“Data is a precious thing
And will last longer
Then the systems themselves.”
Tim Berners Lee, Inventor, World Wide Web
What is Data Management?
As the world moves towards complex systems of information, data management is becoming increasingly popular as a mechanism that-
- Helps make informed decisions
- Improves Efficiency
- Improves Productivity
- Helps in Governance
- Increases Transparency and Accountability
In simple words, data management is a practice in which information or data is acquired, processed, interpreted, analyzed and stored securely. This secured information or data in its processed enables governments, corporations, and institutions to take decisions.
The world is dealing with ‘Yotta Bytes’ of data every day. This has given rise to a specific industry, which specializes in big data management.
For governments and big MNCs, big data management is essential as it helps-
- Gain favorable and important insights into customer behavior
- Identify causes of policy failures
- Improve customer and citizen engagement
- Project and forecast future growth and trends
- Specific targeting of audiences according to their individual preferences
Big Data is here to stay, and it would be foolish for entities not to successfully manage it accordingly. Governments and big industries take help from companies offering big data management solutions.
Challenges of Data Management:
There is a uniform consensus on the general benefits of data management. However, it is important that businesses proceed with caution when it comes to eliminating the mistakes of data management. In this section, we will list down some of the topmost challenges of data management, which businesses should look out for.
We have established that it is imperative for governments and corporations to utilize big data. Let us now look at some of the challenges of managing big data.
Big data is complex to manage. It involves-
- Collecting data from local and global sources
- Storing the data in secure servers and facilities (prevention against cyber-attacks)
- Processing and Analysing data according to the requirements
- Reporting and troubleshooting problems
- Predicting forecasts and making projections
While there are some data management companies, who are good at collecting data, others are good at processing it. Most companies are good at one or two of the complete processes.
If you want to maximize the potential of big data management, you should look for a 360-degree big data management company. Gartner master data management has helped governments, private corporations, MNCs, and Global Non-Governmental Bodies.
One of the biggest problems that some big data management companies cannot handle are the answers. They do not know why they are collecting the data, or to what end, will it be helpful to the project.
It is essential for big data management companies to be aware of what the project is right from the very beginning. There should always be a structure to what are they doing, and why are they doing it.
With newer forms of technology like data management, artificial intelligence, cloud computing, block-chain technology, and others, it is becoming increasingly difficult for CEOs and CIOs to process the kind of investments they should make in the different technologies.
Managing investments and making them in big data management is by far the soundest investment that corporations can take. However, ultimately it depends on the exact requirements of a particular entity.
Benefits of Big Data Management:
Data analytics and the optimum utilization of information technology is what separates good companies from great ones.
Companies, which have been able to read and process data analytics, have been able to-
- Increase their revenues manifold times
- Reach newer target audiences
- Improved internal efficiency within the organization
- Experienced substantial digital growth
- Been successful at ensuring customer loyalty
Big Data along with Artificial Intelligence and Machine Learning is the next advancement in human civilization. By understanding what consumers want, when they want it, how they want it, companies can offer them their expectations.
One of the biggest advantages of big data management is that it dramatically reduces cost and optimizes operational efficiency. Along with significant reductions in cost, it also reduces the wastage of time. For big companies effective time management is essential.
However, the most effective usage of big data management is when there is a new product launch. The marketing research of big data is incomparable to any other forms of research. Most automobile companies effectively use big data before launching new car models.
One crucial takeaway from data management is that the amount of total data that is generated is not as important as what one is doing with that data. Big data management is different from other sources of traditional data extraction as it helps in generating actionable information.
Big Data Management is Safe and Reliable:
Along with researching and extracting data, storing data in a secure fashion also comes under big data management. Owning ‘Yotta-Bytes’ of data is equivalent to owning billions of dollars. Currently, data is as valuable as actual currency.
To protect one’s data, companies and governments seek expert opinions from big data management companies. The complete infrastructure, including software and hardware, is something that can only be managed by big data management companies.
They have cyber experts, cutting-edge firewalls, and the most secure servers that are impregnable at all times. Managing and having expertise over such sophisticated technology is not something everyone can master.
Unlike skeptical forms of traditional research that are not reliable, data-driven research is always reliable and true. For example, you can correctly send emails to actual recipients in their active emails in the millions by taking help from big data management.
This saves times, energy and money- things that are essential in this era.
Big Data Management-: The Final Word
The Second World War involved the use of nuclear weapons. We suspect the third one will be fought with big data and information technology. Data and information are like weapons of the future.
The one who possesses data and successfully optimizes it is going to survive through it all. Others, who have not been smart enough to master big data management, will perish, sooner rather than later
Successful utilization of big data will go a long way in taking your business to the next level. If you have the foresight, you should definitely invest in big data management.