use but may also be incorrect and riddled with errors. Bad data can do a lot of damage, from poorly informing business choices through to providing inaccurate insights that are shaky ground on which to build strategy. With data management, those techniques that are often the most responsible for bad data – such as drag and drop or linking to documents – can be phased out. Instead, a robust data management infrastructure can be introduced to ensure quality control and to minimise the potential for data to be inaccurate or misleading.
Improving data quality
The better the quality of an organisation’s data, the more useful and productive it will be. Data management offers ways to increase data quality and to streamline what is used within the organisation.
Ensuring security compliance standards are met
The last couple of years have seen a significant increase in the requirements for data protection and the steps that individual companies have to take to support the security of the data that they are processing. It’s almost impossible to achieve adequate security – and so, legal compliance – without data management in place. It is an essential part of the process of protecting the business and its employees and avoiding situations of data loss or security breach.
Data management is crucial to companies today. From ensuring security of sensitive information to providing opportunities to increase productivity and streamline efficiency, effective data management is a key tool to have.
Find out how CFM Systems’ Data Management software could help your company to manage your data more efficiently by giving us a call today.