Decisive business intelligence is paramount to stay competitive in today’s data-driven marketplace. Data management software helps you remain competitive and keeps the customer engaged.
Do you have a competent data management plan necessary to grow in the global marketplace?
Statistically speaking, around 83% of businesses view data as a significant part of their strategy, while 69% believe that inaccurate data undermine their efforts. If you want all your business efforts to pay off well, adopt a proven data management software. Believe it, the resources you put into data management will be worthwhile and meaningful. It will open a new horizon of opportunities.
WHAT IS DATA MANAGEMENT AND ITS BENEFITS FOR BUSINESS?
Inadequacies in the data management ecosystem lead to inefficiency. Quality data management, on the other hand, increases productivity. Previously, employees needed to jump from database to database to pinpoint any relevant information.
Now, using data management software saves that trouble. It gives you well-managed and well-organized data, making it easier for you to access and understand every minute detail. It empowers you to validate conclusions and results, share information with others, and store data for future reference.
Definition of Data Management
Data management is professional practice for constructing and maintaining a well-knit framework to ingest, store, mine, and archive data inherent to modern businesses. It acts as a spine connecting all the segments in an information cycle. Its primary goal is to help organizations maximize data usage according to their existing regulation and policy. Eventually, it empowers them to make informed decisions using predictive analytics and take a course of action needed for constant success.
Data management works in unison with process management ensuring all your decisions and actions are most informed and dependent on the cleanest and currently available data. In short, it tracks changes and trends in real-time.
It is common for companies to have duplicated data, indicating that businesses spend resources on something unnecessary. But with advanced data management, duplication is easy to avoid. Plus, it can lead to handsome savings over time.
Sometimes it is easy to collect data but harder to manage and save it. The failure of managing data poses multiple risks.
For example, a few years back, SONY (an electronics giant) became a target when more than 77 million PlayStation users’ bank details were compromised. The data fell into the wrong hands. A tested data management system reduces this risk, increasing employee’s convenience and client’s safety.
Benefits of Data Management Software
Do you know, 93% of companies losing their data center for ten or more days due to unforeseen reasons file for bankruptcy within one year (National Records and Archives Administration). The sheer amount of data generated by organizations will increase ten folds by 2025, says one of the International Data Corporation (IDC) research reports.
Effective data management is necessary because the data you create over the years is the most valuable resource and the last thing you need is losing or misplacing this data.
Effective data management is necessary because the data you create over the years is the most valuable resource and the last thing you need is losing or misplacing this data.
Here are some benefits of using comprehensive data management software,
- Get Rid of Data Redundancy: Duplicate data files are created frequently during data processing. A data management system prevents this redundancy by integrating all data files in a single database. It results in data precision and huge savings on resources, manpower, space, and productive time.
- Maintain Data Integrity and Security: Often, a single database contains a large volume of data. Every day, multiple employees from multiple locations access these databases to make business decisions. An effective data management policy follows data governance and allows only authorized users to access the data. It prevents tampering, theft, or compromising data safety in any way.
- Backups and Recovery: It is complex and time-consuming to take manual data backups. A data management system takes care of data backup automatically by backing it up at regular intervals. Even if there is a system crash or data loss, it restores all the data backed up at the last restore point.
- Manage Data Sharing and Privacy: With data management software, you can share data only with authorized users. These users need to validate themselves using login credentials to access the data. Depending on the protocol, a system admin determines the level of access each user gets.
- Following Data Security Compliance: Data management system is designed with a solid framework to manage and secure data following all the necessary data privacy and security laws like GDPR. It ensures better data management by mitigating compliance risks and yet keeping required transparency.
Introduction to Data Management Ecosystem
Data management has been a trend among companies regardless of sectors. Businesses have started managing their data to improve data governance, level up employee productivity, reuse data management techniques, and more.
Implementing or introducing a data management ecosystem is challenging. Especially when organizations use or employ specific or conventional data management techniques. Initially, employees might fumble or juggle getting used to the data management ecosystem. However, intensive training will play a significant role.
Failure is also part of the adjustment stage. But it is a good thing for your employees, helping them understand every concept well. The switch to a new data management ecosystem requires commitment and patience, too. It does not happen overnight. It is a long process.
