The Benefits of Investing in Data Management
DAMA define data management as “the development and execution of architectures, policies, practices, and procedures that properly manage the full data lifecycle needs of an enterprise.”
In the modern business world, a good data management strategy is key to survival. Ultimately, it means collecting all possible data and storing it in a way that helps your company make appropriate business decisions.
This is done through Data Management Platforms, Customer Data Platforms and data warehousing. Other types of data management activities include data cleansing, migration, governance and testing.
Discussed below are some of the benefits your organisation could see following investment in data management tools and processes.
Productivity
Data management issues ultimately have a large impact on many organisations’ profit and productivity.
Great processes and tools reduce the time wasted spent trying to find the right information. Employees knowing exactly where to find the right information allows companies to respond quickly to the fast-moving business world around them.
Increasing operational speed allows your organisation to become more productive. Brands that can respond efficiently to market changes will gain a competitive edge over rivals.
Better Quality Data Control
Data management effects the control of the data your organisation uses.
The importance of good quality data is something we’ve discussed in detail in a previous blog post. It ensures compliance, more appropriate audience targeting and improved customer relationships. Its control, however, is often just as important as the quality of the data itself.
If your organisation’s data is split into many different silos, constant movement of data between different systems leaves plenty of room for error. This data can easily fall through the cracks and get lost between silos.
Ensuring the right data management tools and checks are in place means employees will know where and how good quality data is meant to be stored.
Limit Security Risks
Security regarding sensitive company data is of the upmost importance for most companies.
Improved data management improves data governance and reduces organisational risks. These risks include data being corrupted or stolen. Strong data management will ensure that all types of data remain safe and secure.
The implementation of data management cybersecurity programs should focus primarily on keeping intruders out of your networks.
As security threats are constantly changing, your data management security programs need to be moving targets.
Fully Understand the Customer Journey
On the sales and marketing side of things, data management goes a long way. The customer journey can be a long process for some brands.
Many prospects are often at different places within the customer journey at different times.
Data management allows sales and marketing teams to grasp the full buying cycle and reach these possible customers at the different points throughout the customer journey.
Only an organisation that has great data management processes in place will be able to get the best possible overview of this complex journey.
Cost Savings
The initial investment in data management systems won’t be an inexpensive endeavour for any business, regardless of the size. The benefits of investing in it however will save on possible massive costs in the future.
Not only will more productive employees result in organisational costs saved, data management processes will greatly reduce duplication when it comes to conducting research or analysis. This is especially important when it comes to different departments using disjointed data across the organisation.
Similarly, better data security as discussed above will also save costs in the long run. Protecting the organisation’s data to ensure no breaches occur is crucial to gaining consumer trust.
While the implementation of data management tools and processes is a large undertaking for many organisations, ensuring your data is of good quality and accessible is a necessary part of operating in the modern business world.
Do you wish to find out more about the services we offer to improve your data strategy? Be sure to contact us today on +353 1 8041298!
