If you’re in the field of marketing, sales, IT or another business function, you need to be able to access trustworthy, clean data for your decisions. This is where effective data management comes into play- and it’s also why it’s a top trend in technology to keep an eye on in 2018.
Data management covers all the disciplines associated with treating your data as an important asset, and making sure that it is accurate, reliable and accessibility. This includes everything from data management to managing your enterprise’s data storage lifecycle.
A well-designed data management strategy includes six essential attributes or fundamental attributes:
Accuracy – The data should reflect actual, real-world objects and events. It should also be verifiable using trusted sources.
Completeness — the information must contain all the mandatory information for a specific use case such as sending a mailer to a customer using only their last name.
Consistency – data should be consistent across all sets of data and should remain the same whenever it is updated or changed.
Accessibility — the information can be easily retrieved by those who need it without compromising compliance requirements.
A data management plan is only efficient if all departments and business units are all on board. This is particularly important since bad data can result in a negative impact on your business. IBM estimated that poor handling of data can cost the U.S. economy $3.1 trillion per year in lost productivity and the costs associated with maintaining data.