Data Management Services For Data-Driven Decision Making
The concept of ‘Data Management’ services includes the process of acquisition, validation, storage, protection and analysis of the data by an organizational software. This is an administrative process that ensures the accessibility and proper usage of data by the user organisation.
It is an essential process through which every company can derive useful information from disparate data sources. In the current modern world, as the rates of acquiring and using data are increasing by the minute, data management solutions are becoming an inevitable option for businesses all over the world.
Optimal data management services positively influence the business framework of organizations. It analyzes, acquires, and stores the relevant organizational data. This in turn enables the company to access the data when required to perform several business activities.
What are the benefits of Data Management:
The process of managing data is proving to be an essential part of a company’s framework. It benefits contemporary organizations in several ways. The beneficial aspects of proper data management can be classified broadly into the following:-
- Easy access to information
- Easy validation of results
- Simple sharing structure of information
- Storage of information for future reference
In simpler terms the advantages of proper management of data are as follows:
- Reducing the expenditure done on the analysis of data from several sources, thus making enterprise data management cost-efficient.
- Reduction in the risk of mala fide usage of information by keeping the organizational information secured.
- Increasing the speed at which the organization makes predictive decisions by providing the relevant data to the employees in real-time.
- Escalating the accuracy of the decisions made.
- Reduces the loss of data through a secured process.
What are Challenges and Opportunities in BIG Data:
The term ‘Big Data’ refers to the large volumes of data that is accessible by organizations. Big data may be of two kinds namely, structured and unstructured. It influences the working of business organizations daily. An organization can analyze this kind of data on various analytical platforms to derive useful information from it.
Before data management services, the data-driven company uses to struggle with utilizing big data due to the following factors:
- The employees of the company might lack a proper understanding of the big data analysis format.
- The growing sets of data may pose a problem.
- Companies might struggle with the selection of big data tools.
- There may be a dearth of data professionals in the organization.
- Data management security may be an issue for the company.
In the contemporary business environment, Big Data is a much-needed opportunity. It enhances customer service patterns and the decision-making formats of organizations. Furthermore, you can use it to find effective ways to correlate customer usage cases in a company. This will result in sustainable data management by which you can use to address various needs by big data.
Traditional Data management Vs. Big Data Management:
The competitive analysis of traditional data management and big data management services reveals several differences between the two, which are as follows:
- Versatility- Traditional metadata management is done based on a fixed schema. It is usually static and deals with mostly unstructured data. But the big data provides high-level performance management by including both structured and unstructured data.
- Real-time Analysis- Traditional Data Management is structured to provide analysis of data after the occurrence of a certain event. While Big Data provides a certain pattern that gives data analysis in real-time.
- Multiple Sources- Traditionally, organizational data management is performed with data from limited sources. But, big data uses data from various sources in business-critical systems.
- Vivid Analysis- In traditional data management, the analysis of data is limited. Although, big data management enables a more exploratory analysis of data.
What are different strategies for managing data:
Data-driven companies aim to create a vivid analytics platform that ensures the usage of data. To fulfill this purpose, these organizations need to essentially formulate a data strategy and find a business intelligence consultant for data management services. You can understand it as a guide to successfully utilizing data to fulfill the needs and goals of the company.
You can complete the formation of an effective data management strategy through the following steps:
- Realizing the business objectives: The company needs to identify the objectives which they can fulfill by using the data acquired and analyzed through the data management process. These objectives later would also be instrumental in determining the tools to be used for data analysis.
- Creating strong data patterns: A strong and organized data pattern consists of proper methods for collecting, preparation, analysis, and storage of data by the organization.
- Suitable technology: Every company essentially needs to recognize a set of suitable tools and technologies for data management. This in turn strengthens the data management strategy.
- Governing the data storage: The increase in the data flow and the storage infrastructure brings about both increased benefits and responsibilities. The organizations must include proper plans of data governance within the data management strategy. This pattern of governance must include concepts of data quality, data management security, privacy, and transparency of data.
- Training and Execution: The company must include the proper procedure for training its employees in big data management and the execution of the strategy within the framework of the data management strategy.
What are different security threats for Big Data:
Big data security implies the measures and tools used in data analysis processes to secure organizational data. In the modern world, on one hand, big data has influenced the growth of the business but on the other has posed some challenges to organizations in general. Majorly these challenges include business intelligence security issues, which can be enumerated as follows:
- Lack of built-in security measures- Many of the general tools used for big data analysis do not have built-in measures which would address security concerns that may be faced by the user organization while working. These security measures include the lack of encryption methods, privacy policies, compliance measures, risk management strategies, and others.
- The threat to anonymity – Some companies might feel vulnerable when their information is easily available to others. This may lead them to use data masking techniques which is a form of maintaining privacy and anonymity. On one hand, data masking makes it difficult for other companies to reach out to the specific organization. Also, on the other hand, removing privacy policies makes the organization an easy target.
- Complexity – Traditional data management services involved a simple data management method with analyzing data from limited sources. Big data management includes the analysis of data from varied sources which is extremely complex.
- Breach of data being common – In this technologically sound world, the breach of data of an organization is becoming a common trend. With the increase in competition in the market, certain organizations look forward to breaching the analytic patterns of other companies to understand their strengths and weaknesses.
Data Management Services: An Overview
This includes a process of acquiring data from a multitude of sources. This acquired data is then organized in a pattern that can be easily understood. Later, the set of data is then analyzed, stored, and ingested in the organizational system. This data is later used for performing reliable reporting functions by the employees of the organization. In order to increase the reputation of the company in the competitive market, the data management service package must perform its functions effectively and securely.
Organizations generally include, among others, the following tools within the data management services –
- A software for accounting purpose
- Software for managing customer relations
- Point of sale software
- Credit card processing software and others.
What is Data Management Gateway in Microsoft Power BI:
The Data management Gateway is the connecting link between the on-premises servers of an organization and the cloud network. It enables online data management procedures to take place. In order to renew the cloud database of the organization with the newfound data stored in the on-premise system, you need a configure a data gateway.
Moreover, this Power BI software enables the user organization to access the data stored within the company’s system. The Gateway, in simple words acts like a passage. It connects the on-premise data on one hand and the cloud data on the other.
Data Management Services using Microsoft Power BI: An EPCGroup Approach
The EPCGroup is Microsoft certified gold partner and works in close connection with Power BI. Also, in order to provide improved data analysis functions for an organization, custom data solutions are also available. The business intelligence service for data management is enhanced by the consultants of the EPC Group.
These professionals help the companies to train their employees to perform difficult data management functions. After the training sessions, the employees can design, deploy and customize reports and dashboards from the organizational information. They have the capacity to fulfill organizational needs by the customization of visuals to suit the understanding.
In the end, we can conclude that business intelligence services for data are essential for organizations. Irrespective of their size and working patterns. Power BI tools excel in this field by providing optimal data management to the user organizations.