Data Management is the practices and processes that make information an asset of strategic importance to the company, enabling innovation and decision-making. It is the process of efficiently collecting data, organizing, protecting and storing data in order to provide an all-encompassing source of reliable information.

Effective data management also helps companies gain competitive advantages by improving operational efficiency and decreasing costs. It allows them to improve the customer experience, maximize their resources, accelerate decision-making, and more quickly respond to market changes. It can also minimize data security and privacy concerns that could harm an organization’s reputation, add costs of compliance and create legal liability.

Today, businesses receive information from many sources, including software as a Service applications such as application programming interfaces (APIs) mobile apps, and Internet of Things (IoT) devices. A data management approach that combines these disparate sources can create one source of consistent, reliable information. It can also reduce the amount of information that must be stored and processed. This can save on storage costs, and decrease processing workloads.

In a world dominated by data, it’s critical that those who use it locate what they require quickly and effectively. It can be difficult to navigate a complex and expanding data environment and it can be difficult to understand how various systems work together. Data management tools can simplify this complexity by enabling better visualization of data assets using catalogs or metadata-driven data dictionaries as well as data lineage records. It also makes it easier for analysts and data scientists to find data, analyze and access it.

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