Data Management is the practices and processes that make information Data Management an asset to the business, fueling innovation and decision-making. It involves gathering information, organizing, safeguarding and efficiently storing data to ensure a reliable source of information.

Effective data management can help businesses gain competitive advantage through improving efficiency in their operations and reduce costs. It allows them to enhance customer experience, optimize resources, speed up decision-making and react faster to market shifts. It also helps reduce data security and privacy issues that could harm a company’s reputation, raise compliance costs and lead to legal liability.

Today, businesses get information from multiple sources, including software as a Service applications, application programming interfaces (APIs) mobile apps and Internet of Things (IoT) devices. Effective data management strategy and software can integrate these disparate sources into one source of consistent, reliable information. It can also decrease the amount of data that needs to be stored and processed. This can reduce storage costs, and decrease processing burdens.

In a world dominated by data, it’s critical that the people who use it can get what they want quickly and confidently. It can be challenging to navigate a complicated data-driven environment that is constantly growing in complexity, especially if you don’t know how all the systems function. Data management tools can simplify this complexity through better access to data assets, like catalogs and metadata driven data dictionaries, and data lineage records. It can also make it easier for data scientists and analysts to find, access, and analyze data.