Features of Data Management Software
You probably have decided to incorporate data management software into your organization. But what is the best data management software to take advantage of and try? Here are a few features to look for data management analytics platform:
- Multi-User Environment Support: By supporting a multi-user environment, multiple users can access and work on the same data concurrently. Furthermore, it also supports several data views.
- Minimizes Repetition: The risks of data duplication in a single database are relatively high. Data management analytical systems establish and maintain a single data repository to derogate data redundancy, provide multiple users full access, and allow data mapping.
- Manages File Consistency: A comprehensive data management system must allow a standardized way to create and use files, ensuring data consistency with other systems and applications. It must allow using the same rule to all data throughout the company database.
- Maintain Large Databases: Usually, in most organizations, data is stored in large databases, and it needs frequent/regular maintenance. A cloud-based data management can get the job done for you. It implements integrity constraints and user-defined validation.
- Data Security: A single admin or a database administrator for handling the access level for each user. Single authority to modify data, control, and restrict data access, keeping it secure.
Understanding Data Governance, Data Cleansing, and Consolidation Features
Data management comes in various types, including data governance, data cleansing, and data consolidation.
Data governance:
It represents conventional management of all the data assets in a company performed using a collection of practices. Power BI Data governance also takes care of integration, security, availability, usability, and management of both, internal and external data. It leads to lower costs, more accurate procedures in compliance activities, transparency, and improved monitoring.
Data cleansing:
Data Cleansing is a process of either removing or updating incomplete, irrelevant, duplicated, and improperly formatted information. Businesses accumulate a large volume of information; some are reliable and others unnecessary. Data cleansing takes care of such unnecessary data.
Data consolidation:
It is the practice of combining and storing a volume of data in a particular place. Sometimes used interchangeably with data integration, data consolidation allows an organization to manipulate and turn any data into richer insights to promote quicker and more accurate decision-making.
Introducing Microsoft Azure, a Cloud-Based Data Management System
Maybe, you have been searching for a trusted cloud-based data management system for hours. There is no need to look further than Microsoft Azure.
Although released in 2014, Microsoft Azure began outpacing Google Cloud, IBM, Oracle, Amazon Web Services, and other competitors.
What sets it apart from the rest is that it provides a suite of solutions for companies of any size to transform their operation into something high-end and innovative.
Research has confirmed report that approximately $115 billion is spent by SMBs on cloud tech because of its affordability. If you are on a budget and want to automate your data management, Microsoft Azure is an excellent choice.
Capabilities of Microsoft Power BI for Data Management and Advanced Analytics
Apart from Microsoft Azure, Power BI is another fantastic solution for Business Intelligence advanced analytics and data management.
Here are some of its capabilities you cannot afford to miss:
- Data Integration: It is capable of integrating data from different sources.
- Data Source Connectors: Who says connecting to data sources is troublesome? Microsoft Power BI makes it stress-free.
- Power BI Data Flows: It cleanses and enriches data from observational and transactional sources.
- Integration with Azure Data Lake: It enables organizations to use various data sources like Azure Data Lake.
Data Visualization through Microsoft Power BI
As a digital visualization tool, Microsoft Power BI allows companies to connect, prepare, and model data according to their preferences.
Being a top digital visualization tool gives organizations the ability/power to transform data into a highly interactive visual.
Microsoft Power BI works by creating real-time and personalized business view dashboards to ensure accurate and quick decision-making.
capabilities of Microsoft Power BI for Data Governance
Apart from a digital visualization tool, Microsoft Power BI features other capabilities for data governance. Some of them are as below:
- Packed with features that expand the capacity of data governance in Microsoft Power BI Flows.
- Not invasive and straightforward to use features.
- It guarantees a better user experience.
- It ensures your company is compliant with the existing regulations and laws.
- It provides better data curation and protection.
Data Management Challenges
The challenges in today’s data management lie in the fast pace of business. The excessive volume of data pushes organizations to look for a more robust management tool to go with the flow. Below are the top challenges companies face:
- Most businesses are not familiar with their data.
- As the data tier grows, companies need to level up and maintain performance.
- It is necessary to meet the ever-changing compliance requirements.
- Organizations cannot repurpose their data.
- It is vital to keep up with every change in data storage.
Conclusion Poor data management ecosystem is a cause of concern for many. Investing in a quality and effective data management tool is the best option to achieve growth and enhance business decisions delivering positive results. Please feel free to visit the official website of Azure and Microsoft Power BI for more information!
