You require reliable, clean data to make the right decisions regardless of whether you’re in sales, marketing, IT, or another business function. This is where effective data management comes into play — and it’s also why it’s a top technology trend to watch in the year 2018.
Data management is the area that encompasses all disciplines relating to treating data as an asset and making sure that it is accurate and reliable. This covers everything from data management to governing your company’s data storage lifecycle.
A well-designed data management strategy includes six primary attributes or essential attributes:
Accuracy — the data should reflect real-time objects or events, and must be verifiable by using trusted sources.
Completeness — The information must include all values that are mandatory like sending a letter to a client with their last name only.
Consistency – data should be consistent across all data sets and remain that way after being updated or reorganized.
Accessibility — the data should be easily retrievable for those who need it, without compromising compliance requirements.
A data management plan can only be effective if it is supported by all departments and business units. This is crucial since bad data can have a costly impact on your organization. For example an IBM study estimated that poor management of data can cost the U.S economy $3.1 trillion a year in lost productivity and expenses associated with data maintenance.