With the world changing rapidly around us, businesses rely on data to gain the agility required to explore new opportunities and tackle unique challenges to shape their future. The need for data quality, speed, and insights to drive efficiencies, anticipate potential bottlenecks, and predict future trends tops the priority list for businesses. Today, business leaders must have a robust data management strategy and ensure total alignment across the organization to realize their vision of success.

Tackle the Data Deluge

Organizations today are overloaded with all types of data that hide vital insights needed to drive business growth. Enterprises must discover new ways of governing and managing the increasing volume and variety of data to leverage such insights for business results. As data volume multiples exponentially, enterprises must define a coherent data management strategy for collecting, organizing, controlling, analyzing, and deploying information assets. Simply put, organizations need data management strategies such as Master Data Management (MDM), Product Information Management (PIM), or Customer Data Platforms (CDP) that simplify the management of information/data assets to generate actionable business intelligence for faster decision-making and revenue growth.

Adopt a Holistic Approach

The real value of an effective data management strategy lies in its holistic approach focused on:

• Data Governance – This includes the policies, regulations, and processes that an organization must follow to ensure the security, integrity, and quality of data throughout its lifecycle. Data governance essentially defines who owns the data assets within an organization and what guidelines should be followed for using those assets.
• Data Integration – This involves incorporating and consolidating different data types into a single place to make data housed in disparate sources accessible and retrievable to all within the organization. Efficient data integration enables better collaboration, reduces errors, and saves time.
• Managing Master Data– This involves using platforms or applications to reconcile data from varied sources to ensure the accuracy and uniformity of the organization’s master data assets. MDM enhances operational efficiency, uncovers valuable data insights by eliminating silos and improvs time-to-market.
• Data Security – Effective measures must be taken to ensure that the organization’s data remains secure and protected at every stage of its lifecycle. Data security includes measures to maintain data integrity, prevent data corruption/damage, safeguard against data theft, and plug data leakage.

Fuel Revenue Growth

With a well-defined enterprise data management strategy in place, an organization can enjoy the following benefits:

• Build a scalable data architecture to accommodate ever-changing business demands.
• Leverage a single source of truth to ensure data consistency while managing all aspects of the master data.
• Streamline operations, optimize processes, and consolidate data for improving efficiency and eliminating productivity barriers.
• Perform accurate data analysis to generate reliable insights for delivering better business outcomes; and
• Establish a solid foundation for data monetization with 360-degree customer views and data analytics.

Realize Long-term Value

While exploring cost-effective data management alternatives, progressive enterprises also seek opportunities to create long-term value and ensure business continuity. With remote operations being the norm, the agility needed for long-term survival depends mainly on updated data management policies, processes, and tools. Data governance is essential for capturing value through the right data handling, essential for gaining a competitive edge. With a scalable enterprise data management strategy in place, organizations can realize business value by improving the quality, turnaround time, and performance of their data projects.

Do More With Less

With the growth in capacity and complexity, emerging technologies, integrated systems, and scaling of systems, enterprises seek ways of doing more with less. A successful data strategy empowers IT and business teams to innovate and collaborate with trusted master data across the enterprise. By making data discoverable, available, and compliant, and efficient data management systems ensures that businesses do not miss out on utilizing their resources for data-driven opportunities. With a single and accurate view of critical business data, data management can help generate new revenue streams and drive business growth.

Conclusion: Treat Data as an Asset

A robust data management strategy is a prerequisite for ensuring that the organization’s data quality requirements are met and that critical business decisions are based on accurate and updated data. Data is a valuable business asset and must be treated like all other assets of the organization. A well-structured enterprise data management system not only helps organizations structure and manage their data but also utilizes its inherent commercial power to gain a significant competitive advantage.

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Source: https://datafloq.com/read/data-management-strategies-crucial-for-enterprise-success-today/15253