In marketing, sales, IT or another business function, you need to have access to trustworthy, clean data for your decisions. This is where good data management comes into play- and it’s also why it’s one of the top trends in technology to keep an eye on in 2018.
Data management encompasses all disciplines involved in treating your data as an important asset and ensuring its accuracy, reliability and accessibility. This covers everything from data management to governing your company’s data storage lifecycle.
A strong data management strategy includes six fundamental, or core characteristics:
Accuracy – the information should be based on real world objects and events and be verified using reliable sources.
Completeness — The special info information must contain all mandatory information for example, sending an email to a client with only their last name.
Consistency — the data should remain consistent across every data set and remain the same even when it is changed or reorganized.
Accessibility — the information can be easily retrieved by those who need it without compromising compliance requirements.
A data management plan can only be successful if it is supported by all departments and business divisions. This is especially important since the impact of faulty data can be expensive for your business. IBM estimated that poor handling of data costs the U.S. economy $3.1 trillion each year in lost productivity, and costs associated with maintaining data.