Rakesh Kumar
Rakesh Kumar 9 July 2021
Categories B2B, B2C, Data & Analytics

Data Management Success Mantra for Enterprises Today

The article demonstrates how various data management strategies have become crucial today for enterprise success. It views data management from a holistic standpoint involving all departments, functions, processes and existing technologies, in order to realize the long-term value of enterprise data.

With the world changing rapidly around us, businesses rely on data to gain the agility required to explore new opportunities and tackle unique challenges to shape their future. The need for data quality, speed, and insights to drive efficiencies, anticipate potential bottlenecks, and predict future trends tops the priority list for businesses.

Today, business leaders must have a robust data management strategy and ensure total alignment across the organization to realize their vision of success.

Tackle the Data Deluge

Organizations today are overloaded with all types of data that hide vital insights needed to drive business growth. Enterprises must discover new ways of governing and managing the increasing volume and variety of data to leverage such insights for business results. As data volume multiples exponentially, enterprises must define a coherent data management strategy for collecting, organizing, controlling, analyzing, and deploying information assets.

Simply put, organizations need data management strategies such as Master Data Management (MDM), Product Information Management (PIM), or Customer Data Platforms (CDP) that simplify the management of information/data assets to generate actionable business intelligence for faster decision-making and revenue growth.

Adopt a Holistic Approach

The real value of an effective data management strategy lies in its holistic approach focused on:

  • Data Governance – This includes the policies, regulations, and processes that an organization must follow to ensure the security, integrity, and quality of data throughout its lifecycle. Data governance essentially defines who owns the data assets within an organization and what guidelines should be followed for using those assets.
  • Data Integration – This involves incorporating and consolidating different data types into a single place to make data housed in disparate sources accessible and retrievable to all within the organization. Efficient data integration enables better collaboration, reduces errors, and saves time.
  • Managing Master Data– This involves using platforms or applications to reconcile data from varied sources to ensure the accuracy and uniformity of the organization’s master data assets. MDM enhances operational efficiency, uncovers valuable data insights by eliminating silos and improvs time-to-market.
  • Data Security – Effective measures must be taken to ensure that the organization’s data remains secure and protected at every stage of its lifecycle. Data security includes measures to maintain data integrity, prevent data corruption/damage, safeguard against data theft, and plug data leakage.

Fuel Revenue Growth

With a well-defined enterprise data management strategy in place, an organization can enjoy the following benefits:

  • Build a scalable data architecture to accommodate ever-changing business demands.
  • Leverage a single source of truth to ensure data consistency while managing all aspects of the master data.
  • Streamline operations, optimize processes, and consolidate data for improving efficiency and eliminating productivity barriers.
  • Perform accurate data analysis to generate reliable insights for delivering better business outcomes; and
  • Establish a solid foundation for data monetization with 360-degree customer views and data analytics.

Realize Long-term Value

While exploring cost-effective data management alternatives, progressive enterprises also seek opportunities to create long-term value and ensure business continuity. With remote operations being the norm, the agility needed for long-term survival depends mainly on updated data management policies, processes, and tools.

Data governance is essential for capturing value through the right data handling, essential for gaining a competitive edge. With a scalable enterprise data management strategy in place, organizations can realize business value by improving the quality, turnaround time, and performance of their data projects.

Do More With Less

With the growth in capacity and complexity, emerging technologies, integrated systems, and scaling of systems, enterprises seek ways of doing more with less. A successful data strategy empowers IT and business teams to innovate and collaborate with trusted master data across the enterprise.

By making data discoverable, available, and compliant, and efficient data management systems ensures that businesses do not miss out on utilizing their resources for data-driven opportunities. With a single and accurate view of critical business data, data management can help generate new revenue streams and drive business growth.

Conclusion: Treat Data as an Asset

A robust data management strategy is a prerequisite for ensuring that the organization’s data quality requirements are met and that critical business decisions are based on accurate and updated data. Data is a valuable business asset and must be treated like all other assets of the organization.

A well-structured enterprise data management system not only helps organizations structure and manage their data but also utilizes its inherent commercial power to gain a significant competitive advantage.

Source: The post originally published on Datafloq

Please login or register to add a comment.

Contribute Now!

Loving our articles? Do you have an insightful post that you want to shout about? Well, you've come to the right place! We are always looking for fresh Doughnuts to be a part of our community.

Popular Articles

See all
The Impact of New Technology on Marketing

The Impact of New Technology on Marketing

Technology has impacted every part of our lives. From household chores to business disciplines and etiquette, there's a gadget or app for it. Marketing has changed dramatically over the years, but what is the...

Alex Lysak
Alex Lysak 22 September 2020
Read more
The Carrot of a Bigger Market is More Powerful Than the Stick of Legal Action in Driving Web Accessibility Investment, New Research Finds

The Carrot of a Bigger Market is More Powerful Than the Stick of Legal Action in Driving Web Accessibility Investment, New Research Finds

Getting web accessibility right is a massive commercial opportunity. The World Health Organization estimates that 1.3bn people worldwide are living with some form of impairment. The benefits of making it easier for...

Michael Nutley
Michael Nutley 30 November 2023
Read more
The 3 Most Important Stages In Your Presentation

The 3 Most Important Stages In Your Presentation

If you want to deliver a presentation on a particular topic and you have to prepare yourself for it you should make sure that you go through several very important stages in order to craft a compelling, persuasive and...

Nicky Nikolaev
Nicky Nikolaev 16 February 2016
Read more
It’s Time For Brands to Move From Personalised, to Personal

It’s Time For Brands to Move From Personalised, to Personal

At a time when almost every brand is tailoring content and offers to individual customers based on their demographic data, purchase history, and online behaviours, are these personalisation efforts still adding value?...

Shafqat Islam
Shafqat Islam 27 November 2023
Read more
From Success to Setback: Lessons in MarTech Decision-Making

From Success to Setback: Lessons in MarTech Decision-Making

We often talk to clients about the consolidation of MarTech capabilities across vendors, to the point that it’s often not too difficult to pick up a new technology if you’re comfortable working with an alternative...

Andrew Addison
Andrew Addison 29 November 2023
Read more