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You require clean, reliable data to make informed decisions regardless of whether you’re in marketing, sales IT, or another business function. This is where data management comes inand that’s why it’s among the top tech trends to be watching in 2018.
Data management is a broad term that covers all areas that deal with treating your data as an important asset and guaranteeing its accuracy, reliability and accessibility. This includes everything from data architecture to the deployment of analytics and data systems to managing the lifecycle of storage of your business’s data.
A well-designed data management strategy encompasses six primary, or core, attributes:
Accuracy: the data should reflect actual, real-world objects and events and should be verified by trusted sources.
Completeness — the information must contain all necessary values for a specific use case, like sending a mailing to a client with only their last name.
Consistency Data should remain consistent across all data sets and stay the same even when it is updated or organized.
Accessibility — the data should be accessible to those who require it without compromising compliance requirements.
A plan for managing data is only effective when all departments and business units are on board. This is especially crucial since bad data can have a costly impact on your business. For example, an IBM study estimated that poor data management can cost the U.S economy $3.1 trillion per year in lost productivity as well as the costs associated with maintaining data.