If you’re in the field of marketing, sales, IT or another business area, you have to have access to accurate, reliable data to make your decisions. This is where effective data management comes into play — and it’s also why it’s one of the top trends in technology to watch in 2018.
Data management is a discipline that encompasses all disciplines relating to treating data as an asset and guaranteeing its accuracy and reliability. This covers everything from data management to data analytics to governing your company’s data storage lifecycle.
A successful strategy for managing data includes six primary, or core characteristics:
Accuracy — the data should reflect real-world objects and events, and be verified using reliable sources.
Completeness — the information must contain all the mandatory information for a use case such as sending a message to a customer only with their last name.
Consistency The data should remain consistent throughout all data sets and stay the same even when it is updated or organized.
Accessibility – the data can be easily retrieved by those who require them without any compromise to compliance standards.
A data management strategy will only be effective if it is supported by all departments and business areas. This is crucial, as faulty data can cause a significant financial loss to your organization. IBM estimated that inefficient handling of data can cost the U.S. economy $3.1 trillion each year in lost productivity, and the costs associated with maintaining data.
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