Why Data Management is Essential for Business Growth

Monica Morris • March 26, 2021

Data is an important business asset but for your data to be useful, it must be properly managed. The faster pace of doing business and proliferation of data requires effective data management solutions for organizations.

Poorly managed data collection may lead to wrong inferences and consequently bad business decisions.

What is Data Management?

Data management is the process of collecting, saving, organizing and processing data to save it into an easy-to-read format. It is a crucial part of a company’s operation that involves organizing business data and providing analytical business information to help companies develop strategic plans for growth.

The management of data also involves using data securely to help managers, employees or partners effectively make business decisions.

What is involved in Data Management?

For proper capturing, storage and analysis of data, the following is involved:

  1. Creating, accessing, and updating data from different sources
  2. Storing data securely across different platforms and cloud services for easy access
  3. Organize data in a way that it can be used for a variety of purposes and fed into applications and analytics software
  4. Create a process for archiving or destroying data that is no longer needed by the organization or as required by regulations
  5. Setting up permissions and access levels for users and administrators
  6. Develop recovery plan and upgrade software to keep data safe
  7. Implement data privacy to keep them from unauthorized access

Data Management Tools

Business data are mostly held in databases. To effectively manage data, your organization will need some specific tools that will be discussed below.

1. Synology Technology
This is a great tool for managing business data. Services offered by Synology technology include providing file servers and applications for businesses to organize and store their data for easy access from anywhere.

They have various tools to help you manage data in a simple and secure way using cutting-edge technology. Synology provides specialized and widely tested data management services and also provides custom solutions for meeting various data managed needs for organizations.

2. Amazon Web Services
Amazon web services provide a variety of tools for the management of data in the cloud. These tools include Amazon Athena for data analysis, S3 for data storage Redshift for data warehousing, and others.

3. Google Cloud
Google Cloud also features many tools for managing data. It provides a lot of add-ons for the management of data using its tightly integrated tools which include BigQuery for data storage and analytics, Data Studio for dashboard and GUI analysis. It also provides standard Business Intelligence(BI) tools such as Charito, Tableau, and others.

4. Microsoft azure
Microsoft cloud business services are delivered via Azure framework tools. Azure allows the setting up of cloud-based data management systems and features a variety of analytic tools for collecting, manipulating, and processing the data stored by organizations. It supports a variety of database systems such as SQL database, blob storage, and private cloud deployment.

Importance of Data Management

Data is a corporate asset that can be used to drive business decisions, create tailored marketing campaigns, and discover avenues for reducing the cost of doing business. Here we will look at the importance of Data Management for businesses.

1. Cost Efficient
When storing large data in a file-based system, you will end up creating duplicate files in different locations across multiple servers and systems. The proper management of files will help prevent data redundancy and save the resources that would have been used for hiring extra personnel to manage disorganized data.

2. Enhance Data Integrity and Security
The accuracy and consistency of data are very important when making business decisions from large volumes of data. The outcome of the decisions made by employees and partners depends on the quality of the data used.

Also, an effective data management system will ensure that only authorized users can access a company’s data. Your data is also backed up and secured so they can be restored in the case of loss or corruption.

3. More Accurate Decisions
Different departments in the same organization may be using different sources of data. This may lead to conflicting approaches to common issues and the use of outdated or incorrect information for critical business plans. A data management system helps avoid this issue.

4. Increased Productivity
Managers and employees can quickly find relevant data using a data management system. The system will increase productivity as employees will be focused because they will spend less time searching for the data they need.

5. Speedy Decision Making
Timely and accurate decisions can determine how successful your organization will be. Efficient managing of data will allow you to respond quickly to market changes and competitors’ moves.

6. Data Privacy
Violation of data privacy and protection laws such as GDPR can attract heavy penalties. A data management system can help keep your customers’ data safe from unauthorized access or sharing.

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If your business lacks the resources to manage your data, you should seek outside help. MSPs such as (us!) SDTEK have specialists for deploying data management systems to improve your organization’s data collection and analysis. They will save you the cost of hiring and maintaining an in-house data management specialist team.

Data is as important as capital to your business. Keep it safe and secure to maintain business growth.

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