Data management is a process that involves establishing and enforcing procedures, policies and procedures to manage data throughout its entire lifecycle. It ensures that data is useful and accessible, assists in regulatory compliance, and facilitates informed decisions.

The importance of effective data management has grown significantly as organizations automate their business processes, leverage software-as-a-service (SaaS) applications and deploy data warehouses, among other initiatives. This creates a flood of data that needs to be consolidated, and then sent to business analytics (BI) systems such as enterprise resource management (ERP) platforms as well as the https://taeglichedata.de/information-lifecycle-management-establishing-data-processes/ Internet of Things (IoT) sensors,, machine learning, as well as generative artificial intelligence (AI) tools for advanced insights.

Without a well-defined and standardized data management strategy, companies can end up with incompatible data silos and data sets that are inconsistent that hamper the ability to run analytics and business intelligence applications. A poor data management strategy can reduce the trust of customers and employees.

To meet these challenges, it’s essential that companies come up with a data management plan (DMP) that includes the necessary people and processes to manage all types of data. For instance the DMP can help researchers identify the file naming conventions they should use to structure data sets for long-term storage and for easy access. It can also contain an data workflow that specifies the steps involved in cleansing, verifying and integrating raw and refined data sets in order to allow them to be suitable for analysis.

For companies that collect consumer data A DMP can help ensure compliance with privacy laws around the world like the European Union’s General Data Protection Regulation or state-level regulations like California’s Consumer Privacy Act. It can be used to guide the creation and implementation of procedures and policies that address data security threats.