In any company, the amount of data available is quite extensive and large. Think of your own eMail inbox; there are likely thousands of emails, attachments, and files and it would be impossible to name each of them. That’s just eMail and one person: imagine how many files, attachments, pieces of sensitive information, paperwork to run the business and more exists. At any scale, data management becomes critical not just to overall organization but in order to execute on key business decisions and to stay compliant in as a global business, especially if your organization has entities or subsidiaries operating across different regions.
Data management allows an organization to be nimble and responsive to both their own needs and to combat against an external world. With the proper data infrastructure, organizations can use their data as a tool to enable change rather than as an albatross around their neck, holding them back. Whether your organization needs to look forward and make accurate predictions for growth or condense historical data into a fine-tuned narrative, the right approach to data allows insight to be the driving force forward for any business.
Our culture creates data at an astounding rate just by existing. Every purchase we make, every time we make a call, visit a website, or even something as simple as send an eMail…we add to that ever-expanding mass of information. As members of the business community, we understand that data is a powerful and valuable resource.
This value is perhaps most apparent as a marketing tool, but accurate and reliable data can in fact benefit all aspects of an organization. How can your company realize the benefits of its data resources?
Data management is sometimes called information management. Many components go into data management, including:
- Defining the quality of data metrics
- Analyzing and profiling the quality of data
- Auditing and certifying the levels of data quality
- Cleansing data on the front and back ends
- Identifying requirements for data quality
- Meeting source system requirements
The relationship between data governance and decision-making is no longer relegated to IT teams or select committees. Instead, every part of the business is affected by data and every part of the business creates data. This relationship is perhaps most apparent when we look at the various departments involved in entity management. At it’s core, the right entity management software should make manage data within your organization streamlined, not overly complicated and accessible. After all, data that can’t be leveraged when needed does not benefit the organization overall.