What is Data Management?
Data management is the process of acquiring, validating, storing, protecting and processing data. The key objectives of any data management will be to achieve the following with an organisation’s data:
- Enhance the value.
The increasingly growing speed in which data and data sources are being created as well as changes to data regulations (GDPR) are key drivers to creating a comprehensive Data Management Strategy.
Why is Data Management important?
With the increasingly large amount of data and data sources being created as well as changes to data regulations (GDPR), having an effective data management strategy has become crucial not just for gaining a competitive edge using smarter, data-driven insights – but also a legal requirement.
Smart data management can allow you to draw potentially crucial, and more importantly accurate, insights from your data based on trends and profiling. It also allows you to run your organisation smoothly and you provide the best possible services to your customers.
Finally the GDPR means you will need an effective data management strategy in place in order to comply. Subject Access Requests, Right to Erasure and Data Portability will all require you to have a detailed overall view of your data to be able to fulfil requests completely and in the time restrictions.
How do you build an effective Data Management Strategy?
When building a Data Management strategy that works in your organisation, there are 3 things that need to be considered:
- Assessing what the current situation is and where improvements need to be made such as data quality, processes and prioritisation.
- Considering what key factors are essential to the planning process such as compliance and key drivers.
- Building an effective business case to ensure buy-in from the required levels in the organisation considering the audience, evidence of the need for a strategy and explaining the benefits.